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WINDY CITY BROKE: Mayor Says Chicago Projecting $700 MILLION Deficit, Tax Hikes ‘On the Table’ posted by Hannity Staff - 6.10.20 Chicago Mayor Lori Lightfoot told residents the city is projecting a $700 million budget deficit this year as businesses struggle to … The Mayor is expected to present the City’s annual budget proposal in October, which means the Mayor’s administration will have only a matter of weeks to identify sources of revenue and budget cuts or efficiencies that could close the $838.4 million budget gap throughout the course of the 2020 fiscal year. In 2013 federal aid to the states accounted for roughly 30 percent of all state genera… The pandemic is exacerbating the challenges for the city that’s seen retirement costs climb and financial stress build up for years, factors which led Moody’s Investors Service to give Chicago a junk rating in 2015. The City’s FY2019 Annual Financial Analysis credits this decrease to actions taken to increase revenue and generate savings through reduced health care costs, lease consolidations, energy efficiencies and phasing out the use of non-recurring revenue sources. The City is required to produce a balanced budget annually for the fiscal year that begins on January 1. Phone: 312-201-9066 | Fax: 312-201-9041 We ran the numbers, putting this year’s ballooning shortfall into context within the recent fiscal history of Chicago, and compared it to other big cities nationally: The Outlook for 2020: 2019-3 that requires a financial forecast be released no later than August 31st of each year. Corporate Fund revenues for FY2019 are estimated to be approximately $3.84 billion, compared to budgeted revenue of $3.82 billion. A total of $330.5 million was issued by the County in Series 2021A general obligation refunding bonds. City of Chicago Projected Budget Deficit Increases to $838.2 Million September 6, 2019 The City of Chicago recently released its Budget Forecast for FY2020 , which provides financial estimates for the City’s fiscal year ending on December 31, 2019 and a … Next year’s projected gap comes on top of a 2020 deficit of nearly $800 million for its corporate fund, which accounts for many of the services the city provides, Chicago Mayor Lori Lightfoot said on Monday. Chicago Mayor Lori Lightfoot inherited a $838 million budget deficit for fiscal year 2020 the day she was sworn into office, an unwelcome surprise to say the least. “The fiscal gap that Mayor Lightfoot announced is exceptionally large and absent new federal help there are no easy solutions for Chicago,” said John Ceffalio, municipal credit research analyst at AllianceBernstein, which has about $50 billion in municipal securities under management. Saying Chicago faces “a crisis unlike anything we have experienced in our lifetimes,” Mayor Lori Lightfoot painted a grave financial picture for the city on Monday, detailing a projected $1.2 billion budget shortfall in the 2021 fiscal year. Chicago’s $63 billion debt burden. Chicago’s total 2021 contributions to its four pension funds will reach $1.8 billion from $1.7 billion this year, according to budget documents. [2] The forecast projects that the budget gap will grow to $1.2 billion within the next three years based on existing revenue and expenditure projections. Read the City of Chicago 2020 Budget Forecast and 2020 Budget Forecast Summaries. But before tomorrow’s vote, here are three charts and graphs on the long term trends at CPS. The U.S. government has run a multibillion-dollar deficit almost every year in modern history, spending much more than it takes in. City Budget Deficit Falls To $300 MillionThe City of Chicago's 2013 budget gap now stands at $298 million--after belt-tightening knocked $71 million off the total. Deaths stand at more than 2,800. Business activity is still limited to curb the spread of the virus, and protests since May have led to looting and violence in key commercial corridors and impoverished neighborhoods. “Many are still seeing a fraction of their typical revenues and some businesses have sadly closed with no hope of coming back,” Lightfoot said. … On August 29, she told Chicagoans that the city faced a 2020 budget deficit of $838m, about a third of which is because of higher pension costs. Just $250 million of that, however, is the normal cost — the cost of new pension benefits earned this year. Sectors such as hospitality, convention and tourism and personal services are among the hardest hit by shutdowns. [2] City of Chicago FY2020 Budget Forecast, p. 9. “As a bondholder what we look for is budget solutions that are longer-term in nature.”. [5] City of Chicago FY2020 Budget Forecast, pp. The City also provided a budget forecast summary available in multiple languages and is seeking input from the public through a budget town hall survey to better guide the City as it works to address its financial challenges. She quashed the notion of Chicago filing for bankruptcy because she said it doesn’t solve the city’s problems. J.B. Pritzker said Wednesday. View a video about the City of Chicago 2020 Budget. This represents an increase from $6.1 billion in FY2008 to $9.6 billion ten years later. Last year, Lightfoot’s three-year financial analysis forecast a “worst-case” shortfall of $1.74 billion in 2022 if the economy took a nosedive. [3], The table below compares the adopted FY2019 budget and FY2019 year-end estimates with FY2020 projections. “The weight of the city’s debt and unfunded pension liabilities severely limit the mayor’s flexibility to cope with budgetary impact of the pandemic and the recession. “This disease has forced a seismic disruption of our economy, and — as a consequence — our city’s finances,” Lightfoot said during her remarks. “Astounding and quite staggering as those numbers are, they are kind of in line with what we’ve been expecting,” said Ty Schoback, senior analyst for Columbia Threadneedle Investments, which owns Chicago debt as part of its $16 billion in muni assets under management. The news gets worse for subsequent years. 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