Chicago faces an $838 million deficit in its upcoming budget, the largest in the...
CHICAGO - Chicago faces an $838 million deficit in its upcoming budget, the largest in the city’s recent history, due to growing costs for personnel, pensions and debt, Mayor Lori Lightfoot announced on Thursday.
In a state of the city speech, Lightfoot, who took office in May, warned of “hard choices” ahead for the nation’s third-largest city. A chronic budget deficit along with a big unfunded pension liability have led to low credit ratings and high borrowing costs. Lightfoot said she rejected a proposal by her predecessor, Mayor Rahm Emanuel, to sell $10 billion of bonds to boost pension funding and amend protections for public sector worker retirement benefits in the Illinois Constitution.
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