In a “midyear” budget forecast released Tuesday, the lame-duck mayor argues that she is handing off a budget shortfall to mayor-elect Brandon Johnson of just $85 million.
The “overperformance” of income taxes, personal replacement taxes and personal property lease taxes is so great, the outgoing Lightfoot administration now projects it will close the books on 2022 with a $554 million surplus and end 2023 with a $142 million surplus.
“This one-time money will help build a bridge toward the structural revenues expected from” a downtown casino, which is expected to generate $245.8 million by 2028. Acting Civic Federation President Sarah Wetmore said Johnson would be wise to follow Lightfoot’s direction, at least in terms of the combined $696 million surplus.
Lightfoot’s motivation for releasing her final “midyear” report four months early can be viewed as an attempt to burnish her reputation as a strong steward of Chicago’s finances, and it make it more difficult for Johnson to blame her for financial problems. Jason Lee, a senior adviser to Johnson’s mayoral campaign and transition team, said he’s still trying to understand why “the numbers presented” Tuesday were so “different than the numbers that came out before.”
“Revenue is about the structural deficit. But it’s also about investing in the city of Chicago. We still have a lot of needs … to be invested in. … We’re gonna have to evaluate all of our options because we do have commitments,” Lee said.
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