Chicago projects $733M deficit for 2022 budget

CHICAGO (WLS) -- The city of Chicago is projecting a budget shorfall of $733 million for the 2022 budget, Mayor Lori Lightfoot announced Wednesday.

The shortfall is down from the $1.2 billion last year, with revenues impacted by the COVID-19 pandemic.

"While we still have hard work ahead of us in order to close this gap, this figure is a great indication that our city is fiscally bouncing back from this crisis," said Mayor Lightfoot. "Whereas last year we were faced with a $1.2 billion 'Pandemic Budget,' this year we have shifted to a 'Recovery Budget' that not only reflects the challenges we have been presented with, but the number of resources we've brought to bear to address them."

The Chicago Office of Budget and Management is working on the city's budget for 2022 and they want your input.

"COVID-19 presented every city and state across the country with significant financial difficulties. While the path out of the pandemic has not been easy, the City continues to make strides towards a structurally balanced budget," said Chief Financial Officer Jennie Huang Bennett. "As was the case in fiscal years 2020 and 2021, much of the 2022 gap is due to pandemic-related revenue loss. Chicago's economy and nearly $700 billion gross regional product is our greatest tool for financial stability and so far, that economic recovery in 2021 has been better than originally projected."

The Chicago Office of Budget and Management is holding forums for residents to provide input on the city's 2022 budget.

RELATED: Chicago hosting public forums for input on 2022 budget

The forums will be held on:

Wednesday, August 11 from 6-8 p.m.

Malcolm X College Gymnasium

1900 W. Jackson Blvd.

Thursday, August 12 from 6-8 p.m.

Truman College

1145 W. Wilson Ave.

Doors will open an hour before each forum for a city department resource fair with information on city programs and services. To register and for more information, go to chicago.gov.2022budget. ASL and Spanish interpreting will be available.

For more information on the budget forecast, visit www.chicago.gov/city/en/depts/obm/supp_info/budgetdocuments.html.