Chicago faces $127.9M projected budget gap for 2023, Mayor Lori Lightfoot announces

CHICAGO (WLS) -- The city of Chicago faces a projected budget gap of $127.9 million for 2023, Mayor Lori Lightfoot announced Wednesday.

The gap is down from last year's $733 million deficit and the previous year's $1.2 billion deficit.

"The $128 million budget gap is the result of our dedication to remaining good financial stewards and not shying away from making tough choices. As a result, the City has reached major financial, economic, and social milestones during our COVID19 challenge and our journey toward structural balance," said Chicago Mayor Lori Lightfoot. "Last year, in our 2022 Budget, we closed a $733 million shortfall without any new taxes, no reduction in City services, and no layoffs. As a result of our hard work, Chicago is now on a true path to financial recovery and financial stability."

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"After the challenging budgets of the last three years, we are proud to see the results of identifying structural solutions and the impacts of our continued recovery from the pandemic reflected in the 2023 Budget Forecast," said Susie Park, Budget Director. "We will continue to implement fiscally responsible policies to secure the

For 2023, the city is anticipating a 2.5% CPI increase for property taxes. That will result in an additional $42.7 million in property taxes

City's financial future while making historic equitable investments in the future of the City of Chicago."

In May, Park said city faces a projected shortfall of about $300 million. That number was much larger than the $561 million projection from before City Council approved plans for a casino.