New 2027 Chicago budget forecast includes lower deficit than previously expected at $882M

CHICAGO (WLS) -- There's a slightly better than expected budget forecast out Thursday for Chicago.

It's still massive, but the city is now anticipating a deficit of $882.4 million for fiscal year 2027.

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That's down from an estimated $1.2 billion in the 2026 forecast.

Expenditures are expected to rise by 8 percent, or more than $500 million for 2027.

The city says that's due to what it calls "decisions by the federal government," along with multiple other factors.

The 2026 fiscal year will end with a deficit of just over $85 million.