Chicago Passes $12.8 Billion Budget With More Taxes
- Mayor Lightfoot closes gap with higher property, fuel taxes
- Some aldermen voted no on budget due to property tax increase
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The Chicago City Council on Tuesday approved a $12.8 billion budget for 2021 that relies on higher property and fuel taxes as well as a half billion dollars in savings from a large debt refinancing.
The spending plan relies on almost $94 million from higher property taxes and $501 million in debt costs savings, according to budget documents. With help from cuts and increases to revenue, Mayor Lori Lightfoot closed a $1.2 billion deficit in the city’s $4 billion corporate fund, which pays for basic operations and services.