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Chicago Approves $16.4 Billion Budget With More Pension Funding

  • Retirement funds will receive $242 million more than required
  • Spending plan builds on ‘progress that has been made’: mayor
Lori Lightfoot

Lori Lightfoot

Photographer: Christopher Dilts/Bloomberg

The Chicago City Council voted to pass Mayor Lori Lightfoot’s $16.4 billion budget for 2023, approving an advance pension payment and additional investments in public safety as the city continues to recover from the pandemic.

The spending plan closes a $128 million hole in the corporate fund, which pays for everything from law enforcement to tree trimming. The projected 2023 deficit is Chicago’s smallest since 2019, but that gap is expected to widen to $473.8 million in 2024 and $553.7 million in 2025, driven primarily by pension obligations.