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Chicago & Midwest  + Downtown  + Finance  | 

City Council Okays $16B Lightfoot Budget for Fiscal 2023

Mayor Lori Lightfoot’s $16.4-billion for fiscal 2023 was approved Monday by Chicago’s City Council, after the mayor reportedly picked up support from aldermen who had initially opposed it. The council approved Lightfoot’s appropriations ordinance by a 32-18 vote and a separate $1.7-billion property tax levy by a 29-21 vote. 

The budget package includes a $1.85-billion bond issuance that will help support the second installment of a five-year infrastructure investment. 

“For the second year in a row, the budget includes no new taxes and continues to strategically invest in building a safer, more equitable Chicago,” said Chicago Budget Director Susie Park. “The hard work that began three years ago with the 2020 budget has enabled the city to set a course for financial stability, and we must keep this momentum going for a strong financial future for years to come.” 

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Mayor Lightfoot's office

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Policy/Gov't
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