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Chicago Faces $1.2B Budget Gap for Fiscal 2021
Chicago’s municipal budget forecast projects a $1.2-billion gap for fiscal year 2021. The budget gap, the largest in the city’s history, stems mainly from the continued impacts of the COVID-19 pandemic on revenues, the Lightfoot administration said Monday.
“We are now required to come face-to-face with a pandemic budget that limits our ability to raise revenues, even as we must build on our efforts to address these historic inequities,” said Mayor Lori Lightfoot. “As the pandemic has continued for months, compromising the health and well-being of people all across the country, it is clear that without another round of federal stimulus funding, Chicago, like many other cities, will be facing a set of very hard choices.”
The Lightfoot administration said the financial impacts of the pandemic on the local economy have been widespread, resulting in a 10% year-over-year reduction in Chicago metro area GDP in the second quarter.
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- ◦Economy
