Chicago & Midwest + Downtown + Finance | August 12, 2021

Chicago City Hall Mayor Lori Lightfoot 2022 budget

Lightfoot Administration Projects $733M Budget Gap for Fiscal 2022

The Lightfoot administration’s 2022 Budget Forecast projects a $733-million budget gap for fiscal year 2022. The shortfall, while significantly reduced from last year’s historic $1.2 billion, is attributed to the lasting and continuing impacts that the COVID-19 pandemic has dealt on both the health and financial well-being of residents and businesses across Chicago.

“While we still have hard work ahead of us in order to close this gap, this figure is a great indication that our city is fiscally bouncing back from this crisis,” said Mayor Lori Lightfoot.

Since the beginning of the pandemic, the city leveraged federal COVID-19 relief grant dollars to invest nearly $800 million into Chicago communities. As part of the 2022 Budget, the city will propose further investments using American Rescue Plan funds to assist communities that have been hardest hit by the pandemic while continuing to support the COVID-19 response and recovery

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).

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