Chicago faces a $538 million budget shortfall in 2024, with $200 million of it tied to the migrant crisis, influential alderpersons were told Tuesday.
Another $90 million of the budget hole comes from Mayor Brandon Johnson’s decision to get rid of an automatic escalator that would have increased property taxes to match the rate of inflation. Former Mayor Lori Lightfoot championed the property tax escalator. Johnson campaigned on a promise to hold the line on property taxes.
