City Council approves Chicago mayor’s $11.6B budget plan
CHICAGO (AP) — The Chicago City Council has passed Mayor Lori Lightfoot’s $11.6 billion budget plan by a 39-11 vote.
Lightfoot’s office says Tuesday the budget is balanced and will close an $838 million shortfall without a “significant” increase in new property taxes.
Lightfoot says in a release that a review of city expenditures identified “structural solutions to balance the budget.”
Her office adds that the budget will eliminate $1.4 billion in lines of credit for short-term borrowing resulting in a reduction of $22 million in borrowing costs. It also plans to refinance more than $1 billion in debt which is expected to generate $210 million in savings.
The budget also increases funding for affordable housing, mental health, anti-violence and homeless prevention efforts by more than $30 million over last year.