Chicago’s 2025 budget needed $345 million in fines, forfeitures and penalties. It was $99 million 30 years ago. What will the new budget extract from residents?
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.
If Chicago’s pension systems become insolvent, the city will have to reduce benefits or make serious cuts to city services. The only way out is constitutional reform.
As housing prices continue to soar out of reach for more Americans, an impulse from policy makers across the country has been to attempt to mandate “affordable” prices through legislation. One common idea is rent control, which limits how much landlords can increase rents on residents. A related one is inclusionary zoning, which forces developers...
Not enough revenue? How about too much spending. Chicago outpaces many of America’s biggest cities with a 62% spending spike since 2019. That’s what’s driving deficits.
Peoria Heights’ mayor vetoed a grocery tax, saying the village would not balance its budget on the backs of families at the grocery checkout. Now Chicago is considering taking $73.5 million through the tax.
The vote is over on the Chicago Public Schools budget. It dodged some immediate problems, but the financial mess will continue. Taxpayers will feel the pain long into the future.
Published Feb. 10, 2025 Even though federal COVID relief funds provided an unexpected windfall, that one-time jolt of cash could leave many Illinois localities even worse off than they were before. That boost in revenue allowed local governments to put off difficult budgeting decisions, and as that revenue dries up, municipalities will have to contend...