The City of Chicago is facing a budget gap of $538 million for the upcoming fiscal year, Mayor Brandon Johnson announced Wednesday.
Citing the "complexity of the financial situation" he inherited when taking office, Johnson said he anticipates increases in personnel, pension and contractual costs."Chicago is a resilient city with a rich history of facing challenges head-on," Johnson said in a statement.
"We will emerge from this period stronger and more united, continuing our journey towards investing in people, and a better, stronger,While no specific details of Johnson's strategy were mentioned in Wednesday's news release, his administration said they will consider "expenditure reviews, revenue enhancement measures, and potential reallocation of resources."
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