The mayor’s office released the city’s 2025 Budget Forecast on
Thursday. The report estimates a $222.9 million deficit for the
end of 2024 and a $982.4 million deficit in fiscal year 2025.
Chicago Fifth Ward Republican Committeeman Tyler Shasteen said
Mayor Johnson did not inherit the budget gap.
“Don’t forget that the mayor also rolled over a $50 million
budget surplus from 2023 into this year’s budget and still had
this large of a deficit,” Shasteen said.
Shasteen attributed a lot of the spending to the migrant
situation in the city.
“If we just took the amount of money that the mayor’s office has
spent on the migrant crisis in this last fiscal year and put
that toward the budget and we just didn’t spend that money
there, then we would actually have a surplus,” Shasteen said.
Mayor Johnson said the budget forecast presents a significant
challenge for the city.
“My administration is committed to finding solutions that
balance fiscal responsibility with our obligation to invest in
the people of Chicago. Together, we will ensure our budget
reflects the values of equity, fairness and shared prosperity,”
Johnson said in a statement.
According to Chicago Budget Director Annette Guzman, the
forecasted budget gap is a clear indication of the financial
pressures facing the city.
“It also highlights the critical need for structural solutions
that address these challenges not just for the coming year, but
for the future. We will continue to explore all options to close
this gap while minimizing impact on essential services and
making prudent investments in our city’s future,” Guzman stated.
Republican Committeeman Shasteen said the budget deficit under
then-Mayor Lori Lightfoot during the COVID-19 pandemic in 2021
was $1.2 billion.
“That was in the midst of a pandemic. We’re out of that now. To
have the budget deficit up to those same levels is just
insanity,” Shasteen said.
Shasteen said Mayor Johnson does not have a sustainable plan.
“The gap in how much tax revenue they brought in and how much
they spent is much larger than this. It’s just that they were
able to use a lot of these one-time funding opportunities that
they’re getting from the federal government,” Shasteen
explained.
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