BNN Bloomberg

Chicago Passes $11.65 Billion Budget as 2021 Concerns Loom

The city is taking all those savings in one year, rather than spreading it out over several years. This planned refunding that seeks to “realize disproportionate savings in the short-run” is “an unsustainable budgetary practice that should be avoided,” Matt Fabian, partner at Municipal Market Analytics, said in an emailed report.

Fabian also warned that Chicago’s task of balancing budgets in upcoming years, including 2021, may pose challenges.

“A failure to raise taxes now, while the local economy is reasonably strong, raises the risk of an eventual hike being proposed when growth is weaker or even negative: a very hard environment to present recurring budget solutions,” Fabian said in his report

https://www.bnnbloomberg.ca/chicago-passes-11-65-billion-budget-as-2021-concerns-loom-1.1353919