Chicago Budget Deficit 2024. In response to the ongoing fiscal challenges outlined in the 2025 budget forecast, the city of chicago is taking immediate steps to mitigate the projected fy2024 budget deficit. Mayor brandon johnson said wednesday chicago faces a projected $538 million budget shortfall in the 2024 fiscal year, but vowed to “hold the line” against any increase in the property tax levy.
The civic federation supports chicago mayor brandon johnson’s proposed fy2024 budget, which maintains the city’s commitment to making supplemental pension. In 2024, chicago will make more than $2.8 billion in pension contributions and spend $2.1 billion on debt service costs.