NOTE: Watch the announcement reside starting at 1 p.m. CST within the participant above
With questions looming over simply how laborious town’s price range might be hit in the course of the coronavirus pandemic, Chicago Mayor Lori Lightfoot is about to handle the 2021 price range forecast Monday.
Lightfoot is scheduled to hitch Finances Director Susie Park, CFO Jennie Huang Bennett, and Comptroller Reshma Soni to launch the newest forecast, based on her public schedule.
The announcement is slated for 1 p.m. (Watch reside within the participant above)
In an unique interview with NBC 5 late final month, Lightfoot stated she could not rule out layoffs for metropolis employees due to an enormous monetary shortfall town is experiencing as a result of ongoing coronavirus pandemic.
In the course of the interview, Lightfoot stated that powerful monetary selections may must be made within the metropolis if lawmakers in Washington don’t move laws to assist struggling cities and municipalities, and stated that shedding employees to slash prices is a risk.
“I can’t take it off the table, because we’re still working on solutions for the 2020 budget,” she stated. “We’re still looking to Washington, but we’re gonna have to formulate some alternative plans if we don’t see that there’s any glimmer of hope of getting more support from Washington DC.”
In June, Lightfoot stated she couldn’t rule out a rise in property taxes as town confronted a significant price range shortfall triggered largely by a drop in tourism and different enterprise amid the coronavirus pandemic.
Lightfoot stated April numbers projected the price range might fall $700 million wanting plans.
“That ‘s a sobering quantity and presents a sobering problem,” Lightfoot stated throughout a press convention on the time.
Town has already been compelled to cancel main revenue-driving occasions, together with the Style of Chicago, Lollapalooza, Air and Water present, Bank of America Chicago Marathon and extra.
“Whereas this price range shortfall is grim, what would have been worse is that if we had seen extra folks die … if we hadn’t sheltered in place,” Lightfoot stated.
And with town continues to be not absolutely reopened, the numbers will seemingly proceed to rise.
Amongst beforehand introduced plans to handle the shortfall, Lightfoot stated town would use $100 million to refinance financial savings from the start of the 12 months, ID extra refinancing financial savings and search for additional financial savings in metropolis departments, together with reprioritizing hirings for 2020.
However nonetheless, that will not hold a property tax improve and employees layoffs from remaining in play.
“I can not take it off the desk, however it’s actually the very last thing I wish to do,” Lightfoot stated.