Budgets

S&P Global Ratings placed Chicago's general obligation bond rating on watch negative Tuesday, warning against heavy reliance on one-time budget solutions.

The Chicago City Council delivered a strong rebuke of Mayor Brandon Johnson's fiscal 2025 budget on Thursday, rejecting a $300 million property tax increase.

The board has put out fourteen questions on its fee setting process and will be accepting responses until January 31.

Chicago Mayor Brandon Johnson on Wednesday proposed a $17.3 billion fiscal year 2025 budget that calls for a $300 million property tax increase, but does not touch pension funding levels.

As federal funding dries up, cites are searching for new funding sources.

Chicago's City Council deferred a vote on a $1.5 billion bond measure.

The proposed sale size has grown to $1.5 billion and the city claims it will bring $90 million in savings this year.

The Chicago Board of Education adopted a nonbinding resolution declaring a moratorium on school closures during a heated public meeting on Thursday.

A negative outlook for the city's AA rating by Fitch Ratings follows similar action taken by S&P Global Ratings in July.

Chicago released a budget forecast that its corporate fund deficit will grow to $982.4 million in 2025 from $222.9 million at 2024's end.