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* Whew…
Like cities across the country, Chicago is facing a massive financial challenge as a result of the pandemic and the absence of assistance from the federal government. 65% of our budget deficit is directly attributable to the fiscal impacts of this pandemic. #Chi2021Budget
— Mayor Lori Lightfoot (@chicagosmayor) October 26, 2020
A reminder of the pandemic's impact on our economy:
- 77.5% decline in the hotel tax
- 49.5% decline in the amusement tax
- Ground transportation tax down 47.8%
- Parking taxes down 48%
- Motor vehicle fuel tax down 48.5%
- City share of the sales tax down 35%#Chi2021Budget— Mayor Lori Lightfoot (@chicagosmayor) October 26, 2020
Glad she’s finally admitting there’s a very real problem.
posted by Rich Miller
Monday, Oct 26, 20 @ 11:55 am
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Yet another example of why we need another round of federal aid for people and communities. We need money to bridge the gap. Things will rebound once the pandemic is under control, but we can’t get in under control until people take precautions seriously, which means reduced economic activity. That restlessness people are feeling will be a lot easier to manage if there is economic aid. If there is ever a time to look to government to provide supports to keep people safe, it is now.
Comment by Montrose Monday, Oct 26, 20 @ 12:02 pm
“Glad she’s finally admitting there’s a very real problem”
Continuing scoop and toss does not admit that there is a real problem. The same thing was done last year and City Council does not appear ready or willing to make hard decisions.
Comment by Anonymous Monday, Oct 26, 20 @ 12:13 pm
yes Mayor Lightfoot recognizes the very real problem is pensions
‘and I know we can work together to fully fund the Local Government Distributive Fund and avoid sending us unfunded mandates. And, yes, we still need real pension reform.”
Folks, Lightfoot has been teasing that she supports “pension reform” ever since she was elected. In an April 2019 interview, she said, “We have to have a future in this city where we’re not shackled by the burdens of bad decisions and mistakes that were made, particularly around pensions.”
https://www.forbes.com/sites/ebauer/2020/10/21/lightfoot-again-calls-for-pension-reformand-its-time-to-fish-or-cut-bait/#29b42e797621
Comment by Lucky Pierre Monday, Oct 26, 20 @ 12:16 pm
The only way I see meaningful federal financial assistance for this is if Dems take the Senate and White House. Republicans have no reason to help and some of them probably view Chicago and Illinois financial issues due to this pandemic as a win for them.
Comment by ItsMillerTime Monday, Oct 26, 20 @ 12:25 pm
===pensions===
LOL.
If you’re first concern is… “pensions”…
… when…
=== 65% of our budget deficit is directly attributable to the fiscal impacts of this pandemic.===
You’re likely not all that serious about helping any and all states and municipalities.
Raunerite thinking isn’t solving any problem with this 65% deficit… when it was the pandemic that had caused that number.
You can NOT have an economy if you have a pandemic, you can NOT expect revenues for governing if a pandemic is raging.
Fight the pandemic.
If you’re opposed to helping states and cities with monetary support via the Feds… you are supporting “defunding the police” which may happen… budegtarily.
Comment by Oswego Willy Monday, Oct 26, 20 @ 12:36 pm
Just curious what the other 35% is from.
Comment by Blue Dog Dem Monday, Oct 26, 20 @ 12:43 pm
Mayor Lightfoot. Just a warning. You better get used to it. The business community has learned to adapt. People will be working from home for a long time.
Comment by Blue Dog Dem Monday, Oct 26, 20 @ 12:53 pm
I think the CTA shortfall adds to the woes.
Comment by Last Bull Moose Monday, Oct 26, 20 @ 1:11 pm
“Just curious what the other 35% is from.”
Rising pension and government salary costs from retroactive pay bumps from expired union contracts that were renewed in addition to the CTU contract which was funded on future growth.
If there was any “good” for this years budget from Covid its the ability to refinance bonds and realize the full interest savings in year 1 which is what the city did last year. This is the “scoop and toss”.
If city council and Lori find it tough to pass a budget this year just wait until next year and 2023 budget. This year will be a walk-in-the-park compared to what’s coming. No more one time revenue raises (TIF surplus) or expense cuts (bond refinancing).
Comment by 1st Ward Monday, Oct 26, 20 @ 1:14 pm
=yes Mayor Lightfoot recognizes the very real problem is pensions=
Can you write me a check for all of my tax dollars that have gone to SSI and SSI bailouts?
It would be more than I have contributed to TRS.
To the post: It would be nice if a stimulus packaged bypassed Wall Street once.Give it to the mom and pop/small/medium businesses that employ most of our countries workers and and everyday people and skip the Ken Griffins of the world. nIf we are going to do socialism (we have actually practised socialism for decades) let’s do it the way it is intended and not just for the wealthy.
Comment by JS Mill Monday, Oct 26, 20 @ 1:17 pm
She’s the mayor of shark city. Still running the red and blue lines at 100% of capacity and they are 99% empty. Has not cut anything yet. Why limit package liquor at 900pm ? It used to be 1200. Losing tax revenue
Comment by Silicon Prairie Monday, Oct 26, 20 @ 1:21 pm
Silicon Prarie. If what you say about the red and blue ridership, that is criminal.
I wonder what steps Mayor Lightfoot is undertaking to address that 35% whole in the budget. Sounds like that may be an annual thing.
Comment by Blue Dog Dem Monday, Oct 26, 20 @ 1:41 pm
Never, ever miss an opportunity to slam the people who depend on their pensions. Slash their income. See how well that works for everyone. More financially crippled people is some peoples’ answer.
Comment by A Monday, Oct 26, 20 @ 2:11 pm
“I think the CTA shortfall adds to the woes”
CTA doesn’t rely much on the city. The city provided them $16 million from the ground transportation tax and $62 million from the real-estate transfer tax.
Comment by 1st Ward Monday, Oct 26, 20 @ 4:18 pm