(The Center Square) – Heading into a reelection campaign, Chicago Mayor Lori Lightfoot introduced her 2023 budget recommendations, including funding for pensions, infrastructure and debt reduction.
The proposal was announced Monday before the city council. The 2023 budget estimates a $260 million increase in revenues since the budget forecast was released.
The $16.6 billion spending proposal includes no tax increases and would cover a year where Lightfoot will be campaigning for reelection in Chicago’s April 2023 city elections.
Lightfoot’s budget proposal includes taxpayer investments the incumbent said will improve the city for years.
“Chicago’s 2023 ‘Stability Budget’ allows us to fulfill an important obligation we have to our residents and future generations: to seize this once-in-a-lifetime opportunity to transform our city for the better,” Lightfoot said. “We will develop Chicago into a safer, stronger, and more economically resilient city while continuing to deliver best-in-class public services to our residents.”
Lightfoot said that hundreds of millions of dollars would go to fix Chicago’s infrastructure.
“We will be able to use our savings to continue fixing our roads, bridges, and shores through the Chicago Works capital plan,” Lightfoot said. “We will develop a safer and more resilient community with the Chicago Recovery Plan.”
The Chicago Recovery Plan calls for the city to borrow $660 million to fund its programs.
The mayor also discussed changes in the city’s poorly funded pension system by investing $202 million from the city’s surplus.
“Our pensions obligations are real, not a nicety, but a necessity for us to meet for essential workers that kept us safe and provided city services during the pandemic,” Lightfoot said. “They are depending on us to keep our historical promises.”
The city’s pension funds already cost more than $2 billion annually.
The budget also looks to help underprivileged youths in the city.
“We need to connect our young people to safe and productive activities in their out-of-school time by investing in summer jobs and year-round youth employment,” Lightfoot said.
The mayor will need support from the city council to enact her proposal.
Third Ward Alderman Pat Dowell supported the mayor’s plan, saying the 2023 budget proposal would improve the lives of Chicagoans.
“After three years of hardship, the 2023 budget reflects how prioritizing fiscal responsibility and equity lead to a healthy economic recovery,” said Dowell. “Focusing on investments in historically disinvested neighborhoods, performing meaningful community engagement, and increasing transparency has long been my cornerstones for the budget process. This budget reflects all these values and presents a strong outlook for Chicago’s future.”
The budget will need 26 aldermen to approve before going into effect.
