During Second Consecutive Year of Significant Gap Reduction, City of Chicago Projects $127.9 Million Shortfall In 2023 Fiscal Year Budget

Source: Daniel Acker/Bloomberg

The City of Chicago Mayor’s Press Office discussed the 2023 Budget Forecast in its recent press release. The article highlights a budget gap and how the city’s Office of Budget and Management is working to find savings and efficiencies to reduce this gap. The budget, along with the 2023 Responsive Initiatives, will be published this fall.

Input received from residents and community stakeholders during the City’s three Budget Engagement Forums last month is vital to the annual budget planning process. Feedback from the forums will be incorporated into the 2023 Responsive Initiatives, developed from the public report published by the University of Illinois at Chicago’s (UIC) Great Cities Institute detailing the data collected from public input. Once finalized, these inputs will be presented with the 2023 Budget Recommendations. This sequence ensures a clear and transparent process for how the City plans to incorporate the community engagement feedback into the budget and City operations.

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