The City Council found itself in a bona fide tizzy a couple months back: That’s when it learned the city was projecting a $982 million deficit for 2025. By law, the council has to pass a balanced budget by the end of this year. Where is the city going to find that kind of cash? Mayor Brandon Johnson says he remains committed to his progressive vision — not to mention to ensuring his wife’s office gets an $80K glow-up. But when there’s a billion bucks on the line, something’s gotta give.

A QUARTER CENTURY OF DEFICITS

This isn’t Chicago’s first time at the “Oops, we don’t have enough money” rodeo. The city has stared down the barrel of a “structural deficit” every year since 2001. We like to spend more than we make, OK? It’s very brat. But this year feels different, as experts argue the city is completely tapped out. In the past, mayors have turned to austerity measures. Think: corporate taxes, privatizing services, cutting public programs, and city layoffs. But those are often shortterm fixes, and they don’t address the root problem. Remember when Mayor Richard M. Daley leased all the parking meters to a private investment group for 75 years? It closed a budget gap in 2008, sure, but effectively punted billions in passive city revenue for decades to come. Cool, cool.

2025 SPENDING SPLURGES

The city dispenses billions for services each year, but 2025 presents a host of fun little extras. These include, but are far from limited to, a new fire department contract with back wages; additional OT pay for police; $150 million for migrants; and the $175 million in nonteacher pensions that Chicago Public Schools didn’t put in its budget, arguing that it’s the city’s responsibility. Ouch. Meanwhile, Chicago is missing out on revenue opportunities, critics argue. Last year, the mayor opted to skip the automatic inflation-tied property tax hike, fulfilling a campaign promise. He may have to eat his words.

WHAT NOW?

Whatever hold-your-nose solution the City Council agrees to, it’s unlikely to put the kibosh on Chicago’s budget deficit woes. The city’s population has declined every year since 2015 — a fact designed in a lab to incite endless Thanksgiving dinner debates from hell. Fewer working Chicagoans means fewer taxpayers, meaning less revenue. And we know just the thing to get people to stick around: higher property taxes!