Chicago faces nearly $1B budget deficit for 2025

Chicago is facing a nearly $1 billion budget deficit in 2025, on top of the deficit that remains from 2024.

The $982.4 million shortfall is attributed to increasing labor costs, a decrease in revenue from state corporate taxes, higher costs for city employee pensions and personnel expenses, $150 million allocation for ongoing migrant support, and the uncertainty surrounding the $175 million payment for Chicago Public Schools pensions.

WGN’s Andrea Medina reports on the story.

More info: https://wgntv.com/news/chicago-news/chicago-faces-nearly-1b-budget-deficit-for-2025/