Mayor Lightfoot To Address City's Budget Plans, Chicago Faces $838 Million Shortfall
CHICAGO (CBS)-- Mayor Lori Lightfoot will address the city's budget plans, and her plans to dig Chicago out of debt Wednesday.
This means 1.3 billion dollars in city debt.
The mayor plans to refinance to save $200 million. She hopes this will help shrink the budget gap of $838 million projected for 2020.
The mayor's office said she will not pursue "one time solution" pension obligation bonds right now. Instead, opting for general obligation bonds and sale tax secularization bonds, which the city compares to refinancing a mortgage.
Mayor Lor Lightfoot: "The city is staring down an $838 million budget gap." One revenue item she is expected to mention is $47 million in congestion Initiatives - or - rideshare taxes. @cbschicago pic.twitter.com/5kKhtMCT9E
— Dana Kozlov (@DanaCBS2) October 23, 2019
Among some controversial items on the agenda, Lightfoot is proposing rideshare tax for services like Uber and Lyft, in the hopes of cutting down on traffic congestion downtown.
She will also talk about hiking up restaurant tax and parking meter rates.
Mayor Lori Lightfoot says no big property tax hike to help fill $838 million dollar budget hole. @cbschicago pic.twitter.com/tiL0aO32TE
— Dana Kozlov (@DanaCBS2) October 23, 2019
The mayor said Tuesday, the decisions weren't easy.
Chicago teachers will shift from the picket lines in front of schools to what's expected to be a massive rally near City Hall.
Chicago Public School teachers plan to be front and center when Mayor Lori Lightfoot delivers her budget address.
Serious traffic delays are expected due to the rally.
Downtown Commuter Alert - Starting at 8a, Chicago Teachers Union is planning a rally around City Hall / Daley Plaza. Significant traffic delays are expected given anticipated crowd sizes. We will likely implement rotating road closures. Use @CTA this morning, if possible. pic.twitter.com/paPQOQSpC6
— Chicago Police (@Chicago_Police) October 23, 2019
The Chicago Department of Transportation recommends commuters use mass transit Wednesday morning to avoid anticipated delays in Chicago the Loop, due to a teacher's union rally.
The streets that will be closed to traffic on a rotating basis include: Randolph, Washington, Clark, LaSalle, Franklin and Wacker Drive. Daley Plaza and surrounding areas will be closed.
Additional officers being deployed downtown to ensure our teachers & commuters are safe during this morning's rally at City Hall. #CPDMedia car will also be on hand to provide traffic updates to help navigate around the Loop. We expect traffic to be impacted until early afternoon pic.twitter.com/YJgjtBr1ih
— Chicago Police (@Chicago_Police) October 23, 2019
Additional Chicago police officer will be deployed during the rally.