- Chicago Mayor Brandon Johnson’s administration requested a 3% discount from city contractors to address financial challenges. The request follows a budget that raised taxes on streaming services, parking fees and paper bags to close a nearly $1 billion deficit.
- The city faces additional pressure from a $175 million pension payment owed by Chicago Public Schools. There are potential risks to its bond market standing if reserves are used to cover the shortfall.
- Chicago’s reliance on $4 billion in federal funding is under threat after the Trump administration froze aid programs. Some raised concerns about potential funding cuts for cities with policies opposed by the administration.
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Chicago passed a budget that included increased taxes on streaming services, parking fees and paper bags to close a nearly $1 billion budget hole. Now, Mayor Brandon Johnson’s office is asking businesses with contracts with the city to give it a 3% discount on their agreed rates.
In a letter posted to social media by Alderman Raymond Lopez, Chief Procurement Officer Sharla Roberts says the city faces new challenges in reducing costs and allocating resources…