Mayor Lori E. Lightfoot presented the City Council with her 2023 Budget Recommendations. The Mayor’s ‘Stability Budget’ combines a vision for Chicago’s future with fiscal responsibility. This year the City of Chicago announced the smallest budget gap since Mayor Lightfoot took office. Other financial accomplishments include: 

• Funded Pensions – Over the last three years, the City increased annual pension contributions by $1 billion in order to shore up the retirements of the essential service workers, and for the first time in 15-years, the City has seen increased funded ratios in its FY2021 financials.  

• Reduced Debt – The City climbed a debt ramp created by the end of scoop and toss in FY2022 and over the last three years has reduced the total debt outstanding by $377 million through more active cash flow management.
 
• Invested in Chicago Works – The City cleared large deferred maintenance by funding a $1.2 billion Chicago Works program which invests in the City’s streets, bridges, lighting, shoreline, and much more.  

The 2023 Budget proposal was guided by engagement with residents, businesses, community-based organizations, and community leaders, which kicked off in July. Over the past three years, more than 100,000 Chicagoans have participated in the budget community engagement process through dozens of town halls, roundtables, live social media events, and forums. The feedback received is integral to the budget planning process.