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The Chicago City Council approved a $17 billion budget for 2025 without a proposed property tax hike by Mayor Brandon Johnson. The budget includes increased levies and fees by over $180 million to address a nearly $1 billion deficit. Despite contentious discussions, the budget passed 27 to 23, with Mayor Johnson emphasizing it as an investment in the city's future. The revised budget also includes cuts to vacant positions and uses savings from a municipal-bond refinancing to help plug the deficit. [Extracted from the article]

The Chicago Board of Education fired the district's CEO, Pedro Martinez, amid a clash with Mayor Brandon Johnson. Martinez filed a lawsuit against the board, claiming breach of contract. Tensions arose over financial decisions and contract negotiations, leading to Martinez's termination. The situation reflects longstanding disagreements over education in Chicago, with various stakeholders expressing differing perspectives on the issue. [Extracted from the article]

The Chicago Board of Education is considering the removal of the district's CEO, Pedro Martinez, due to clashes with Mayor Brandon Johnson over financial issues and contract negotiations with the teachers' union. The decision comes amidst concerns about the district's $500 million deficit and the need for stability during contract talks. Various stakeholders, including former Education Secretary Arne Duncan, have defended Martinez's stance on not entering into a contract that the district cannot afford. The situation reflects ongoing tensions and financial challenges within the nation's fourth-largest school district. [Extracted from the article]

Chicago Mayor Brandon Johnson narrowly passed a 2025 budget with tax hikes, but the city still faces fiscal challenges due to higher wages, pension bills, and inflation. The budget relies on unsustainable resources and one-time fixes, with concerns about future deficits. While the business community is worried about tax hikes, the city is working on structural solutions to address long-term costs and revenue shortfalls. Despite the budget passing, some aldermen believe more cuts are needed to avoid long-term consequences. [Extracted from the article]

The Chicago City Council approved a $17 billion budget for 2025, which includes a $256 million increase in levies and fees after Mayor Brandon Johnson withdrew his proposed property tax hike. The budget was passed after contentious discussions between the administration and aldermen on how to address a nearly $1 billion deficit. Despite concerns and disagreements, the budget was ultimately approved with revisions to the original proposal, including using various taxes and fees to fill the deficit. The budget also includes investments in youth employment, mental health services, and a supplemental pension payment, but faced criticism from some council members and the business community for lack of cuts and transparency. [Extracted from the article]

(Bloomberg) -- The Chicago City Council approved an approximately $17 billion budget for 2025 that raises levies and fees by about $256 million after Mayor Brandon Johnson removed his proposed property tax hike.The spending plan comes after weeks of contentious talks between the Johnson administration and aldermen over how to close a nearly $1 billion deficit with higher taxes or cuts. The depth of disagreements had raised concerns about whether a budget would pass by the Dec. 31 statutory deadline.©2024 Bloomberg L.P.By Shruti Date SinghReported by Author [Extracted from the article]

Chicago Mayor Brandon Johnson has decided to forgo a property tax increase by utilizing bond refinancing savings and deferring a loan repayment to address the city's budget deficit. The city council is set to vote on the revised budget after the mayor's initial proposal for a property tax hike was rejected. The budget shortfall of $1 billion is being addressed through various measures, including the use of savings from bond refinancing. [Extracted from the article]

The Chicago city council's budget votes, originally scheduled for Friday, are expected to be delayed due to ongoing discussions about potential tax hikes. Mayor Brandon Johnson's proposed 2025 budget, aimed at addressing a nearly $1 billion deficit, has faced opposition from aldermen. The budget includes various revenue-raising measures, such as a property tax levy increase and additional funds from cloud computing. The outcome of the budget vote remains uncertain, with concerns about meeting the Dec. 31 deadline. [Extracted from the article]

Chicago City Council committees have advanced Mayor Brandon Johnson's 2025 spending plan, which includes a $68.5 million property tax hike and other revenue measures such as higher levies on cloud computing, streaming services, and cable television. The budget proposal aims to address a $982.4 million gap in the city's main operating account without cutting jobs or services. While some aldermen believe the budget is still bloated, others argue that sustainable revenue is needed to support government services and rising pension costs. Rating firms are closely monitoring the budget process, with S&P Global Ratings putting the city on a negative credit watch due to budget struggles. [Extracted from the article]

Chicago's ambition to become the Silicon Valley of the Midwest faces a setback as Mayor Brandon Johnson proposes to increase a tax on cloud computing to address a nearly $1 billion deficit. The move has sparked criticism from business leaders, who fear it will hurt the tech community and overall business environment in the city. The tax increase, if approved, could generate $818 million in revenue for Chicago, but some experts warn it may put the city at a competitive disadvantage in attracting tech companies. [Extracted from the article]

Chicago's finance committee has approved a $68.5 million property-tax increase proposed by Mayor Brandon Johnson to address the city's nearly $1 billion deficit and pass the 2025 budget on time. Johnson is working to secure enough votes from the city council to pass the budget by the December 31 deadline, facing disagreements over how to close the gap without cutting jobs or services. The rejection of a previous $300 million property-tax hike proposal has led to negotiations for alternative revenue measures, drawing opposition from the business community and scrutiny from rating firms like S&P Global Ratings. [Extracted from the article]

Chicago's ambition to become the Silicon Valley of the Midwest faces a setback as Mayor Brandon Johnson proposes to increase the tax on cloud computing to address a nearly $1 billion deficit. This move has sparked criticism from business leaders, who fear it will hurt the tech community and business environment in the city. The tax increase, if approved, could generate $818 million in revenue for Chicago, but experts warn it may put the city at a competitive disadvantage in the tech industry. [Extracted from the article]

Lyft is urging its Chicago customers to ask the city council to reject a proposed tax on rideshares in the downtown zone during weekends, as Mayor Brandon Johnson works to close a nearly $1 billion deficit by year-end. The proposed ordinance aims to raise up to $15 million annually by expanding Chicago's downtown zone and extending a surcharge on rideshare services. Lyft has created a website for riders to email their aldermen and oppose the proposal, with over 2,000 emails sent to City Hall so far. The city is currently in budget negotiations, and Lyft argues that additional taxes on rideshares would burden Chicago residents who already face high costs of living and inflation. [Extracted from the article]

Lyft is urging its Chicago riders to oppose a proposed tax on rideshares in the downtown zone over the weekend, as Mayor Brandon Johnson works to close a nearly $1 billion deficit by the end of the year. The proposed ordinance aims to generate up to $15 million annually by expanding the downtown zone and extending a surcharge on rideshare services. Lyft is encouraging riders to contact their aldermen and reject the proposal, citing concerns about increased costs and the impact on accessibility to essential services. The city council is currently in budget negotiations, with various stakeholders, including rideshare companies, voicing their perspectives on the issue. [Extracted from the article]

Chicago plans to sell $806 million in municipal bonds to refinance outstanding debt and close a budget gap of nearly $1 billion by year end. Mayor Brandon Johnson's proposed $300 million property-tax increase was rejected by city council members, leading to tensions and uncertainty for potential investors. The city's credit rating has stalled amid ongoing budget challenges, with ratings companies warning of credit downgrades. Despite the city's fiscal challenges, the municipal bond market remains stable, with investors showing strong demand for higher-yield debt. [Extracted from the article]

Chicago is planning an $806 million bond refinancing to address a nearly $1 billion budget gap by the end of the year. Mayor Brandon Johnson's proposed $300 million property tax increase was rejected by city council members, leading to tensions and uncertainty about passing a spending plan on time. Despite challenges, the municipal bond market has stabilized, making refinancing more attractive for investors. Chicago faces long-term fiscal challenges due to heavy debt and pension liabilities, with credit rating progress stalling amid ongoing budget talks. [Extracted from the article]

Chicago Mayor Brandon Johnson is facing a significant challenge in addressing the city's nearly $1 billion deficit within five weeks. The progressive first-term Democrat is in a heated debate with aldermen over revenue-raising measures, including proposed property tax hikes that have been rejected. The city's financial troubles are exacerbated by its mountain of debt and pension liabilities, with S&P Global Ratings warning of a potential credit downgrade. Mayor Johnson is under pressure to find revenue to fund critical services without making cuts, but his efforts have faced opposition and challenges. [Extracted from the article]

Chicago Mayor Brandon Johnson is facing a significant challenge in addressing the city's nearly $1 billion deficit within five weeks. The proposed budget includes various revenue-raising measures, such as property tax hikes and increased levies on alcohol sales and cloud computing. The city's financial woes are exacerbated by its high debt and pension liabilities, with S&P Global Ratings warning of a potential credit downgrade. Mayor Johnson is under pressure to balance spending on essential services, pensions, and investments while facing opposition to tax increases from residents and aldermen. [Extracted from the article]

S&P Global Ratings has put Chicago on "CreditWatch with negative implications" due to a nearly $1 billion budget deficit and the possibility of one-time fixes rather than structural changes to close the gap. Mayor Brandon Johnson faces challenges in implementing his progressive agenda as federal pandemic aid runs out, revenue falls short, and pensions remain underfunded. The city council rejected a property tax hike, leading Johnson to consider alternative ways to balance the budget, with S&P warning that failure to implement structural solutions could impact the city's credit trajectory. Fitch Ratings affirmed Chicago's rating at A-, with a stable outlook, but cautioned against a return to non-recurring solutions and aggressive revenue assumptions. [Extracted from the article]

The Chicago City Council unanimously rejected Mayor Brandon Johnson's proposal to raise property taxes by $300 million to address a budget gap of nearly $1 billion for the following year. All 50 aldermen opposed the tax hike, citing concerns about burdening residents with higher property taxes amidst rising home valuations. Mayor Johnson must now find alternative methods to balance the budget, with some aldermen open to a smaller tax increase to prevent service cuts. The decision reflects ongoing disagreements within the council on budget priorities and revenue sources, with the mayor emphasizing the need to address structural issues without compromising essential services. [Extracted from the article]

The Chicago City Council rejected Mayor Brandon Johnson's proposal to raise property taxes by $300 million to address a budget gap of nearly $1 billion for the next year. All 50 aldermen voted against the hike, citing concerns about burdening residents with higher taxes amid rising home valuations. The rejection highlights ongoing disagreements over budget cuts and revenue sources, with the mayor now needing to find alternative ways to balance the budget by the end of the year. [Extracted from the article]

Chicago plans to issue $1.5 billion in bonds in early December to refinance its debt, taking advantage of lower interest rates set by the Federal Reserve. The city intends to replace $850 million in general obligation bonds with new debt, aiming to save $110 million through the process. The decision comes amidst a volatile municipal bond market, with yields fluctuating in response to market movements and political events. [Extracted from the article]

The Chicago Board of Education President, Mitchell Johnson, resigned one week after taking office due to controversial social media posts that were deemed antisemitic, misogynistic, and conspiratorial. Calls for his resignation came from various leaders, including Illinois Governor JB Pritzker. This resignation adds to the ongoing controversies within the board overseeing the fourth-largest public school district in the US. The transition to a fully elected board is underway, and the mayor is facing challenges in managing the budget, including proposing a property tax hike to address a significant budget shortfall. [Extracted from the article]

Chicago Mayor Brandon Johnson is proposing a $300 million property tax hike to address the city's nearly $1 billion budget shortfall, despite campaigning against such increases. The budget plan includes pulling funds from economic development, raising taxes on alcohol, and eliminating vacant positions. The proposed increase aims to relieve pension costs for the city's main operating account, with warnings that further tax hikes may be necessary in the future. The city council will review and vote on the budget proposal in the coming weeks. [Extracted from the article]

Chicago Mayor Brandon Johnson has proposed a $300 million property tax increase to address the city's nearly $1 billion budget shortfall, despite breaking a campaign promise. The budget plan includes pulling funds from economic development, raising taxes on alcohol, and eliminating vacant positions to reduce costs. The proposal aims to relieve pension costs for the city's main operating account, with the city council expected to vote on it before the end of 2024. [Extracted from the article]

Chicago Mayor Brandon Johnson is proposing a $300 million property tax hike to address the city's nearly $1 billion budget shortfall, despite campaigning against such increases. The budget plan includes pulling funds from economic development, raising taxes on alcohol, and eliminating vacant positions. The proposed increase aims to relieve pension costs for the city's main operating account, with warnings from budget watchdogs about potential impacts on residents. The city council will hold hearings and vote on the budget proposal in the coming weeks. [Extracted from the article]

Chicago Mayor Brandon Johnson is proposing a $300 million property tax hike to address the city's nearly $1 billion budget shortfall, despite breaking a campaign promise. The budget plan includes pulling funds from economic development, raising taxes on alcohol, and eliminating vacant positions to cut costs. The proposed increase aims to relieve pension costs for the city's main operating account, with 80% of property taxes going towards underfunded pensions. The mayor's budget proposal also includes declaring a record surplus from tax-increment financing districts to balance the budget and provide funding to entities like Chicago Public Schools. [Extracted from the article]

Chicago Mayor Brandon Johnson has proposed a $300 million property tax increase to address the city's nearly $1 billion budget shortfall, despite breaking a campaign promise. The budget plan includes pulling funds from economic development, raising taxes on alcohol, and eliminating vacant positions to cut costs. The proposal aims to relieve pension costs for the city's main operating account, with the city council expected to vote on it before the end of 2024. [Extracted from the article]

Gaming & Leisure Properties Inc. CEO Peter Carlino considered backing Bally's $1.8 billion Chicago casino project but had design concerns. After a redesign, Gaming & Leisure agreed to fund two-thirds of the project's cost, allowing Bally's to proceed with the planned opening in September 2026. The project aims to enhance the customer experience and generate revenue for Chicago, with Gaming & Leisure eyeing potential future deals with Bally's in New York and Las Vegas. [Extracted from the article]

Jefferies Financial Group Inc. and Truist Financial Corp. have seen increased success in winning municipal bond sales through competitive auctions, a shift in the market following the retreat of larger banks like Citigroup Inc. Jefferies has risen to third place among competitive managers, while Truist has secured seventh place after winning over three dozen deals this year. This trend reflects a broader strategy by emerging firms to capitalize on market opportunities, with competitive deals up 30% this year and negotiated sales up 45%. [Extracted from the article]

The Democratic National Convention in Chicago had an economic impact of $371 million, with about 50,000 visitors attending the event where Vice President Kamala Harris was nominated as the Democratic party's presidential candidate. Direct spending totaled $221 million, including visitor expenditures and operational costs, while indirect expenditures added up to nearly $150 million. Despite concerns about potential violence, the convention was peaceful, generating $28.7 million in state and local tax revenue. [Extracted from the article]

Property values in a section of Chicago that encompasses the Magnificent Mile, known for its iconic retailers and hotels, have increased by 30%. The assessments, released by Cook County Assessor Fritz Kaegi, cover residential and commercial properties north of the Chicago River, with multi-family buildings and commercial properties seeing the largest rise. This valuation is the first since the pandemic ended, and it is closely monitored as it reflects the impact of the pandemic on the city, particularly on commercial properties in the Loop area. The assessments play a crucial role in determining how the property tax burden is distributed among businesses and residents in Chicago. [Extracted from the article]

Moody's Ratings is closely monitoring the Chicago Board of Education's leadership changes and financial challenges following the appointment of a new board by Mayor Brandon Johnson. The district is facing deficits for the next five years, with potential additional costs from ongoing negotiations with the Chicago Teachers Union. Moody's currently rates the district's bonds as Ba1, just below investment grade, and highlights the potential credit risks associated with increased cash-flow borrowing. District Chief Executive Officer Pedro Martinez's refusal to take a proposed loan and the upcoming budget discussions with the Chicago City Council are key developments in this evolving situation. [Extracted from the article]

The Civic Federation, a watchdog group, suggests that Chicago should consider furloughs, higher liquor taxes, and levies on services to address its significant budget deficits. The city faces a more than $1 billion budget gap through 2025 due to long-term pension and debt costs. The report emphasizes the need for innovative solutions and long-term planning to rectify the city's financial challenges, with options including reducing costs by cutting vacancies and boosting revenue through measures like raising levies on garbage and liquor. [Extracted from the article]

Moody's Ratings is closely monitoring the recent change in leadership at the Chicago Board of Education, as the school district faces mounting financial challenges. While the management changes themselves do not significantly impact credit quality, Moody's analysts are concerned that the new board may implement policies that could affect the district's financial operations. The district is already projecting deficits for the next five years, and additional costs such as pay raises for the Chicago Teachers Union could exacerbate the situation. The city government's demand for the school district to pay $175 million in non-teacher pension costs this year has also created friction, with the mayor suggesting a short-term loan to cover these expenses. Moody's views an increase in cash-flow borrowing as credit negative, and the district's CEO has refused to take the loan and rejected the mayor's request for his resignation. [Extracted from the article]

Chicago Mayor Brandon Johnson's administration is considering cutting vacant positions and scaling back projects in order to address the city's budget crisis. The mayor has asked department heads to evaluate the impact of cutting these jobs and to examine their vacancies. The city is facing a shortfall of nearly $223 million this year and $982 million next year. The mayor is expected to release his spending plan on October 30th, and no decisions have been made on the cuts yet. Labor groups, including the American Federation of State, County and Municipal Employees, have expressed opposition to job cuts, citing concerns about the impact on services. [Extracted from the article]

The Bank of America Chicago Marathon is set to take place, one year after the death of Kenyan runner Kelvin Kiptum, who set a world record in the race. Organizers are paying tribute to Kiptum by marking the bibs of top runners with his name and time, displaying his race uniform at the marathon expo, and observing a moment of silence. The marathon is expected to have a significant economic impact, with a record number of participants, including many international visitors. The event is seen as an opportunity to boost international tourism in Chicago and generate revenue for the city. [Extracted from the article]

The Chicago City Council has postponed a vote on Mayor Brandon Johnson's proposed $1.5 billion bond deal, which aims to address recent budget shortfalls. The bond proposal includes refinancing and a bond buyback process, with the city expecting to save $110 million based on current market conditions. The measure stipulates that the funds can only be used for cost-saving refinancing purposes, and the vote has been deferred to allow for further amendments to the ordinance. The item is expected to be voted on at the next council meeting. [Extracted from the article]

The Chicago City Council has postponed a vote on Mayor Brandon Johnson's proposed $1.5 billion bond deal, which aims to address recent budget shortfalls. The bond proposal includes refinancing and a bond buyback process, with the city expecting to save $110 million based on current market conditions. The measure stipulates that the funds can only be used for cost-saving refinancing purposes, and the vote has been deferred to allow for further amendments to the ordinance. The item is expected to be voted on at the next council meeting. [Extracted from the article]

Chicago Mayor Brandon Johnson is facing significant challenges as the school district experiences turmoil, including a mass resignation by the board. The city is already dealing with a nearly $1 billion deficit next year, as well as a surprise gap this year due to the school system's refusal to pay a pension bill. Johnson's proposed new members for the board have drawn opposition from political and corporate power players who fear that the district's turmoil could harm the city's business prospects. Despite pushback, Johnson is defending his authority to appoint a new board and is emphasizing the need for more state support. The city's financial situation is crucial for its prosperity, and the school district's financial problems are exacerbating the challenges. [Extracted from the article]

Chicago Mayor Brandon Johnson has announced a new slate of board members for the city's public schools after his previous appointees stepped down due to budget shortfalls. The decision to replace all seven board members has raised concerns among the city council, the business community, and watchdogs. Tensions between the teachers union and the district have been ongoing, and Johnson's election, supported by the union, has raised questions about their influence. The district is facing a $500 million shortfall, and Johnson has stated that he will not tolerate cuts to the school's budget. [Extracted from the article]

Chicago Mayor Brandon Johnson has appointed a new school board for the city's public schools after his previous appointees stepped down due to budget shortfalls. The decision has sparked concern among the city council, business community, and watchdogs. Tensions between the teachers union and the district have been ongoing, and the swift overhaul of the board highlights the union's influence as it negotiates a new contract. The school district is also in the process of transitioning to a fully elected board by 2027. [Extracted from the article]

All seven members of the Chicago Board of Education will be resigning later this month due to escalating tensions between the city and the school district, both of which are facing significant budget deficits. The decision to transition from a school board appointed by the mayor to one with elected members in November was a catalyst for the resignations. The relationship between the city and the powerful Chicago Teachers Union has been strained for years, and recent clashes over a new teachers' contract and a missing payment for pension costs have further intensified tensions. The district is expecting budget shortfalls for the next several years. [Extracted from the article]

All seven members of the Chicago Board of Education will be resigning later this month due to escalating tensions between the city and the school district, both of which are facing significant budget deficits. The resignations are part of a transition plan that will gradually move the district from a school board appointed by the mayor to one with elected members. The district is expected to have a fully elected 21-member board by 2027, with the first batch of new candidates being elected in November. None of the current board members will continue on the new board or run for election. [Extracted from the article]

The Chicago City Council Finance Committee has passed a $1.5 billion bond proposal to refinance debt in an effort to address the city's budget deficits. The proposal includes refinancing $980 million in debt with a mix of general obligation and sales-tax backed bonds, as well as using a tender process to buy back bonds at a slight premium. The refinancing is expected to generate savings of $70 million, which may increase to $90 million this year and an additional $35 million next year. The city's use of debt and underfunded pensions has historically impacted its budget and credit ratings. The proposal will now move to the full city council for a vote, and if approved, the bonds will be issued before the presidential election in November. [Extracted from the article]

All seven members of the Chicago Board of Education will be resigning later this month due to escalating tensions between the city and the school district, both of which are facing significant budget deficits. The decision to transition from a school board appointed by the mayor to one with elected members in November was a catalyst for the resignations. The relationship between the city and the powerful Chicago Teachers Union has been strained for years, and recent clashes over a new teachers' contract and a missing payment for pension costs have further intensified tensions. The district is expecting budget shortfalls for the next several years. [Extracted from the article]

All seven members of the Chicago Board of Education will be resigning later this month due to escalating tensions between the city and the school district, both of which are facing significant budget deficits. The resignations are part of a transition plan that will gradually move the district from a school board appointed by the mayor to one with elected members. The district is expected to have a fully elected 21-member board by 2027, with the first batch of new candidates being elected in November. None of the current board members will continue on the new board or run for election. [Extracted from the article]

The Chicago City Council Finance Committee has passed a $1.5 billion bond proposal to refinance debt in an effort to address the city's budget deficits. The proposal includes refinancing $980 million in debt with a mix of general obligation and sales-tax backed bonds, as well as using a tender process to buy back bonds at a slight premium. The refinancing is expected to generate savings of $70 million, which may increase to $90 million this year and an additional $35 million next year. Some members of the city council have raised concerns about the details of the borrowing, and even state officials have criticized the deal. If approved by the full council, the bonds will be issued before the presidential election in November. [Extracted from the article]

The Chicago City Council Finance Committee has passed a $1.5 billion bond proposal to refinance debt in an effort to address the city's budget deficits. The proposal includes refinancing $980 million in debt with a mix of general obligation and sales-tax backed bonds, as well as using a tender process to buy back bonds at a slight premium. The refinancing is expected to generate savings of $70 million, which may increase to $90 million this year and an additional $35 million next year. Some members of the city council have raised concerns about the details of the borrowing, and even state officials have criticized the deal. If approved by the full council, the bonds will be issued before the presidential election in November. [Extracted from the article]