Chicago mayor mulls slashing city payroll by $200M: report

on Oct7
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Chicago Mayor Lori Lightfoot is considering slashing the city’s payroll by $200 million in order to balance the budget, according to a report.

Discussions about how the city will plug its projected $1.2 billion budget gap have been “painful” and keep her “up at night,” Lightfoot told the Chicago Tribune.

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The mayor’s office did not immediately respond to Fox News’ request for comment.

The City of Chicago faces a ballooning deficit in fiscal year 2021 after the COVID-19 pandemic caused widespread disruption to its economy, like in other cities. A 10% year-over-year drop in the city’s second-quarter gross domestic product led to a $799 million mid-year 2020 budget shortfall.

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The shock to Chicago’s economy comes as the city was attempting to get its fiscal house in order. Lightfoot last year identified more than $500 million in structural solutions, the largest total since 2012, to fill the city’s record $838 million gap.

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Still, the city has $10 billion cash and $46.5 billion of unpaid bills, according to a July 2020 report released by Truth in Accounting.



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