Chicago Approves Record Budget for 2025

The Chicago City Council has passed a comprehensive budget of approximately 17 billion dollars for the year 2025, which includes tax and fee increases of about 256 million dollars, after Mayor Brandon Johnson withdrew his initial proposal to raise property taxes. This financial plan follows several weeks of intense and controversial discussions between Mayor Johnson's administration and city council members on how to close the nearly one billion dollar deficit through tax hikes or spending cuts. The intensity of the disagreements raised doubts about whether the budget could be approved by the legal deadline of December 31. Despite the sometimes significant differences of opinion, an agreement was ultimately reached that satisfies all parties involved and marks an important milestone for the city's finances. The budget plan now relieves property owners and instead focuses on a broader distribution of financial burdens through various fee increases.