On Tuesay, August 16 Carole Brown, CFO of the City of Chicago and Alex Holt, Budget Director for the City of Chicago joined the Chamber’s Tax Policy Council to discuss the proposed 2017 fiscal budget.
The City currently faces a $137.6 million budget deficit, the City’s lowest since 2007. New water and sewer fees are likely on the bargaining table. The budget will be presented by Mayor Emanuel in September and should be approved by November.
Brown and Holt discussed the challenges facing the City of Chicago, and the possibility of some form of tax given the need for revenue. However, additional property taxes are not likely or seemingly on the table at this point given the huge property tax that passed during the 2016 budget cycle.
Chamber members enjoyed the opportunity to discuss Chicago’s finances during the Tax Council meeting. The Chamber will continue to monitor potential revenue streams and taxes that may be included in the upcoming 2017 budget.