It was announced on Monday via press release that Mayor Lori Lightfoot’s $16.4 billion 2023 fiscal year budget was passed by Chicago City Council. The budget was passed with 32 in favor and 18 opposed.
The newly approved budget, nicknamed the ‘Stability Budget,’ aims to foster a safer and more economically flexible Chicago. The plan outlines that this will be accomplished by reducing city debt, addressing evolving environmental threats, and “increasing investments for public safety, essential services, and access to reproductive health.” The budget also avoids a property tax increase.
In the release, Mayor Lightfoot said, “Over the past three years, we have steered our city through some challenging fiscal storms. However, each and every time, we came together to collaborate on how to enhance the quality of life for all of our residents, and emerged to become the stronger, more vibrant city that we are today. This budget is a reflection of our hard work and values, and I thank all of those who helped make it possible.”
The 2023 Stability Budget will also focus on ongoing community revitalization projects and an emphasis on improving citywide systems. The goal is to continue toward a stable and sustainable financial future that continues to strengthen Chicago communities.