NOTE: NBC Chicago will present a live broadcast of Johnson's budget address beginning at 10 a.m. Wednesday.
Chicago Mayor Brandon Johnson will deliver his highly anticipated 2025 budget speech during a City Council meeting Wednesday morning as the city faces a nearly $1 billion deficit.
The speech will begin at 10 a.m. Wednesday, according to a news release from Johnson's office. NBC Chicago will stream the address live in the player above, on the NBC Chicago News streaming channel and live on NBC 5. It will also be streamed live on the NBC Chicago YouTube channel.
The speech is expected to include a proposal to increase the property tax, a plan that Johnson has strongly pledged to oppose during his run for office.
Details on the proposal remain to be seen, and it is not clear whether Johnson will be able to muster enough support to move forward with the measure.
In order for the proposal to pass, Johnson needs 26 votes by December 31. As of Wednesday, 14 aldermen signed a letter to Johnson yesterday, sharing their community's demands and concerns and saying they will not support a budget that includes a tax increase. .
“We cannot support a budget that includes a property tax increase,” the letter read in part. “Period. Recently released poll shows 90% of Chicagoans oppose increasing property taxes as an action the city could take
Take to increase revenue. Of that 90% population, 79% strongly oppose increasing property taxes. This is unfortunate for us and our voters.”
The letter also supported renewing ShotSpotter's contract, finalizing a contract for Chicago firefighters and keeping the police budget intact.
The Civic Federation, a nonpartisan government research group, suggested that the city look at other alternatives — such as layoffs, furloughs, eliminating job vacancies or increasing trash collection fees — before increasing the property tax.
While Johnson announced a hiring freeze last month, trade unions, which helped elect Johnson, have opposed widespread cuts.
According to estimates, the city's projected budget shortfall for fiscal year 2024 will be about $222.9 million, which is still lower than previous estimates from earlier in the fiscal year.
With the expiration of coronavirus aid and other factors taken into account, the budget shortfall for fiscal year 2025 is estimated at $982.4 million, according to the office of city Budget Director Annette Guzman.
The Chicago City Council still needs to vote on a new budget for next fiscal year, but Johnson told reporters he is willing to consider a variety of options to help bridge the gap.
According to the city, budget hearings are scheduled to begin next week.
