Chicago's Budget Director Annette Guzman has announced a series of immediate fiscal measures to address a projected budget deficit of $222. 9 million for FY2024. The deficit results from declining revenue sources, including the State Personal Property Replacement Tax and a shortfall in pension reimbursement for Chicago Public Schools' non-teaching staff. To counteract these financial challenges, the city will implement a hiring freeze across all departments, along with stringent restrictions on non-essential travel and overtime expenditures. Looking ahead, the city anticipates a budget gap of $982.

4 million for FY2025, primarily due to rising costs in personnel, pensions, and contracts. Guzman stressed the city's dedication to responsible fiscal management during this period of uncertainty and acknowledged the ongoing efforts of the Office of Budget and Management and the Department of Finance. The cooperation of all city departments will be crucial as these measures are put into effect. For more information, residents can visit the City of Chicago's official Office of Budget and Management website. Guzman expressed gratitude for the public's understanding as the city navigates these financial hurdles.