Chicago Mayor Lori Lightfoot is considering tax hikes to help plug the city’s $1.2 billion budget deficit, according to a report.
The city is weighing a $94 million property tax hike, raising the gas tax and laying off more than 300 workers to help fill the gap, the Chicago Tribune reported.
Other potential cost-saving measures include a five-day furlough for all nonunion city employees, shifting some costs onto the books of the Chicago Public Schools and raising the cloud-computing tax.
Lightfoot is set to unveil her plan at a press conference on Wednesday. The COVID-19 pandemic caused Chicago’s gross domestic product to decline by 10% from a year ago, leading to a $799 million mid-year 2020 budget shortfall.
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