Chicago CFO ‘Not Sure’ City Can Avoid Downgrade in Budget Season

Chicago Chief Financial Officer Jennie Huang Bennett on Monday said she’s “not sure” the city is going to “get through the budget season without a downgrade.”

• Bennett commented in response to a question from an alderman about why the city doesn’t increase its borrowing and refinancings savings by $100 million to avoid an increase to property taxes
  • She commented during a virtual City Council Committee on Budget and Government Operations meeting
• The city is working toward structurally balancing the budget and pursuing ongoing revenue sources like property taxes rather than relying mostly on one-time items: Bennett
• NOTE: Chicago’s $12.8 Billion ...