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

Oct. 26, 2020, 4:23 PM

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 ...

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