Chicago’s Shortfall May Double to $1 Billion in 2021: CFO

Chicago’s expanding shortfall is a reflection of rising costs and falling tax collections from the Covid-19 pandemic and subsequent economic slowdown, Jennie Huang Bennett, the city’s chief financial officer, told reporters on Monday.

• The 2020 shortfall is estimated to be about $500 million due to revenue losses amid the pandemic: city officials
• “For 2021, the number is going to be quite large and could be upwards of $1 billion,” Bennett said
• “We are going to need some level of federal funding to help support us,” Bennett said
• Chicago is already receiving about $1.13 billion from the federal Coronavirus Aid, ...