Chicago officials defended a proposal to increase corporate taxes and to borrow $481 million for police misconduct lawsuit settlements, aiming to close the city’s projected 2027 budget shortfall.
The mayor, the city’s top financial officials, and members of the Chicago City Council Budget Committee said the plan would address the anticipated deficit and the liability from police misconduct claims.
The borrowing and tax increase are presented as part of the financing strategy for the 2027 budget.