The Chicago 2023 budget is designed to help the City recover from past economic setbacks from the COVID-19 pandemic. The Mayor, Lori Lightfoot, highlighted the City’s priorities and shared that the 2023 budget will focus on making transformative investments to keep Chicagoans safe, revitalize local communities, and care for vulnerable groups.
The $16.4 billion 2023 ‘Stability Budget’ supports investments such as camera systems, mental health, and first responders to enhance public health and violence prevention and reduction, with allocations towards programs that help at-risk youth, street outreach
efforts, and re-entry supports. This year, the City acknowledges the prevailing challenges and vows to extend continued support for the health and well-being of its residents by investing in affordable housing, homelessness prevention, continued mental health services, and reproductive healthcare. With the implementation of flagship programs like INVEST South/West to revitalize neighborhoods and commercial corridors on the South and West Sides.
While the City managed to avoid hiking property taxes, it was able to generate robust revenue from local taxes, proceeds, and local non-taxes