Chicago faces nearly $1B budget deficit for 2025

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Chicago is facing a nearly $1 billion budget deficit in 2025, on top of the deficit that remains from 2024.

The $982.4 million shortfall is attributed to increasing labor costs, a decrease in revenue from state corporate taxes, higher costs for city employee pensions and personnel expenses, $150 million allocation for ongoing migrant support, and the uncertainty surrounding the $175 million payment for Chicago Public Schools pensions.