Chicago Mayor Lori Lightfoot on Friday tried to reassure investors in the city&#...
CHICAGO - Chicago Mayor Lori Lightfoot on Friday tried to reassure investors in the city’s debt that she will take on big financial problems, while providing no new clues as to how she plans to accomplish the task.
“My administration is unafraid to make the tough but necessary decisions to get us on the path to fiscal health,” the mayor said, pointing to efforts to reign in overtime, freeze hiring and other moves. Lightfoot outlined revenue ideas she previously floated such as a graduated real estate transfer tax to raise more money off of high-end residential property sales and a congestion tax. Chicago also needs Illinois lawmakers to revise a new state law that authorized the city’s first casino after a recent study concluded the tax structure was erroneous.
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