In the early months of the pandemic, county officials closed a $410 million deficit in their 2021 budget – the largest shortfall in a decade. For 2023, officials will close a $18.2 million hole – the smallest gap in a decade.
— by laying off hundreds of employees and dipping into a rainy day fund. But in 2023, county budget officials will only have to close an $18.2 million hole, the smallest gap in a decade.running for a fourth term
“I am proud our responsible fiscal practices have put us in a position to endure these financial hardships while providing vital services to millions of residents through balanced and equitable budgeting,” Preckwinkle said in a statement. A final spending plan is set to be released in October, but Preckwinkle is unlikely to propose tax hikes, layoffs or service cuts to close such a small gap in the county’s projected $8.1 billion 2023 spending plan. The budget must be approved by Dec. 1.
“Our work is far from done and we may have to deal with the very real possibility of a recession, but the encouraging state of our finances is because of our willingness to make hard decisions and confront our problems head on,” Preckwinkle said.
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