Chicago: Mayor Brandon Johnson Releases City's First-Ever Mid-Year Budget Report To Advance Transparency and Accountability
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CHICAGO ~ Chicago Mayor Brandon Johnson has announced the release of the City's first ever Mid-Year Budget Report, a new initiative aimed at promoting fiscal transparency and providing insight into the City's financial performance and budget outlook. The report, which was submitted to the City Council Committee on Budget and Government Operations, includes a comprehensive analysis of revenue collections, departmental expenditures, grant funding, and workforce trends for the first half of the fiscal year.

According to Mayor Johnson, this report marks a significant turning point for Chicago's finances. "Revenues are stabilizing and core operating costs are decreasing," he stated. "This reflects both our city's economic resilience and the disciplined reforms we have implemented to control spending. This is the kind of fiscal stewardship that our residents deserve."

The 2025 Mid-Year Budget Report is in compliance with Section 2-4-055 of the Municipal Code of Chicago and demonstrates the administration's commitment to proactive financial management and data-driven decision-making.

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One of the key highlights of the report is a 4.9% increase in year-to-date revenues, driven by stronger than expected performance in utility taxes, transactions taxes, income taxes, and internal service reimbursements. Additionally, there has been a 28% decrease in city attrition since its peak in 2022, indicating improved retention and greater workforce stability.

Furthermore, overtime expenditures across all departments have decreased by $38 million compared to last year at this time. This can be attributed to improved cost management and scheduling practices despite overall compensation rates continuing to rise.

The City has also made significant reductions in key spending categories such as Contractual Services (decreased by $39 million) and Commodities and Materials (decreased by $6.4 million) on the Corporate fund alone. These achievements are particularly noteworthy considering ongoing economic pressures and inflation.

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In addition to providing an overview of current financial trends, this report also offers a preliminary analysis of the economic factors that will impact the City's three-year budget forecast, which is set to be released next month.

Budget Director Annette Guzman emphasized the importance of this report in shifting the City's approach to budgeting. "This is the first time we are publishing a mid-year report like this, and it reflects a real change in how we are managing our budget," she stated. "Transparency is not just a principle, it is a tool that allows us to make better decisions and hold ourselves accountable. We have invited the public and City Council into the conversation earlier and more meaningfully."

The 2025 Mid-Year Budget Report is now available to the public on the Office of Budget and Management website at https://chi.gov/Mid-Year2025. This marks a significant step towards greater fiscal transparency and accountability for the City of Chicago.

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