City Will Refinance Debt to Fill $85.1M Budget Gap, Johnson Says

City Will Refinance Debt to Fill $85.1M Budget Gap, Johnson Says

Open the article to view the coverage from WTTW

Chicago to refinance, but long-term issues remain

(The Center Square) – Mayor Brandon Johnson says his administration has identified a way to reduce its budget shortfall for the current fiscal year.

Mayor Brandon Johnson says 2026 budget gap to be closed with debt refinancing

Mayor Brandon Johnson said he would fill most of a projected $85.1 million shortfall in the 2026 budget by refinancing between $500 and $525 million in bonds.

Mayor Johnson plans to refinance debt to fix $85M budget hole

<p>Mayor Brandon Johnson says the city will refinance up to $525 million in debt to dig itself out of a now $85.1 million budget hole caused by a slew of so-far-fruitless revenue streams passed in the City Council’s spending plan.</p><p>Johnson had repeatedly warned of a $130 million hole in the City Council-crafted budget, but he said Tuesday that deficit has shrunk due to better-than-expected returns in other areas. The debt refinancing will s…

Johnson Announces Plan To Plug $85M Budget Gap As He Blasts Council-Backed Spending Plan

Mayor Brandon Johnson's administration hopes to close a lingering 2026 budget gap by refinancing bonds and possibly dipping into remaining COVID relief dollars.