Chicago council, ‘starting to legislate,’ sends $16.7 billion budget to mayor

(The Center Square) – The Chicago City Council has approved a $16.7 billion budget for 2026 and sent it to Mayor Brandon Johnson.

Aldermen rejected the mayor’s corporate head tax and passed a spending plan Saturday with higher taxes on cloud computing, liquor and plastic bags.

The alternative budget also includes a roughly $1 billion sweep of tax-increment-financing dollars to Chicago Public Schools.

Alderman Anthony Beale voted in favor of the budget, despite concerns about another potential credit downgrade for the city. Beale said Johnson’s administration promised the 2025 budget would not lead to a credit downgrade, but it came “almost immediately” after the budget passed.

“The downgrade is because we did not pay the full pension payment. The downgrade is because, once again, we’re bailing out CPS with a $1 billion TIF sweep,” Beale said.

Alderman Jim Gardiner echoed other city council members when he said the budget was not perfect, but he still ...