Some Chicago aldermen say Mayor Johnson's plan for spending the city's tax dollars next year could sweep too much money away from potential development in their neighborhoods.
One of the major issues during Tuesday's first day of City Council budget hearings dealt with something called a "tax increment financing" fund ... often called a "TIF" fund.
There are 108 districts in the city where a percentage of all property taxes go into special funds to pay for future economic development projects in each specific area.
City budget director Annette Guzman told aldermen the balance of all those funds is $3.5 billion, and another $1.34 billion is added to those funds every year.
The mayor's proposed budget would take a billion dollars from those funds, declare it surplus, and spend it.
Chatham alderwoman Michelle Harris expressed concern that the decision will take money from future projects in her ward.
"I'm kind of alarmed," said Harris (8th Ward), who said she was worried that areas without larger TIF funds might lose out on needed development.
That concern was echoed by Pullman alderman Anthony Beale (9th Ward): "Now, you're taking a tool out of the toolbox and throwing it away."
Guzman countered by noting that rising property values across the city meant each TIF fund would keep seeing increases in growth, even after pulling a billion dollars out: "Eighty-three percent, actually, of our 108 TIFS are seeing growth and increased revenues year over year."
Beale, who's a frequent critic of the mayor, was unconvinced ... calling the budget plan "smoke and mirrors."
"Once the smoke clears, I think everyone in this body will see that this is a horrible budget," he said.