Mayor Johnson and his top budget aides showed Chicago aldermen their math homework today, as they finalize a proposal for next year's budget.
And Mayor Johnson said the latest revenue projections include a lot of red ink.
"We are not hiding the challenge," the mayor said during a virtual briefing with reporters just before the start of the Labor Day holiday weekend. "Chicagoans deserve the truth."
The latest forecast suggests Chicago is expected to end this year with a deficit of $146 million, and is predicting a revenue shortfall for next year of more than $1.1 billion.
As for where the city will find the money to fill that shortfall, the mayor suggested his focus was aimed at the "one percent."
"The ultimate goal is to challenge those with means to contribute more to the vitality of our city," said the mayor, referring to what he frequently calls "progressive" revenue options, or higher taxes and fees on wealthier Chicagoans and businesses.
"We'll take the case directly to the people, and the alders will have an opportunity to decide where we ultimately land," Johnson said.
In some cases, that means the state will need to ask the Legislature to change state laws to, for instance, collect a sales tax on services including salon visits and advertising.
But the mayor says the city's lawyers are looking for ways to up the ante without getting Springfield involved: "We would much prefer to do it on our own."
Midyear budget hearings in City Council are set to start next month, with the mayor's budget expected in October.