(Bloomberg) — The Chicago City Council on Wednesday approved a $16.7 billion budget for 2022 designed to help the city recover from losses incurred during the pandemic, through measures that include one of the nation’s largest guaranteed basic income programs.
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Mayor Lori Lightfoot’s plan relies on both federal assistance and higher property tax returns, among other sources of income. This revenue helps to cover the higher pension fund and labor costs. It closed a $733 million shortfall in the city’s $4.9 billion corporate fund, which pays for essential operations and services.“I am very proud of this budget,” […]
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