The mayor’s $12.8 billion spending plan relied on a 3-cent gas tax hike, a $94 million property tax increase with a provision to raise them annually by an amount tied to the consumer price index, as well as a plan to refinance hundreds of millions in debt. Similar borrowing tactics under Mayors Richard M. Daley and Rahm Emanuel drew deep criticism, but the Lightfoot administration said the city’s current financial condition makes such a move appropriate.
Parking meters coming to Chicago’s Montrose Harbor as part of Mayor Lori Lightfoot’s budget plan
