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Chicago Mayor Lori Lightfoot is considering slashing the city’s payroll by $200 million in order to balance the budget, according to a report.
Discussions about how the city will plug its projected $1.2 billion budget gap have been “painful” and keep her “up at night,” Lightfoot told the Chicago Tribune.
The mayor’s office did not immediately respond to Fox News’ request for comment.
The City of Chicago faces a ballooning deficit in fiscal year 2021 after the COVID-19 pandemic caused widespread disruption to its economy, like in other cities. A 10% year-over-year drop in the city’s second-quarter gross domestic product led to a $799 million mid-year 2020 budget shortfall.
The shock to Chicago’s economy comes as the city was attempting to get its fiscal house in order. Lightfoot last year identified more than $500 million in structural solutions, the largest total since 2012, to fill the city’s record $838 million gap.
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Still, the city has $10 billion cash and $46.5 billion of unpaid bills, according to a July 2020 report released by Truth in Accounting.
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