* Tribune…

Chicago Mayor Lori Lightfoot offered her 2020 budget plan on Wednesday, laying out a plan to dig the city out of a daunting $838 million deficit without relying on steep property tax increases.

Lightfoot’s plan includes raising money through higher taxes on rideshares, property transfers and on all food and drinks sold in Chicago restaurants. It also relies on restructuring debt and increasing the rates of downtown parking meters, among other things.

* Click here for the budget outline. She’s projecting $352.2 million in increased revenues, including $50 million from her real estate transfer tax proposal that is pending General Assembly action. Greg Hinz explains much of the rest…

Lightfoot mentioned $163 million in new revenue from “emergency services reimbursements.” That makes up almost half of the $352 million in the new revenue she’s counting on. Officials say that money will come from the state, not ambulance users, and a deal to provide the funds has been reached with Gov. J.B. Pritzker’s administration.

Tina…

Gov. Pritzker's office says the governor will "encourage the GA to give the mayor's proposals their full consideration during the veto session" & that "balancing Chicago’s budget is an important step in stabilizing our overall fiscal health to benefit all our state’s residents." https://t.co/FiNXzLYEDW

— Tina Sfondeles (@TinaSfon) October 23, 2019

Encouraging.

She also proposed $51.8 million in spending increases.

* But there’s a whole lot of undefined “hope” in this plan…

That’s a lot (3.1 percent of the budget) of “improved fiscal management” after years of austerity. Hope she hired some wizards.

Also, keep in mind that the debt refinancing produces a one-year savings on paper. They’re booking all the savings up front. The current hole then reappears next year.

* From her speech…

Our 2020 budget developed $150 million in savings and efficiencies through an approach known as “zero-based budgeting,” which means we built it from the ground up, ensuring every line was essential to the core service mission of every department.

She didn’t mention what would be cut to reach that goal, which is 3.3 percent of the budget.

So, she’s got about $490 million in reductions which will either disappear in a year (refinancing) or will be difficult to achieve (”improved fiscal management” and, politically once the details emerge, zero-based budgeting).

* Back to her speech…

As everyone here knows, we have spoken at length to the governor and his team, legislative leaders and other lawmakers, business groups, and other organizations about our need for Springfield to support a Chicago casino, as well as develop a statewide pension reform package.

She wasn’t specific about what a “statewide pension reform package” should look like.

…Adding… Expected news…

Fitch weighs in on @chicagosmayor’s proposed budget. pic.twitter.com/NtCC7hRggy

— Hannah Meisel (@hannahmeisel) October 23, 2019