BOMA/Chicago Statement on the City of Chicago FY2026 Budget

BOMA/Chicago applauds the Chicago City Council for passing a balanced budget that eliminates the head tax and that funds pensions to protect Chicago’s credit rating. For the second year in a row, Mayor Johnson has failed to address the City’s structural deficit and instead tried to force the Council into a last-minute, irresponsible budget fueled by ideology and campaign posturing. To its enormous credit, the Council rejected the Mayor’s ultimatums and worked tirelessly without the support of the executive branch to construct a better budget and reduce his job-killing and financially reckless policies as best they could.

Make no mistake, this is not the budget that Chicago needs. It relies on enormous increases in business taxes and fees that every business and resident will feel, and it does not improve the City’s long-term financial sustainability. To become the place we all believe Chicago can be, we need economic growth. Otherwise, we will not be able to reliably fuel public investment and connect more residents to our economy. We cannot achieve these goals without real leadership from the Mayor’s Office. The Mayor must do the work to address the City’s structural deficit without reverting to easy fixes and divisive rhetoric that pits residents against their own economy.

By attempting to salvage this budget in the Mayor’s absence, the City Council’s leadership and countless hours of work in this unprecedented process demonstrate a deep commitment to the city. They are to be commended.