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Chicago to use more than half of $1.9 billion in federal relief to reduce city debt


Sun-Times file
More than half of the $1.9 billion avalanche of federal relief on the way to Chicago will be gobbled up by retiring $965 million in scoop-and-toss borrowing used to eliminate the pandemic-induced shortfall, aldermen were told Wednesday.
Mayor Lori Lightfoot has warned aldermen to keep their wish lists in their back pockets because the money will have strings attached and it’s “not a slush fund that we can use every way that we can.”
On Wednesday, top mayoral aides explained why.
Roughly half of the $1.9 billion in new federal funds earmarked for Chicago will be used to honor the promise the mayor made before the City Council approved her $12.8 billion budget by the narrowest margin Chicago has seen since Council Wars. ....

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