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Preckwinkle unveils $9 billion 2024 budget with no new taxes or layoffs
Cook County Board President Toni Preckwinkle unveiled a $9 billion budget for 2024, assuring that there will be no new taxes or layoffs.
COOK COUNTY - Cook County Board President Toni Preckwinkle unveiled a $9 billion budget for 2024, assuring that there will be no new taxes or layoffs.
The budget gap for 2024 stands at $161 million, surpassing the initial forecast of $86 million. Preckwinkle attributes this increase in the gap to short-term labor agreements reached with most of the county's unions.
Preckwinkle's plan to bridge the gap includes eliminating county employee vacancies. Upon closer examination of the numbers, the 2024 budget represents an almost 4 percent increase, approximately $342 million more than the current budget. A significant portion of this budget will be allocated to fixed charges, such as increased wages for current county employees and the reduction of pension costs serving retired county employees.
The 2024 budget also incorporates the largest surge in federal pandemic relief funds, amounting to $240 million. Federal rules dictate that these funds must be expended by the end of 2026. Preckwinkle expressed confidence that the county is in a very good financial and programmatic position.
Additionally, the county has budgeted $10 million to cover healthcare and transportation costs for some of the asylum-seekers who have arrived in Chicago and the suburbs over the past year.