The City of Chicago has published its Annual Comprehensive Financial Report (ACFR) for the fiscal year ending December 31, 2024. The report details the city's financial status and highlights efforts to manage fiscal challenges while investing in community development.
Mayor Brandon Johnson emphasized the city's focus on "making critical investments in our people and our communities" despite facing financial pressures. He stated that the ACFR demonstrates a commitment to managing legacy obligations and investing in areas like affordable housing, youth jobs, and neighborhood development.
Acting City Comptroller Michael Belsky highlighted efforts to operate within fiscal constraints while focusing on structural solutions. He noted that the financial team worked diligently to reduce costs and maintain commitments to long-term obligations.
The city implemented cost-saving measures resulting in a $217 million reduction in general fund expenditures. This was achieved through budget monitoring, efficiency measures, and personnel management.
Positive financial indicators were also reported for FY2024. Investment earnings increased by $80 million due to improved market conditions. Tax revenues from transactions, recreation, sales, transportation, ridesharing, and parking also saw an increase.
Strategic investments aimed at expanding the tax base included Mayor Johnson’s Housing and Economic Development Bond and Community Development Grants from the Department of Planning and Development. In FY24, commercial property values grew by $9.5 billion, with $11 billion approved for new investments by the City's Plan Commission.
The city's pension obligations remain a significant challenge. The City spends $2.8 billion annually on pensions, which account for 18% of its budget. However, prudent management has improved funded ratios across all four pension funds over the past year.
Chief Financial Officer Jill Jaworski stated that advance pension payments have been crucial for maintaining credit rating stability. This achievement required sustained commitment across multiple administrations and departments.
In 2024, several accomplishments contributed to fiscal stability: reduced general fund expenditures by $217 million; supplemental pension payments strengthened retirement security; historic bonding plans funded neighborhood projects; streamlining processes accelerated construction; and investments in community safety reduced violence.
Looking ahead to 2026, proactive steps are being taken to address fiscal challenges with input from a new stakeholder-led Working Group formed under Executive Order 2025-1. Budget Engagement Roundtable events continue for public involvement in shaping decisions.
The ACFR is available online at https://chi.gov/40uFxIA as part of ongoing efforts for transparency and accountability by the Johnson Administration.