Chicago’s mayor, Lori Lightfoot, announced Tuesday that the city is facing a historic $1.2 billion budget shortfall for the fiscal year 2021, following what the mayor called a “catastrophic” economic collapse caused by the coronavirus pandemic and by widespread rioting and looting that did an estimated $60 million in physical damage to the city’s downtown and untold damage to its tourism industry.
“Saying Chicago faces ‘a crisis unlike anything we have experienced in our lifetimes,’ Mayor Lori Lightfoot painted a grave financial picture for the city on Monday, detailing a projected $1.2 billion budget shortfall in the 2021 fiscal year,” Chicago’s public broadcasting station, WTTW reported.
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