Mayor Brandon Johnson says the city will refinance up to $525 million in debt to dig itself out of a now $85.1 million budget hole caused by a slew of so-far-fruitless revenue streams passed in the City Council’s spending plan.
Johnson had repeatedly warned of a $130 million hole in the City Council-crafted budget, but he said Tuesday that deficit has shrunk due to better-than-expected returns in other areas. The debt refinancing will save the city between roughly $65 million to $71 million this year, Johnson said. If needed, the city will also tap into remaining pandemic-era relief funds to help close the gap.
Johnson says…