# Committee on Finance meeting, November 17, 2025

- When: Mon, Nov 17, 2025, 10:00 AM (Chicago time)
- Where: City Council Chamber, 2nd Floor, City Hall, 121 North LaSalle Street - Chicago, IL 60602
- Status: Scheduled & Published
- Committee: [Committee on Finance](https://www.chicagopolitics.org/committee/finance)
- Video: https://vimeo.com/manage/videos/1137016421
- Transcript: [full text](https://www.chicagopolitics.org/files/transcripts/1137016421.txt) (20,855 words, automatic captions)

## Meeting notes

> AI-written from the transcript. Speakers are inferred from cues in the recording, so treat names as estimates and check the video at the linked time.

The Committee on Finance met on the mayor's 2026 budget revenue package after hearing from seven public speakers, most representing business and hospitality groups who opposed the proposed $21-per-employee community safety surcharge (head tax) and an increase in the personal property lease tax. The chair's attempt to recess until December 2 failed on a roll call announced as 24 no and 7 yes. The Budget Director and CFO then presented the revenue ordinance, including the head tax applied to employers with 100 or more employees and an $18 million small business grant fund, along with bond ordinances for $1.8 billion in new general obligation bonds, including $283 million for settlements and judgments, and $2 billion in refunding authority. Members debated the head tax, property tax increases, borrowing for settlements, back-loaded debt, state revenue limits, and the alternative of service cuts. A motion to table the due pass motion on the revenue ordinance was first announced as passing 19 to 18, then declared failed at 18 to 18 after a recount, and the due pass motion on the revenue ordinance failed 10 yeas to 25 nays; the committee then adjourned.

Topics: 2026 budget revenue ordinance, Community safety surcharge (head tax), Personal property lease tax, General obligation bonds, Settlements and judgments borrowing, Property tax bills, State revenue limits, Public comment

### Agenda items discussed

- [14:21](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=861) Public comment: discussed
- [33:04](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=1984) Motion to recess the committee until December 2: failed
- [1:15:48](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=4548) Ordinance amending municipal code provisions on revenue from taxes, fines, and fees (2026 revenue ordinance): failed
- [1:24:15](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=5055) Bond ordinances: $1.8 billion new money general obligation bonds and $2 billion refunding authority: discussed
- [2:58:54](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=10734) Motion to table the due pass motion on the revenue ordinance and recess: failed
- [3:06:29](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=11189) Motion to adjourn: passed

### Alderpersons who spoke

- [Pat Dowell](https://www.chicagopolitics.org/ward/3) (chair): Told Vasquez that settlement orders come before the Finance Committee, where questions about how they are paid can be raised. ([2:27:37](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=8857)); Objected to Quezada's remark about playing games, saying members are doing their constituents' work and are not monolithic. ([2:46:13](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=9973))
- [William Conway](https://www.chicagopolitics.org/ward/34) (alderperson): Asked whether the community safety surcharge threshold was returning to 100 employees from 200. ([1:32:24](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=5544)); Asked whether the debt payment schedule showed interest-only payments for years on later capital bonds and expressed grave concerns about the back-loaded structure. ([2:56:26](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=10586))
- [Brendan Reilly](https://www.chicagopolitics.org/ward/42) (alderperson): Cited a report on rising homeowner property tax bills tied to falling commercial property values and argued the head tax would worsen downtown vacancies. ([1:36:53](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=5813)); Asked what the youth employment and community violence intervention line items funded by the surcharge pay for and who receives the funds. ([1:43:06](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=6186)); Asked whether the administration had provided promised red lines of efficiencies and forecasts of cuts by department. ([1:45:14](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=6314))
- [Jason C. Ervin](https://www.chicagopolitics.org/ward/28) (alderperson): Said efficiencies would amount to service reductions and asked CDOT how cutting pothole crews would affect repair times. ([2:46:39](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=9999)); Said he would not support reducing public safety, youth jobs, violence intervention, or gender-based violence programs to close the gap. ([2:51:08](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=10268)); Framed the decision as choosing between serving residents and serving downtown interests. ([2:53:18](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=10398))
- [Daniel La Spata](https://www.chicagopolitics.org/ward/1) (alderperson): Supported a dedicated community safety fund but raised concern that including business grants is mission creep, asking about guardrails. ([1:51:38](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=6698)); Asked whether projected surcharge revenue is $100 million or $118 million and how that changes funded items. ([1:53:17](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=6797)); Asked why Housing and Economic Development bond issuance extends into 2029 and 2030. ([1:54:12](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=6852))
- [David H. Moore](https://www.chicagopolitics.org/ward/17) (alderperson): Thanked the administration for outreach and called the budget mostly good, but said he would vote no on the head tax today without more discussion of impacts on small businesses. ([2:04:02](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=7442)); Suggested the city consider reinstating a 1% grocery tax after the state's repeal. ([2:06:20](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=7580))
- [Matthew J. O'Shea](https://www.chicagopolitics.org/ward/19) (alderperson): Renewed Reilly's motion for a vote and said colleagues were being pulled out of the room to delay it. ([2:08:02](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=7682))
- [Scott Waguespack](https://www.chicagopolitics.org/ward/32) (alderperson): Objected to the bond repayment schedule being sent the morning of the meeting, calling it unnecessary. ([2:09:02](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=7742)); Asked how much more money individual schools would receive from the TIF surplus in the package. ([2:09:34](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=7774))
- [Brian Hopkins](https://www.chicagopolitics.org/ward/2) (alderperson): Asked whether grants to nonprofits funded by the surcharge are audited and whether performance results are published. ([2:10:38](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=7838))
- [Byron Sigcho-López](https://www.chicagopolitics.org/ward/25) (alderperson): Called for decorum toward the chair and said some members opposing the head tax had supported a past property tax increase, naming Reilly. ([2:13:31](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=8011)); Asked about the history of the city's corporate head tax and its inflation-adjusted value today. ([2:14:48](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=8088)); Asked what revenue gaps the state has created, such as the grocery tax repeal, and what alternatives exist. ([2:16:49](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=8209))
- [Raymond A. Lopez](https://www.chicagopolitics.org/ward/15) (alderperson): Objected that a person was lobbying members on the council floor during the meeting. ([2:19:58](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=8398)); Cited bond ordinance language allowing issuance without further council action and asked whether the administration should return to the council. ([2:28:00](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=8880)); Renewed Reilly's due pass motion on the revenue ordinance. ([3:03:34](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=11014))
- [Andre Vasquez Jr.](https://www.chicagopolitics.org/ward/40) (alderperson): Said some members are open to businesses contributing but are concerned about the level of debt and borrowing in future years. ([2:23:19](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=8599)); Asked how much interest the city will pay on borrowing for settlements and what share of the bonds goes to settlements. ([2:23:54](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=8634)); Asked what controls exist for decisions to borrow for settlements and called for council input on each. ([2:26:02](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=8762))
- [Anthony Beale](https://www.chicagopolitics.org/ward/9) (alderperson): Asked about ward-level CDOT spending data he had requested and whether the city needs state authority to make cuts and efficiencies. ([2:38:15](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=9495))
- [Anthony J. Quezada](https://www.chicagopolitics.org/ward/35) (alderperson): Asked how much the former corporate head tax generated and how a $21 surcharge at different thresholds would compare. ([2:39:12](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=9552)); Asked whether the budget office analyzed a higher per-employee rate and how many companies have over 200 employees. ([2:40:24](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=9624)); Cited large corporate profits and political donations to argue that corporations can afford the head tax. ([2:42:32](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=9752))
- [Monique L. Scott](https://www.chicagopolitics.org/ward/24) (alderperson): Asked how the administration can be sure the surcharge will raise $100 million and how it will collect from corporations. ([2:54:35](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=10475))

### Exchanges between members

- [1:33:17](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=5597) Conway yielded his time to Reilly.
- [1:35:37](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=5737) Dowell asked Reilly to rescind his motion so other members could ask questions.
- [2:07:27](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=7647) Dowell asked Moore whether he had a question rather than an explanation of his vote.
- [2:08:16](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=7696) O'Shea renewed Reilly's motion for a vote.
- [2:08:55](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=7735) Waguespack said he agreed with O'Shea.
- [2:14:20](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=8060) Sigcho-López said Reilly had supported a past property tax increase.
- [2:17:00](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=8220) Sigcho-López echoed Moore's questions about the grocery tax and state revenue.
- [2:22:47](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=8567) Reilly said Sigcho-López misstated his voting record and asked for an apology.
- [2:27:37](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=8857) Dowell told Vasquez that settlement orders come before the Finance Committee for review.
- [2:28:00](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=8880) Lopez followed up on Vasquez's question about bonding without further council action.
- [2:46:13](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=9973) Dowell objected to Quezada's remark about colleagues playing games.
- [2:46:42](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=10002) Ervin said Quezada had asked several questions he planned to ask.
- [2:56:26](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=10586) Conway followed up on Waguespack's point about the debt payment schedule.
- [2:58:41](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=10721) Dowell thanked Conway for his questions.
- [2:58:54](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=10734) Ervin moved to table Reilly's due pass motion.
- [3:03:34](https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC?t=11014) Lopez renewed Reilly's due pass motion after the tabling motion failed.

## Documents

- [Summary](https://www.chicagopolitics.org/files/clerk/meetingattachmentspublic/6fc82c76-616a-481c-a23e-5f3685c93d8f.pdf)
- [Agenda](https://www.chicagopolitics.org/files/clerk/meetingattachmentspublic/2c33d42a-7a70-4325-93a0-527c189577fa.pdf)
- [Notice](https://www.chicagopolitics.org/files/clerk/meetingattachmentspublic/3f889424-d7ad-f011-bbd2-001dd8066634.pdf)

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Source: https://www.chicagopolitics.org/meeting/97958912-D7AD-F011-BBD2-001DD80C6DBC · Chicago Politics, an independent, nonpartisan tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt