Ald. Waguespack: "We are not worried about our budget estimates running short." No answer for how they ensure that youth jobs aren't cut if these projections are not accurate.

Ald. Quezada: Why was the budget not shared publicly to reporters yesterday? Ald. Beale: We don't work for reporters. Ald. Lee - no response on why it was not shared.

Ald. Quezada: What is the plan if we do not collect $30M? Ald. Nugent: We would find that revenue through "other sources." Ald. Vazquez: We would need data to verify these claims.

Ald. Waguespack falsely claims the administration "held back" the EY report. In fact, the EY report was released to the full Council and the public on the day the budget was released. https://www.chicago.gov/content/dam/city/depts/obm/supp_info/2026Budget/Financial%20and%20Strategic%20Reform%20Options%20-%20City%20of%20Chicago.pdf…

Ald. O'Shea is upset that people are asking questions about the budget. "There is no other proposal."

Ald. Lee cannot answer basic questions about PPLT revenue. Largest revenue source in their proposal.

Ald. Rodriguez-Sanchez: What are we cutting? What is the impact on services? Have you spoken to any department heads? Ald. Waguespack says department needs to "make an effort." No answer on what the cuts would be. No answer on department heads.

Ald. Rodriguez-Sanchez: Was there any research or any studies on the impact of advertising throughout the entire city? Ald. Waguespack: Can't name a study or any research. Says they "looked at other cities."

Ald. Rodriguez: Can you share your budget assumptions? Ald. Waguespack and Lee -- used the EY report and Task Force report, did not look at any actual budget data.

Comptroller Belsky explains why the "enhanced debt collection" plan makes no sense. This is the largest new revenue source in their proposal. Belsky explains that no investor would buy assets based on "hope." "This has never been done by any city."

Belsky: This would be relying on a one-shot. That's exactly what the rating agencies are criticizing. Ald. Lee: "We don't want people being harassed on the street." But the proposal is 'balanced' based off of $92M in "enhanced debt collection"?

Civic Committee on how they modeled and projected revenue: "We picked the low one." Admits that they do not have any data. "We do not have a database."

Ald. La Spata: "We would sell existing outstanding debt to collection agencies." Comptroller: "It's not a reliable securities source if someone's going to buy it... You would have residents called up by these [collections] firms and they can be heavy-handed."

Comptroller: "This is a speculative one-shot... I would encourage you to look at alternatives." Explains that there is a difference between property tax assets being sold and parking tickets. He is cut off.

Ald. La Spata asks for a recess so that people could review these matters. "We don't ever like it when we are asked to vote for a substitute that is put directly in front of us." No answer.

Alders are now claiming that their proposal is about "1.6%" of the budget. This misleading statistics counts funds that are outside of the City's Corporate Fund. This article explains how the budget actually works for those who are confused: https://illinoisanswers.org/2025/10/15/tightening-chicago-budget-faces-hurdles-amid-few-options-for-pain-free-cuts/…

Ald. Villegas asks if the City incorporated possible litigation as part of their revenue projections for the new social media tax. Budget Director explains that yes, the administration has, which is why none of the revenue is used for budget balancing in this budget.