Mayor Brandon Johnson is pictured during a City Council meeting on Dec. 16, 2024. [Don Vincent/The Daily Line]

Chicago is forecasting at least a $1.15 billion budget gap heading into the next fiscal year, the mayor and finance officials told reporters Friday.  

At the same time, the lack of certainty surrounding a pension payment reimbursement from Chicago Public Schools is a driving factor in the city anticipating to end 2025 with a $146 million deficit in its corporate fund.