The Office of Budget and Management (OBM) is the main financial agency for the city of Chicago, Illinois. This office is responsible for preparing and implementing the annual budget of the city, as well as overseeing and allocating federal and state grant funding. OBM staff gathers and oversees both spending and capital budgets, evaluates the efficiency and cost-effectiveness of municipal services and proposals, and provides vital information to government officials. The OBM is also responsible for managing programs with state funding, such as federal FEMA and HUD funds, as well as federal stimulus funds related to COVID-19. These funds have been essential to the city's recovery efforts.
In addition, each state allocates spending and taxes differently between different levels of government. In Illinois, Democrats have control of the governor's mansion and each chamber of the legislature, giving them a trifecta. During a Senate committee meeting early Thursday, Republicans thanked Democrats for their inclusion in the budget process. The budget includes a 5.5 percent increase in legislators' salaries, which is linked to the federal government's labor cost index.
For more information about the budget of Chicago, Illinois, visit the Office of Budget and Management's FAQ page or glossary of terms. It is important to remember that sources detailing the spending of different levels of government in different years should be taken into account when comparing states. The COVID-19 pandemic and the federal government's response to it have had a major impact on these totals in different ways in different years.
