Cook County Board President Toni Preckwinkle unveiled on Tuesday, June 18, the preliminary forecast for the county’s fiscal year 2025 budget, showing a projected gap of $218.2 million – down from the $409.6 million peak during the pandemic.
The hospital system projects no deficits this coming fiscal year, marking the lowest gap of Preckwinkle’s administration.
Since the pandemic, Cook County has received two bond rating upgrades, built up reserve funds and developed hundreds of millions of dollars in equity programs and pandemic relief.
The preliminary forecast report presents a mid-year projection of year-end revenues and expenses for FY2024. The report also presents an initial forecast for FY2025 revenues and expenses for the General Fund and Health Enterprise Fund, the County’s two major operating funds.
Continued Federal Pandemic Relief Efforts
Cook County directly received over $1 billion from the federal government through the American Rescue Plan Act (ARPA). The county will invest $800 million, roughly 80% of the federal funds received, in community programs for county residents and businesses.
Cook County continues the nation’s largest publicly funded guaranteed income initiative and a program to abolish up to $1 billion of medical debt. Hundreds of millions of dollars in additional funding will go to health care and health access initiatives, justice initiatives, violence prevention programs, infrastructure improvements and environmental projects.
Last year, the county established a $166 million American Rescue Plan Act (ARPA) reserve to help sustain ARPA programs during a step-down period as the county continues to identify grants and permanent funding sources for these programs. This reserve will help sustain programs established during the height of COVID-19.
In the coming year, Cook County will conduct a large-scale public outreach effort to gather resident feedback and integrate it into the ARPA sustainability plan, ensuring continued alignment with community needs.
For the FY2024 year-end, the county projects positive net results of $142 million in the General Fund.
A virtual public hearing on the preliminary forecast will take place at 6 p.m. on July 17. Residents will have an opportunity to provide testimony and engage directly with the President’s office on their budget priorities. The President’s office will livestream the public hearing.
Beginning Tuesday at 9 p.m., residents can visit the County’s website at http://www.cookcountyil.gov/Budget to view the preliminary forecast. Residents will also be able to submit budget questions at www.cookcountyil.gov/service/submit-budget-questions.
