The Brief Mayor Brandon Johnson's proposed $17.6 billion budget calls for borrowing about $481 million to cover police misconduct settlements. The city estimates the first $350 million in bonds could carry a 6.923% interest rate, adding more than $139 million in costs. Aldermen also questioned a proposed corporate head tax, which 29 City Council members have previously opposed. Chicago has a nearly half-billion-dollar bill for police misconduct cases, and City Hall wants to put it on the taxpayers' credit cards. Budget hearings begin The backstory: Aldermen pressed the mayor's financial team Monday on how much the borrowing could ultimately cost taxpayers during the first in a series of city budget hearings. Johnson's proposed $17.6 billion Fair Share budget calls for borrowing roughly $481 million through the sale of bonds, which would then be repaid over five to seven years. The final cost remains unclear because the interest rate will not be set until the bonds are sold. However, Chicago's Department of Finance estimates an interest rate of 6.923% on the first $350 million in bonds, which are expected to be issued in 2027. At that rate, interest would add more than $139 million to the cost, with the city making annual payments of about $98 million for five years. The Johnson administration estimates settling the police misconduct cases could save the city $300 million to $400 million compared with continuing to litigate them. A proposed corporate head tax also faced scrutiny during Monday's hearing. Before Johnson unveiled his budget proposal, 29 aldermen signed a letter opposing a tax on businesses. Ald. Brendan Reilly said Monday that opposition has not diminished. Johnson needs at least 26 votes from the 50-member City Council to approve the budget. What's next: Some aldermen argue a corporate head tax could cost Chicago jobs and drive businesses out of the city. However, a 2025 WBEZ analysis found little historical or data-driven evidence to support that claim. #fox32chicago #crimewatchchicago