Mayor Johnson plans to refinance debt to fix $85M budget hole

Mayor Brandon Johnson says the city will refinance up to $525 million in debt to dig itself out of a now $85.1 million budget hole caused by a slew of so-far-fruitless revenue streams passed in the City Council’s spending plan. Johnson had repeatedly warned of a $130 million hole in the City Council-crafted budget, but he said Tuesday that deficit has shrunk due to better-than-expected returns in other areas. The debt refinancing will save the city between roughly $65 million to $71 million…