When Lightfoot took office and prepared her 2020 budget, it was expected she would have to come up with a combined $528 million in tax increases and budget cuts. But in May, officials in then-Mayor Rahm Emanuel’s administration predicted the shortfall would be closer to $700 million because of costs previously covered with expensive borrowing practices and the city’s pension investments’ poor performance at the end of 2018 as the stock market took a dive.