After canceling Friday's budget vote due to a lack of alder support, Mayor Brandon Johnson has presented a new plan that cuts his, once $300 million, property tax hike to zero, according to sources close to the talks.

Why it matters: The proposal eliminates the property tax hike through, among other things, staff cuts that Johnson had vehemently opposed but alders wanted.

By the numbers: The new plan still calls for $165.5 million in new taxes -- down from $243 million in the previous plan.

New revenue: The plan includes a $10 million "cost recovery initiative" that pursues reimbursement from big event organizers for millions in overtime the city pays to police, fire, sanitation, transportation and emergency management workers.

What we're watching: Whether or not these concessions, which respond to some but not all recent alder demands, are enough to finally pass the budget.