The number is down from last year's $733 million gap.
"As a result of our hard work over the past three and a half years, and despite a global pandemic, the resulting economic meltdown and related loss of revenue, we persevered, stayed true to our values and have cleared this city's budget of decades of deferred liabilities," Lightfoot said.
The spending plan is the first to include projected revenues from a Chicago casino, and it includes $152 million from the federal COVID-19 relief package passed last year.
Lightfoot's proposal includes a $42.7 million property tax hike that is tied to inflation.
There have been calls by some aldermen to drop that increase.