Ald. Robert Fioretti, a sponsor of the non-binding resolution, suggested Taste may have run its course.
Taste 2012 lost $1.3 million, more than the previous year, despite Mayor Rahm Emanuel's moves to raise revenue by charging for some concert tickets and gourmet meals, as well as shortening the annual lakefront festival from 10 days to five days.
Speaking to reporters after Wednesday's City Council meeting, Emanuel said he's committed to keep working to modernize Taste.
"I expect us to continue to make changes, and modernize and reform the Taste of Chicago so it better fits where we are today than where it was in the past," Emanuel said.
Ald. Leslie Hairston, 5th, another sponsor of the resolution calling for hearings on Taste, said she and her colleagues simply want specific answers from city officials about what's working and not working at Taste.
"It appears to be changing each year in different ways, and I think that we just need to know where we're making money, where we're losing money, how much we're spending, what's happening with the resources," Hairston said. She said she wants to keeping Taste going.
Ald. Patrick O'Connor, 40th, Emanuel's City Council floor leader, said Taste has an importance beyond breaking even financially. "We can't just be a for-profit center. We still have to provide things that are fun for people in the city and that allow us to showcase what we have," O'Connor said.
Ald. Walter Burnett, 27th, who chairs the City Council's Committee on Special Events, Cultural Affairs and Recreation, said he is likely to convene hearings as the resolution requests.