Chicago's Money Managers Need a Boost

Chicago is facing a big money problem. In 2027, the city might be short on cash by $1. 17 billion. That's a lot of money! The people in charge, called aldermen, are already working on next year's budget. But they have a big challenge ahead. A few years ago, the city created a team called COFA. This team was supposed to help the aldermen understand the city's money situation. But COFA isn't doing a great job. It's like having a flashlight with weak batteries when you need to see clearly in the dark. COFA has only five people working. That's not enough to handle all the city's money problems. Plus, they don't have access to all the important money information that the mayor's team has. It's like trying to solve a puzzle without all the pieces.Last year, COFA gave some money advice, but it wasn't very helpful. They didn't question some important money estimates made by a company called EY. If even the mayor had doubts about these estimates, COFA should have too. Some aldermen are trying to be leaders in fixing the city's money problems. They pushed back against the mayor's ideas and even stopped a new tax on big companies. Now, they should focus on making COFA stronger. COFA needs more people and better access to money information. They should start asking for this information early in the year, not wait until the last minute. Aldermen should also learn more about money and policy. Right now, they spend too much time on small problems and not enough on big money decisions. A strong COFA can help the aldermen make better money decisions. It can also make sure the mayor's ideas are fair and make sense. This is important for the city and all the people who live here.