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The Office of Financial Analysis, which is supposed to inform aldermen on the budget and costs of other government operations, is without a director and has only one staff member as the city faces a more than $700 million budget gap.
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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What happened? All of rahms behind the scenes snake oil/fake accounting mixologists must have fled the sinking ship?? & Moved on to other ill gov gigs