Outgoing city Chief Financial Officer Carole Brown is putting a number on the 2020 budget shortfall: $740 million, give or take—effectively confirming Mayor-elect Lori Lightfoot's concern that the city faces a "dire" financial situation.
Brown attributes the huge projected deficit, which is even higher than many analysts had expected, to a combination of factors, including the city’s move to quit borrowing funds that should come out of current spending, and an actual negative rate of return—yes, a negative rate of return—on pension investments in the year ended Dec. 31.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
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