Earlier this week, City Treasurer Melissa Conyears-Ervin revealed that her office generated $318.7 million in returns for Chicago taxpayers during the 2023 fiscal year. Those earnings represent an 82% increase from the previous year and nearly triple the earnings recorded in 2021.
“As City Treasurer, I am proud of how our team has produced these returns for Chicago’s taxpayers while managing the liquidity needs of the City of Chicago,” said Conyears-Ervin. “These earnings can help fund the services and programs needed to build strong, healthy communities and improve people’s lives.”
Brian Berg, an official within the Chicago Treasurer’s Office, emphasized the critical role of liquidity. He stated that the money generated by the CTO is essential for the city to meet its financial obligations, whether it’s paying bills or investing in vital infrastructure projects.
The returns result from the CTO’s management of Chicago’s $11.1 billion portfolio of cash, grants and other assets, which have increased by almost $2 billion since Conyears-Ervin took office.
Highlighting the importance of diversity and inclusion in investment practices, Conyears-Ervin revealed that over 54.7% of the portfolio trades were executed with minority-owned businesses. This includes $2.3 billion with Hispanic-owned firms, $1.7 billion with Black-owned firms, $1.75 billion with Veteran-owned firms and $1.4 billion with Women-owned firms.
“I feel that my role as treasurer, being someone that was elected by the people, being born in Englewood and raised on the West Side by a single mother, being that treasurer who comes from humble beginnings, for me, it was important to be intentional about diversity,” Conyears-Ervin told The Chicago Defender.
“We do know diversity pays off. This is a perfect example of that,” she said. ” And I work hard to share this with other organizations so they know that diversity pays off.”
Furthermore, the CTO ended the fiscal year with more than $1.8 billion in cash and cash equivalents, ensuring a strong liquidity position for the city. This surplus will enable Chicago to borrow money on more favorable terms, ultimately saving taxpayer dollars.
Conyears-Ervin also underscored her commitment to environmental sustainability, highlighting her decision to divest from fossil fuel companies, a move aimed at combating climate change and aligning with Chicagoans’ values.
“I was the only treasurer who made the decision to divest from fossil fuel companies, and that was a very big deal because I feel like we all have a part to play in fighting climate change,” said Conyears-Ervin. So, we have made a decision under my leadership to divest from fossil fuel companies, which is a very big deal, being the third largest municipality in this country.
Conyears-Ervin reiterated her dedication to maximizing the impact of city assets while upholding the values and priorities of Chicago’s residents.
About Post Author
