“Chicago City Council Looks to Empower Financial Watchdog Amid Budget Dispute”

CHICAGO (WLS) — The clash over Chicago’s 2025 budget left many alderpersons frustrated and skeptical of the mayor’s office.

Some city council members are now being driven by a lack of trust to increase the resources of a city research office that remains largely unfamiliar to most taxpayers. This office could play a crucial role in providing in-depth analysis of the city’s budget and major financial transactions that significantly impact the services and tax burden of residents.

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The City Council Office of Financial Analysis (COFA) was created to provided independent oversight at city hall.

Nevertheless, the City Office of Financial Analysis (COFA) has historically operated with a small staff of no more than two employees, frequently failing to meet deadlines for essential reports. It struggles with unstable funding, restricted data accessibility, and relies on the goodwill of senior city finance officials, the very individuals whose work it is meant to scrutinize.

In response to the council’s efforts to regain oversight of the city’s expenditures, there is a push to empower this oversight body to offer guidance. This move comes after advocating for a substantial increase in the office’s staffing levels, aiming to enhance its effectiveness in monitoring and evaluating the city’s financial activities.

The Illinois Answers Project took a close look at this issue. To read more of their reporting, click here.