A N O T E F R O M K U R T From welcoming Chicago's kids back to school to reaching amilestone in our pension fee savings plan, September was an exciting month in the Treasurer's Office. We're now in the heart of budget season, and with recently approved changes to the City's investment policy, we're working hard to increase income to the City’s bottom line by $30 - $40 million and drive value to every neighborhood across Chicago. I encourage you to stay engaged and continue to hold me accountable as we work to invest in Our Chicago like never before!
B U D G E T On September 29, Treasurer Summers presented his 2016 budget before the Chicago City Council’s Committee on the Budget and Government Operations. The Treasurer's proposal decreases reliance on taxpayer dollars by nearly 30 percent, while increasing revenue by $30-$40 million for 2016. Read more on the Treasurer's budget by clicking here.
"Just ten months ago I committed to each of you here, and to Our Chicago, that as your Treasurer, I would transform the Chicago City Treasurer’s Office by focusing on three things: providing taxpayers with greater transparency and efficiency; ensuring a responsible investment approach that maximizes returns; and driving value for residents in each of Chicago’s 77 neighborhoods." Click here to read the Treasurer's full testimony.
W A T C H : B A C K T O S C H O O L On September 8, Treasurer Summers called his fellow Whitney Young alumni to action to join him in welcoming students back for their first day of school. Many thanks to Principal Dr. Joyce Kenner, faculty and staff for such a great morning! Click here to watch a video from the event.
P E N S I O N S A V I N G S Upon taking office, Treasurer Summers committed to saving Chicago's public employee pension funds millions of dollars in fees they pay to investment managers. The Treasurer has now gotten seven of the city's 11 funds to sign on to the proposal and will soon launch an online database or “clearinghouse,” so the funds can share information on how much they pay in fees work together to reduce them.
By promoting collaboration among the retirement plans, the initiative has the potential to save more than $25-$50 million a year or $1 billion over the lifetime of all 11 pension plans. Read more from the Chicago Sun-Times here and more from the Treasurer's Office here.
S M A L L B U S I N E S S
On Saturday, November 14, join Treasurer Summers, the City of Chicago Department of Business Affairs and the Small Business Center for a FREE Small Business Center on the Road Business Expo! 40+ exhibitors will be on-hand with resources for financing, licensing, tax laws, planning & more. Treasurer Summers will host the Networking Hour from 1 - 2 pm! Connect with Chambers of Commerce, other small business owners & meet consultants from the Small Business Center. Click herefor more info!
Nov. 14, 2015, 10am-2pm Wright College, 4300 N. Narragansett Ave.
I N F R A S T R U C T U R E T R U S T Treasurer Summers and Chicago's newly revamped Infrastructure Trust have launched their flagship project, seeking companies interested in completing the City's “smart lighting” project. Chicago’s 348,500 outdoor lights along the lakefront and in streets, alleys, viaducts and pathways could be transformed to LED technology to cut utility costs, improve public safety and even generate much needed revenue.
“The more we’re focused on new technology and creative solutions, the more likely it will be that this project will not only have a strong infrastructure impact, but a public safety impact and an impact on how livable communities are," Treasurer Summers said.Read more from the Chicago Sun-Times: Infrastructure Trust launches plan to overhaul city's outdoor lights
V I N T A G E M A R K E T Join the Avondale Vintage Market for a day of FUN as they host their first FALL FEST on Oct. 11 from 12pm-7pm. There will be demonstrations, interactive craft making, how-to’s for Fall, Halloween, and much much more! Click here for info.
S C H O L A R S H I P S Join 100 Black Men this Saturday, Oct. 10 from 9am –2pm at UIC Pavilion for their 13th annual college scholarship fair. The fair attracts over 200 colleges and universities! Register now by clicking here!
T W E E T T W E E T
R E C E N T S N A P S
From top Left: Treasurer Summers stands with Pastor Eaddy in support of the Preservation of Life Campaign at the People's Church of the Harvest, Oct. 3; The Treasurer visits Ald. Moore's Senior Resource Fair, Oct. 7. Bottom Left: Providing a welcome to innovators and entrepreneurs at the Chicago Innovation Exchange's South Side Pitch on Oct. 1; Addressing Allstate's Supplier Diversity Exchange, Oct. 2.
C F A S P E A K E R S E R I E S On Oct. 1, Treasurer Summers joined a group of the city's financial leaders for the CFA Distinguished Speaker Series. The CFA designation recognizes skills in security analysis and portfolio management, emphasizing the highest ethical and professional standards. To learn more about the CFA designation and program, click here.
J O I N A T H I N K T A N K Stay connected! From the Treasurer's visits to each of Chicago's 77 neighborhoods, he has developed Think Tanks with small businesses owners, advocacy groups and community leaders who keep in touch to discuss the current challenges they face and potential opportunities for future economic growth. Would you like to join the Think Tank in your community? Join the Treasurer for monthly conference calls, quarterly meetings, and daily interactions with office staff. Click here to sign up!