June 28, 2019
Mayor Lori Lightfoot on Thursday canceled $1.4 billion in short-term borrowing programs. The termination of the lines of credit and commercial paper programs are expected to save $22 million in fiscal year 2020, and the Lightfoot administration plans to put some of the savings toward airport infrastructure, among other areas.
“Chicago’s tremendous financial challenges require creative solutions, improved efficiencies and long-term fiscal management,” said Lightfoot. “By finding savings and creating meaningful financial reform, we are both strengthening our city’s fiscal position and freeing up dollars that are better allocated in next year’s budget toward investments in public safety, infrastructure, programs for youth and improvements in our neighborhoods.”
An estimated $16 million of savings from the terminated line of credit will be redirected to the corporate fund, with $6 million redirected to investments in infrastructure at O’Hare International Airport. The administration intends to continue improving cash management processes.
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