Chicago City Wire

Mayor Brandon Johnson has announced the members of the newly established Chicago Fiscal Sustainability Working Group (CFSWG). This group is tasked with developing strategies to enhance operational efficiency, reduce budget gaps, and ensure a stable financial future for the city.

The CFSWG was created through Executive Order No. 2025-1 and will provide recommendations for a long-term financial plan. Jim Reynolds, Chairman and CEO of Loop Capital, and Karen Freeman-Wilson, President and CEO of the Chicago Urban League, will co-chair the group.

“This is a pivotal moment for Chicago,” said Mayor Brandon Johnson. “We are bringing together respected leaders across sectors to help us design a budget that is rooted in purpose, equity, and long-term planning. Their insights and experience will be key to shaping a better future for all our residents.”

Support for the working group will come from staff at the Office of Budget and Management with advisory input from Ernst & Young (EY).

Budget Director Annette Guzman stated that this initiative aims to build trust in public financial management. "The people who have agreed to serve on this working group are deeply committed to making the City of Chicago fiscally sound so that it works for everyone."

Jim Reynolds expressed his honor in co-leading this effort. “Chicago has the talent and capacity to solve complex challenges, and I look forward to working alongside a diverse and dedicated group of leaders to move the city forward.”

Karen Freeman-Wilson highlighted the collaborative nature of the group. “This group brings together voices from every corner of our city. It’s the kind of collaboration that produces real, lasting change—and I’m humbled to be part of it.”

The inaugural membership includes leaders from various sectors such as Adrienne Alexander from AFSCME Council 31, Martin Cabrera Jr. from Cabrera Capital Markets, Tyler Clark from Microsoft Corporation, Phil Clement from World Business Chicago among others.

Additionally, several members of the Chicago City Council will join an advisory group within CFSWG providing legislative insight including Alderwoman Pat Dowell and Aldermen Jason Ervin, William Hall, David Moore, and Michael Rodriguez.

The CFSWG's first meeting is scheduled for May 17th with preliminary findings due by August 31st this year and a final report expected by May 31st next year. The group's work aims to guide budget decisions ensuring fiscal strength while addressing residents' needs.