Treasurer Summers Announces $125 Million in Investment Portfolio Earnings for FY 2016—$57 Million More Than Budgeted

 

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Office of the City Treasurer
Kurt A. Summers

Treasurer Summers Announces $125 Million in Investment Portfolio Earnings for FY 2016—$57 Million More Than Budgeted

Chicago Treasurer’s Office exceeds the $68 million 2016 Investment Portfolio Earnings Target and Creates an Opportunity to Invest More into Chicago’s Communities and Stem Violence

For Immediate Release
March 15, 2017

Contact: Alexandra Trumbull
Director of Public Affairs and Communications
alexandra.trumbull@cityofchicago.org
312-744-3363

CHICAGO – City Treasurer Kurt Summers today announced a $125 million return on investments for FY 2016, significantly exceeding the FY 2016 target of $68 million creating $57 million in excess investment portfolio earnings.

As a result of this significant outperformance, Treasurer Summers recommends that the $57 million in excess investment portfolio earnings generated from the Treasurer’s Office be distributed to the Chicago Community Catalyst Fund (“FUND 77”) in an effort to fuel economic development and job creation in the most violent neighborhoods in the city. This incremental investment would be in addition to the $35 million already committed from 2016, a portion of  the $100 million commitment from the City of Chicago.

“FUND 77” is a fund-of-funds that will make targeted investments in Chicago’s 77 communities with an emphasis in the neighborhoods that need it most and will launch later this year.

“The violence plaguing Chicago neighborhoods is a symptom of a larger economic problem within this City,” Treasurer Summers said. “After a year of more than 700 murders and 4,000 shootings, creating safe and stable communities should be our top priority. If we are serious about  having  a  safer  environment  for  children  and  families,  we  need  to  invest  in  all neighborhoods. We need to create more economic opportunities in our most challenged communities to provide the safety and stability to shape a better, stronger Chicago.”

“My focus as the Treasurer for the City of Chicago is not only on generating more revenue from our investments year-over-year, but how this office can have a permanent impact on the lives of the people of Chicago,” Treasurer Summers said. “This additional revenue gives us the opportunity and the resources to think more creatively about solutions for some of our most pressing fiscal, social and economic challenges. We want to use this revenue to address our City’s single largest challenge by driving investment in the many Chicago communities that need it.”

 

 

 

 

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