Department of Finance
city of chicago
September 12, 2017
Honorable Anna Valencia City Clerk
121 North LaSalle Street, Room 107 Chicago, Illinois 60602
Dear Ms. Valencia:
1 am submitting to you the Comprehensive Annual Financial Report (CAFR) thereto for the year ended December 31, 2016. This report is accurate in all material respects and is prepared in a manner designed to present fairly the financial position and results of operations of the various funds.
Sincerely,
Erin Keane City Comptroller
Enclosure
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121 NORTH LASALLE STREET, SUITE 700, CHICAGO, ILLINOIS 60602
G i t y of Chicago
Rahm Emanuel, Mayor
Carole L. Brown, Chief Financial Officer Erin Keane, City Comptroller
CITY OF CHICAGO
COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2016
Rahm Emanuel, Mayor
Carole L. Brown, Chief Financial Officer Erin Keane, City Comptroller
Prepared by the Department of Finance
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OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
June 30, 2017
Dear Chicagoans:
Thank you for your interest in the City of Chicago's Comprehensive Annual Financial Report (CAFR) for the 2016 fiscal year.
In 2016, Chicago continued to make progress on addressing the City's financial legacy liabilities, reducing our structural deficit through savings and sustainable revenue growth, and identifying stable funding sources for the Municipal and Laborers' pension funds. Additionally, the general fund balance shows growth again in 2016, which is a direct result of cost savings and reform measures instituted by the City over the prior six budgets. This progress will endure in 2017 as the City continues to pursue sustainable and responsible financial practices.
The 2016 CAFR also reflects the significant progress we have made over the years in improving our financial reporting. This year, the independent auditors found no material weakness, representing five straight years of no material weaknes...
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