_______________________________ CITY OF CHICAGO COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2014 Rahm Emanuel, Mayor Carole L. Brown, Chief Financial Officer Daniel Widawsky, City Comptroller Prepared by the Department of Finance _______________________________ 1 2 OFFICE OF THE MAYOR CITY OF CHICAGO RAHM EMANUEL MAYOR June 30, 2015 Dear Chicagoans: Thank you for your interest in the Comprehensive Annual Financial Report (CAFR) of the City of Chicago for the 2014 fiscal year. In 2014, the City of Chicago took vital steps to continue putting our fiscal house in order. We have reduced our structural deficit for the fourth consecutive year by making city government smaller, smarter and simpler and we have coupled necessary reforms with improved services so city government works better for all Chicago residents. The best way for us to continue to grow the City's economy is to intensify our efforts to right the city's financial ship. By following a deliberate reform and invest strategy, we have begun the work of ending unsustainable financial practices while continuing to invest in critical areas of education, transportation, and job creation. The products of our work have served to enhance Chicago's position as the consummate place to live, work, and raise a family. The City made significant progress in 2014, and we will continue our efforts to strengthen Chicago's future by reforming the way city government works, investing in our communities, and maintaining a high level of city services for our residents, all in a fiscally responsible way. 7~~ayor ~~ CITY OF CHICAGO THE CITY COUNCIL RAHM EMANUEL, Mayor 1st Ward ................................................................................................ ............................................... JOE MORENO 2nd Ward ................................................................................................ ........................................... BRIAN HOPKINS 3rd Ward ................................................................................................................................................ PAT DOWELL 4th Ward ...................................................................................................................................... WILLIAM D. BURNS 5th Ward ................................................................................................................................... LESLIE A. HAIRSTON 6th Ward ............................................................................................................................... RODERICK T. SAWYER 7th Ward .................................................................................................................................. GREGORY MITCHELL 8th Ward .................................................................................................................................. MICHELLE A. HARRIS 9th Ward ......................................................................................................................................... ANTHONY BEALE 10th Ward ....................................................................................................................... SUSAN SADLOWSKI-GARZA 11th Ward ............................................................................................................................. PATRICK D. THOMPSON 12th Ward .............................................................................................................................. GEORGE A. CARDENAS 13th Ward .............................................................................................................................................. MARTY QUINN 14th Ward ..................................................................................................................................... EDWARD M. BURKE 15th Ward ................................................................................................................................... RAYMOND A. LOPEZ 16th Ward ......................................................................................................................................... TONI L. FOULKES 17th Ward .............................................................................................................................................. DAVID MOORE 18th Ward .................................................................................................................................... DERRICK G. CURTIS 19th Ward ................................................................................................................................... MATTHEW J. O’SHEA 20th Ward .................................................................................................................................... WILLIE B. COCHRAN 21st Ward ........................................................................................................................... HOWARD BROOKINS, JR. 22nd Ward ........................................................................................................................................ RICARDO MUÑOZ 23rd Ward ............................................................................................................................... MICHAEL R. ZALEWSKI 24th Ward ............................................................................................................................. MICHAEL W. SCOTT, JR. 25th Ward .......................................................................................................................................... DANIEL S. SOLIS 26th Ward ............................................................................................................................. ROBERTO MALDONADO 27th Ward ............................................................................................................................... WALTER BURNETT, JR. 28th Ward ........................................................................................................................................... JASON C. ERVIN 29th Ward .................................................................................................................................... CHRIS TALIAFERRO 30th Ward ................................................................................................................................... ARIEL E. REBOYRAS 31st Ward ......................................................................................................................................... MILLY SANTIAGO 32nd Ward ................................................................................................................................ SCOTT WAGUESPACK 33rd Ward ........................................................................................................................................... DEBORAH MELL 34th Ward ...................................................................................................................................... CARRIE M. AUSTIN 35th Ward ............................................................................................................................ CARLOS RAMIREZ-ROSA 36th Ward ..................................................................................................................................... GILBERT VILLEGAS 37th Ward ................................................................................................................................................. EMMA MITTS 38th Ward .................................................................................................................................. NICHOLAS SPOSATO 39th Ward .................................................................................................................................. MARGARET LAURINO 40th Ward ............................................................................................................................... PATRICK J. O’CONNOR 41st Ward ............................................................................................................................. ANTHONY NAPOLITANO 42nd Ward ........................................................................................................................................ BRENDAN REILLY 43rd Ward ........................................................................................................................................... MICHELE SMITH 44th Ward ................................................................................................................................... THOMAS M. TUNNEY 45th Ward ................................................................................................................................................ JOHN ARENA 46th Ward .................................................................................................................................... JAMES CAPPLEMAN 47th Ward ............................................................................................................................................ AMEYA PAWAR 48th Ward ..................................................................................................................................... HARRY OSTERMAN 49th Ward ...................................................................................................................................... JOSEPH A. MOORE 50th Ward .............................................................................................................................