Chicago Mayor Lightfoot Announces $22 Million In Savings Identified Eliminating a $1.4B Credit Line

Chicago Mayor Lightfoot Announces $22 Million In Savings Identified Eliminating a $1.4B Credit Line

City eliminates short-term borrowing as part of broader efforts to identify savings and efficiencies for FY2020

CHICAGO, IL (STL.News) – Chicago, Illinois Mayor Lori E. Lightfoot Thursday announced the City of Chicago will terminate $1.4 billion of short-term borrowing programs that will save the City an estimated $22 million in Fiscal Year 2020 (FY 2020).  The termination of the lines of credit and commercial paper programs resulted from improved cash flow forecasting and reporting performed by the City, and is one step toward improved cash management processes as the City looks to identify savings and efficiencies without impacting services to residents.

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