admin
The City of Chicago’s much‑ballyhooed Community Catalyst Fund is now the latest example of government good intentions and poor follow‑through. A recent advisory from Inspector General David Glockner finds the fund largely dormant, holding just over $57 million while having made only one round of investments years ago. City Treasurer Melissa Conyears‑Ervin has asked the City Council to dissolve the fund and return the money to the city’s general accounts. That’s a common‑sense move. The city should take it.
Inspector General: $57 million sitting idle
The Office of the Inspector General reviewed the Chicago Community Catalyst Fund and called out real problems. The fund’s balance is roughly $57 million after repayments. But the fund only invested about $21 million — all in one burst back in 2020 — and never attracted any private dollars. Required reports were not filed for multiple years, and quarterly performance reports are missing. The OIG did not accuse anyone of stealing money; it pointed to neglect, not theft.
Treasurer moves to dissolve — City Council must act
City Treasurer Melissa Conyears‑Ervin has asked the City Council to wind the fund down and return its assets to city coffers. The Treasurer also filed the overdue annual reports the fund had missed. With the city facing a large budget shortfall, repatriating $57 million is not a luxury — it’s a responsible next step. The full City Council is set to consider the matter at an upcoming meeting, and aldermen should move quickly rather than let another dormant slush fund sit gathering paperwork and excuses.
What went wrong: governance, not good intentions
The fund was created to channel public and private money into underserved neighborhoods. That is a worthy goal. But the idea of a “fund‑of‑funds” only works if someone actually runs it. This fund failed to seek private partners, failed to keep basic reports, and after a single round of 2020 investments, mostly sat idle. In plain terms: taxpayers’ money was parked, not deployed. If the program couldn’t attract private capital or sustained oversight, it should not keep hanging onto public dollars simply because it has a nice ordinance on paper.
A simple test for accountability
City leaders should treat this as an easy test of priorities and competence. Approve the Treasurer’s request to dissolve the fund or, at minimum, hold public hearings to explain why it was left to go dormant. Demand a list of who managed the fund, who missed the reporting deadlines, and why no private partners were ever signed up. If the fund is worth saving, show the plan. If it isn’t, give the money back to taxpayers and use it for core city needs like public safety, infrastructure, or budget stabilization.
Chicagoans deserve programs that work, not dormant accounts and paperwork after the fact. The Treasurer did the right thing by asking the Council to act. Now it’s up to the aldermen and the mayor’s office to follow through and prove that stewardship of public funds matters more than the comfort of bureaucratic inertia.
