City Treasurer Melissa Conyears-Ervin Announces $318.7 Million in Earnings for Chicago Taxpayers in Fiscal 2023

CONTACT: Brian Berg, CTO (312.282.8260)

City Treasurer Melissa Conyears-Ervin Announces $318.7 Million in Earnings for Chicago Taxpayers in Fiscal 2023 


Chicago, IL (March 12, 2024)— Chicago City Treasurer Melisssa Conyears-Ervin today announced that the Chicago Treasurer’s Office (CTO) generated $318.7 million in investment earnings for the City over the course of fiscal year 2023. The returns come from the CTO’s management of the City’s $11.1 billion portfolio of cash, grants, and other assets – a portfolio that has grown by nearly $2 billion since Conyears-Ervin took office. Earnings for 2023 were up 82% year-over-year from 2022 and are nearly triple the earnings of $116.3 million recorded in 2021.

“As City Treasurer, I am proud of how our team has produced these returns for Chicago’s taxpayers while managing the liquidity needs of the City of Chicago,” said Conyears-Ervin. “These earnings can help fund the services and programs needed to build strong, healthy communities and improve people’s lives.”

Conyears-Ervin, the City’s Chief Investment and Banking Officer also announced that of the $11.1 billion portfolio traded, 54.7% was executed with minority businesses, including $2.3 billion with Hispanic-owned firms, $1.7 billion with Black-owned firms, $1.75 billion with veteran-owned firms, and $1.4 billion with women-owned firms. The CTO ended 2023 in a strong liquidity position, closing out the year with more than $1.8 billion in cash and cash equivalents, which will enable the city to borrow money on more favorable terms, saving taxpayer money.

The City Treasurer is tasked with the primary responsibility of managing the City’s Investment Portfolio and ensuring effective cash management. Meanwhile, the Mayor and City Council establish the annual budget and make spending decisions, while revenues are received throughout the year. The City Treasurer’s Office has adopted a strategic approach aimed at maximizing risk adjusted return while managing the City’s liquidity needs and ensuring the preservation of principal. Employing this strategy has allowed the CTO to earn nearly $1 billion in investment income since 2019.


Add 1/Earnings for Taxpayers

“As we look to the future, I remain committed to allocating City assets judiciously and in alignment with the values of our constituents, ensuring maximum impact on the lives of all Chicagoans,” said Treasurer Conyears-Ervin.

(Note: The City’s Fiscal Year ends December 31st)