Finance
Departing inspector general targets Council Office of Financial Analysis
The $537,000-a-year office created in 2014 to advise the City Council on financial issues and avoid a repeat of the parking meter fiasco has failed to deliver on that mission, the city’s chief watchdog said Tuesday.
Days before concluding her four-year term, Inspector General Deborah Witzburg said a shortage of both adequate staff and financial information closely held by the mayor’s office prevents the Council’s Office of Financial Analysis from helping the Council be the the “co-equal branch of government” it aspires to be.
In a budget rebellion not seen since “Council Wars” in the 1980s, a majority of alderpersons led by conservative and moderate Democrats rejected Mayor Brandon Johnson’s corporate head tax and approved an alternative budget, including several revenue-generating items the mayor’s office adamantly opposed.
But Witzburg said the renegades would have been in an even better position to challenge Johnson if only their financial analysis office had been “equipped and positioned to do what it’s supposed to do” — provide the Council with “objective, independent financial analysis.”
“We are entering new territory where the City Council is asserting new, independent authority over the budget process. It can’t do that in a meaningful way without its own access to financial analysis,” Witzburg told the Chicago Sun-Times.
Chicago Inspector General Deborah Witzburg’s latest report focuses on the Chicago City Council’s Office of Financial Analysis.
Jim Vondruska/Jim Vondruska/For the Sun-Times
But the Council’s financial analysis office, she added, “has never been equipped or positioned to do what it needs to do. It needs better and more independent access to data, and it needs enough staff to do its job. It has a small number of employees and comparatively limited access to data.”
The inspector general’s farewell audit examined the period from 2015 through 2023. During that time, the financial analysis office budget authorized “either three or four” full-time employees. It now has a staff of five .
Witzburg is recommending a staffing analysis to identify how many people the financial office really needs — and also recommending that the office “get data directly” from other city departments, “ rather than having it go through the mayor’s office.”
The audit further recommends that the office develop “better procedures to meet their reporting requirements” in a timely manner. As it stands now, reports are delivered “sometimes late, sometimes not at all,” the inspector general said.
“We find that those reports have been both not timely and not complete in terms of what they are required to report on and that those reports therefore have provided limited assistance to the City Council in its responsibility to make decisions about the city’s budget,” she said.
The Council Office of Financial Analysis responded to the audit by saying it hopes to add at least three full-time staffers in the short term and has made “some progress” over the last three years in improving their access to data, but not enough.
The office was created in 2014 to provide Council members with expert advice on fiscal issues.
For nearly two years the reform was stuck in the mud over whether former 46th Ward Ald. Helen Shiller had the independence and policy expertise to lead the office.
Shiller ultimately withdrew her name, but the office was a bust nevertheless. In an attempt to breathe new life into it, sponsors pushed through a series of changes.
Instead of allowing the Budget chair alone to request a financial analysis on a proposal impacting the city budget, any alderperson was allowed to make that request.
The office was further required to produce activity reports quarterly, not just annually.
Now former-Budget Chair Pat Dowell (3rd) then chose Kenneth Williams Sr., a former analyst for the office, as director and gave him the “autonomy” the ordinance demanded.
Two years ago, a bizarre standoff developed in the office.
Budget Committee Chair Jason Ervin (28th) was empowered to dump Williams after Williams refused to leave to make way for a director of Ervin’s own choosing.
The standoff began when Williams said he was summoned to Ervin’s office and told the newly appointed Budget chair was “going in a different direction, and I’m putting you on administrative leave” with pay.
“He took all my credentials and access away. I would love to come to work. I wasn’t allowed to come to work,” Williams said then.
Williams collected a paycheck for doing nothing while serving out the final days remainder of a four-year term.
Ervin’s resolution stated the director “may be removed at any time with or without cause by a two-thirds” vote or 34 alderpersons. He chose Janice Oda-Gray, who remains chief administrator.
Finance
Aussie suburbs with the largest superannuation losses from collapsed funds: ‘Still unaware’
There are still thousands of Australians who have lost retirement savings in their superannuation accounts that likely don’t realise. The Australian securities regulator is urging people to double check their account to make sure you’re not impacted by the high-profile collapse of two investment funds.
Some 12,000 Aussies had their superannuation funds switched into Shield and First Guardian. But years later about 9,000 still haven’t made an official complaint with the financial ombudsman, with only about 3,000 seeking compensation so far.
“In our view that’s not enough,” ASIC Commissioner Alan Kirkland told Yahoo Finance.
“We suspect a lot of people are still unaware.”
RELATED
The Australian Securities and Investments Commission (ASIC) has shared postcode data with Yahoo Finance, showing the suburbs with the worst loses stemming from the $1 billion disaster.
Of the top postcodes across the country, four are in Queensland – 4740 Mackay, 4350 Toowoomba, 4670 Bundaberg and 4209 Coomera Pimpama.
Four are in Victoria – 3029 Truganina, 3064 Craigieburn, 3030 Werribee/Hoppers Crossing and 3977 Cranbourne/Cranbourne East/Cranbourne North.
While two others are in Western Australia – 6112 Armadale and 6171 Baldivis.
“Queensland, Victoria and WA are over represented,” Kirkland said.
“But really what we’re trying to say with releasing this data is that there are people who are affected by this in every part of the country.”
The top postcodes for each Australian jurisdiction
|
NSW |
2259 |
Wyong · Tuggerah · Lake Munmorah. |
|
VIC |
3977 |
Cranbourne · Cranbourne North · Cranbourne East |
|
QLD |
4740 |
Mackay · North Mackay · West Mackay |
|
SA |
5114 |
Smithfield · Craigmore · Blakeview |
|
WA |
6112 |
Armadale · Piara Waters · Harrisdale |
|
TAS |
7250 |
Launceston · Riverside · Newstead |
|
NT |
0830 |
Palmerston City · Durack · Gray |
|
ACT |
2620 |
Queanbeyan · Googong · Karabar |
Aussies urged to reach out to their superannuation fund
Many people may still not realise they were invested in Shield and First Guardian, because the funds sat behind well-known platforms or financial advisers. So if you happen to be in one of these postcodes and have not looked at your super in a few years, it is really worth checking, he said.
“If they’re not sure weather they invested in Shield or First Guardian they should reach out to the superannuation fund and ask about that,” Kirkland urged.
Finance
Lending Momentum Builds for 2026
Finance
Banks must respond strategically to these six shifts – I by IMD
To mark becoming a fully-fledged bank in the UK, the mega-fintech Revolut launched a TV advertising campaign featuring Irish comedian Graham Norton on a brown horse. As Norton explains cheekily at the end: “It’s a metaphor.” The advert, which is a parody of some of the advertising tropes historically used by legacy banks, is a fun watch, posing a simple but in fact consequential question – one that possibly keeps bank executives awake at night today: What is a bank?
It’s a clever provocation. In a few seconds, the ambitious digital startup turned financial services powerhouse challenges decades of accumulated assumptions about balance sheets, operating structures, and the very definition of financial intermediation. But do these hold water in 2026?
What will the banking leaders look like in five years?
Banking models, after all, were built for a different time, one defined by relatively stable geopolitics and smooth cross-border trade, fairly predictable regulations, centralized banking infrastructure, and long technology cycles. For decades, scale, capital strength, and regulatory privilege formed durable competitive moats. Banks sat at the center of client liquidity, orchestrating payments, lending, and risk with little serious threat to their primacy.
Today, those foundations are being relentlessly pounded and squeezed by a set of existential and overlapping forces that are galloping mercilessly forward. Economic statecraft is bumping up against revenue streams; intelligent automation and agentic AI are reshaping workflows, organizational structures, and decision-making. Open banking, enabled by regulations like the Revised Payment Services Directive (PSD2) in the EU and similar elsewhere, disintermediates certain key functions that banks used to control end-to-end.
Once more, the customer is king and queen – and banks must rebuild for heightened customer-centricity, looking to the likes of Netflix, Uber, and Apple for inspiration – while at the same time strengthening resilience and compliance with more complex regulations.
I by IMD’s new report, The Future of Banking: The structural forces reshaping global banking – and the strategic decisions leaders cannot defer, identifies six structural shifts that will determine whether banks will be able to operate successfully over the coming decades or lose momentum and market share. The report examines these shifts through the perspectives of IMD professors, the real-world experience of bank leaders, and executives of breakthrough technology innovators, positioning as strategic partners to help banks build new competitive advantage.
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