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Chicago's third CFO in a year resigns amid budget stalemate

Chicago's third CFO in a year resigns amid budget stalemate

Money Moves Chicago, IL local

Ashlee Gabrysch quit after three months, saying she would not compromise her financial integrity.

Today: Third CFO Ashlee Gabrysch resigns

Overview

Updated 1 hour ago

Chicago's chief financial officer, Ashlee Gabrysch, resigned on Nov. 13 after three months on the job. She said she was unwilling to compromise her financial integrity, without saying what she was asked to do.

She is the third chief financial officer to leave Mayor Brandon Johnson's administration in a year. Her exit comes during a budget stalemate, with a $1 billion-plus budget gap, a $36 billion pension shortfall and a bond rating near junk status.

Why it matters

Chicago's credit rating and borrowing costs depend on investors trusting its financial statements. A CFO exit at budget time tests that trust.

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Key Indicators

3
CFOs in a year
Ashlee Gabrysch is the third chief financial officer to leave since early 2026.
3 months
Gabrysch's tenure
She resigned after just three months as chief financial officer.
$1B+
Budget gap
Chicago faces a budget hole of more than $1 billion for the next fiscal year.
$36B
Pension shortfall
The gap between promised retirement benefits and money set aside.
$90M
Midyear shortfall
Chicago's projected budget shortfall for the current year.
Near junk
Bond rating status
Chicago's credit rating is hovering near junk status, according to ABC7 Chicago.

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People Involved

AG
Ashlee Gabrysch
Chicago chief financial officer
Resigned Nov. 13, 2026, after three months
 Brandon Johnson
Brandon Johnson
Mayor of Chicago
Facing budget stalemate and questions about re-election
SM
Steven Mahr
Former acting chief financial officer
Resigned July 2026
JJ
Jill Jaworski
Former Chicago chief financial officer
Left in January 2026 for Navy Pier
AG
Annette Guzman
Former Chicago budget director
Resigned July 2026
JF
Joe Ferguson
President of the Civic Federation
Warning about investor confidence
 Pat Dowell
Pat Dowell
Alderman and Finance Committee chair
Questioned support for acting CFO

Organizations Involved

City of Chicago
City of Chicago
Municipal government
Facing budget gap and credit scrutiny

Chicago's city government, which runs on a calendar-year budget and borrows through municipal bonds.
Civic Federation
Civic Federation
Fiscal watchdog
Warning about investor confidence

A nonpartisan group that analyzes Chicago and Illinois government finances.
CC
Chicago City Council Finance Committee
Legislative committee
Oversight of budget and finance

The City Council committee that reviews Chicago's budget and financial reports.

Timeline

January 2026 November 2026

5 events Latest: Today
Tap a bar to jump to that date

  1. Third CFO Ashlee Gabrysch resigns

    Today Departure

    Gabrysch quit after three months, saying she would not compromise financial integrity.

  2. Acting CFO Steven Mahr resigns

    Departure

    Mahr left after less than eight months, weeks before the investor conference.

  3. Budget director Annette Guzman resigns

    Departure

    Guzman stepped down less than two months before the 2027 budget plan.

  4. Deputy CFO Noor Shaikh departs

    Departure

    Shaikh confirmed her departure as of late June.

  5. CFO Jill Jaworski leaves for Navy Pier

    Departure

    Jaworski left City Hall for a job at the nonprofit that controls Navy Pier.

Scenarios

1

Chicago loses investment-grade rating

Possible Resolves by Q2 2027

Discussed by: Civic Federation and municipal bond analysts

If Chicago misses pension payments or delays its budget, a rating agency could cut its general obligation bonds to below investment grade. That would raise borrowing costs and force the city to pay more to investors. The Civic Federation and bond analysts have warned that turnover and pension uncertainty put the rating at risk.

2

Mayor appoints permanent CFO before 2027 budget vote

Possible Resolves by Feb 28, 2027

Discussed by: City Council members and the Civic Federation

Johnson could name a permanent chief financial officer to reassure investors before the City Council votes on the 2027 budget. The appointee would need to explain the city's finances to rating agencies and bond buyers. The mayor has said the work continues without any one individual.

3

City Council rejects Johnson's budget over pension payment

Uncertain Resolves by End of 2026

Discussed by: Aldermen and the Civic Federation

The City Council could vote down Johnson's budget if he does not commit to the second half of a $260 million advance pension payment. Aldermen have already rejected one Johnson budget and passed their own. A rejection would deepen the stalemate and add pressure on the city's credit.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

1975

New York City fiscal crisis (1975)

New York City neared default as short-term debt and budget gaps overwhelmed its finances. The state created the Municipal Assistance Corporation and an emergency control board, and the federal government provided loans. The city cut services and jobs.

Then

The city avoided default and kept operating under state oversight.

Now

The crisis set a precedent for state fiscal control boards and shaped how investors judge municipal credit.

Why this matters now

Chicago faces a similar test: investor confidence in its financial statements and willingness to address pension and budget gaps.

2013

Detroit bankruptcy (2013)

Detroit filed for Chapter 9 municipal bankruptcy with about $18 billion in debt. Michigan had appointed an emergency manager, and the city struggled with population loss and pension obligations.

Then

The bankruptcy cut pensions and retiree health benefits and reduced debt.

Now

It became the largest U.S. municipal bankruptcy and a warning about long-term liabilities.

Why this matters now

Chicago's $36 billion pension shortfall and near-junk bond rating show similar pressure, though Chicago has not entered bankruptcy.

Sources

(5)
+1
Chicago Sun-Times ABC7 Chicago Bond Buyer CBS Chicago Chicago Sun-Times