Chicago's Third CFO in a Year Walks Out Over 'Integrity' as Johnson's Budget Stalls

Chicago has lost another chief financial officer, and this one left with a warning. Ashlee Gabrysch resigned Friday morning, saying that staying on as Mayor Brandon Johnson's top financial adviser would "compromise my integrity and professional obligations," in a statement first reported by the Chicago Tribune and cited by WTTW ^[1]. She had been on the job about three months after arriving from Fitch Ratings ^[1]. Block Club Chicago reported that she said she could not accurately provide budget and financial information to the public ^[2]. She is the third person to hold the CFO post in less than a year ^[2].

What happened, and what City Hall says

The mayor's office tells a very different story. Spokesperson Allison Novelo said it was concerning that Gabrysch was largely absent during critical periods of budget preparation, WTTW reported ^[1]. The administration also said she directed the city treasurer to issue a $75 million payment without proper legal authority or the required process; WTTW reported the money was tied to a payment the city received from the new owners of its parking meters ^[1].

The mayor's office accepted the resignation, said it would refer the matter to the city's Office of Inspector General for independent review, and turned to Comptroller Michael Belsky as acting CFO, according to Block Club ^[2]. Gabrysch disputed the administration's account, saying City Hall is trying to deflect from the serious issues at stake ^[2].

These are competing claims, and neither side has made documents public. An independent inspector general is the right referee. But the circumstances surrounding her exit are not in dispute, and they are hard to wave away.

The record behind the resignation

Start with who Gabrysch is. When Johnson hired her in August, she was a senior director at Fitch Ratings and the lead credit analyst covering Chicago and Illinois, the Sun-Times reported ^[3]. The administration recruited her because she knew the city's books as well as anyone outside City Hall. A professional with that background does not usually walk away after three months and invoke her integrity on a whim.

Next, consider the pattern. Her predecessor, acting CFO Steven Mahr, left abruptly in July after less than eight months, after the deputy CFO had also departed and as friction between the finance office and the budget office spilled into public view, the Sun-Times reported ^[4]. Budget Director Annette Guzman resigned days after Mahr stepped away ^[1]. A city that cycles through its top money managers this quickly has a management problem, whatever the explanation for any single departure.

Then there are the numbers. Johnson's proposed 2027 budget totals $17.6 billion, and a majority of alderpeople have told him it does not have the votes to pass ^[1]. His financial team has defended a plan to raise corporate taxes and borrow $481 million to pay for police misconduct lawsuits, WTTW reported in October ^[5]. Borrowing to cover legal settlements means paying interest for years on bills that are already due, pushing today's costs onto tomorrow's taxpayers.

The deficits are not new. Two years ago, Johnson projected a $982 million shortfall for 2025 on top of a $223 million gap in 2024, WTTW reported ^[6]. Two budget cycles later, the city is again locked in a fight over how to close the hole, and the mayor's answer leans on new taxes and new debt ^[5].

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When the person paid to tell the truth about those numbers says she cannot keep the job with integrity, Chicagoans should take her seriously. Scripture condemns dishonest scales, and the principle applies to public ledgers as much as to a merchant's counter. Accurate financial reporting is not a technicality. It is the foundation of trust between a government and the families and businesses who pay for it.

Who is pushing back, and what comes next

Aldermen moved quickly. Ald. Bill Conway (34th) urged the inspector general to open an immediate investigation, arguing the resignation suggests she was asked to present false information, Block Club reported ^[2]. Ald. Pat Dowell (3rd) called for an "independent audit" of the city's finances ^[2]. Because the mayor's office has made its own referral to the inspector general, an inquiry now has backers on both sides of the dispute ^[2].

The budget fight is far from over. With a majority of the council saying the mayor's plan lacks the votes ^[1], Belsky steps in as acting CFO in the middle of budget season ^[2]. Taxpayers, bondholders and the firms that rate the city's debt will be watching for answers to the question Gabrysch raised on her way out: whether the public is getting an accurate picture of Chicago's finances. The inspector general's findings, and whatever the council demands in an independent audit, should settle that. Until then, the burden is on City Hall to show its books are as sound as it says.