City treasurer proposes abolishing $57M Catalyst Fund to avert midyear layoffs

City Treasurer Melissa Conyears-Ervin wants to disband a fund created a decade ago to jump-start development in South and West Side neighborhoods, and use the remaining $57 million to prevent the city’s midyear budget shortfall from triggering police and fire department layoffs. Even before confronting the $1 billion hole in next year’s budget, Chicago faces a $90 million midyear shortfall after alternative revenues approved over Mayor Brandon Johnson’s objections fell short. Before resigning…