New Chicago Mayor Rahm Emanuel last week signed an executive order creating a long-term budget and financial planning process.

“Without planning for the future, beyond the next year, we cannot guarantee we are doing the best we can for the city of Chicago or Chicago residents,” Emanuel said in a statement.

The order asks city finance officials and members of the Mayor’s Council on Budget, Business Development and Economic Issues to prepare an annual analysis that includes a three-year financial forecast and analyses of city reserves, capital program, debt, liabilities, and financial policies.

The city will post the annual analysis on its website.

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