Malhance has 25 years of experience in public finance and most recently served as Senior Vice President of Private Equity of Unicorn Investment Bank,and President of UIB Capital, Inc. in Chicago. He retired in November 2005 from the City of Chicago after a remarkable 25-year career.
Between 2002 and 2005, he was the City Comptroller and was responsible for overseeing all municipal accounting, auditing and financial reporting. He also directed the city’s employee benefit programs, set financial policies and prepared the city’s $6 billion annual budget in conjunction with the City Budget Director.
Preckwinkle said her administration of the county places a priority on fiscal responsibility and careful financial planning and Malhance is the right choice to guide the county’s finances in the years to come.
“The county is at a crossroads and our financial well-being is essential. We sought out Mr. Malhance because he is a true professional and he has a set of skills that are needed to restore the county’s financial security. His knowledge and experience will be a tremendous asset for our administration, our employees and the residents of Cook County,” she said.
Malhance said he is excited to help the county set a new standard in the critical area of finance.
“I would like to thank President Preckwinkle for her confidence and I look forward to the challenge of submitting a balanced budget for 2011 and working on measures that will ensure the county’s fiscal health in the future,” he said.
Preckwinkle said Malhance will begin working with her staff immediately. The county’s 2011 budget will take center stage for the next six weeks. The Office of the Cook County Board President must submit a budget proposal in the coming weeks and the Cook County Board of Commissioners must approve a balanced budget by the end of February.
“Time is an issue and the public is counting on us to deliver a responsible budget in the short term and a new sustainable model for the way we utilize their tax dollars over the long term. We’re working diligently towards those goals,” Preckwinkle said.