Without debate, and with minimal discussion, the City Council unanimously approved Mayor Rahm Emanuel’s $8.2 billion spending plan for next year. Three Progressive Caucus aldermen voted against the revenue ordinance, citing concerns over the new Community Catalyst Fund, a new financial board aimed at spurring private equity in blighted neighborhoods. Often referred to as a “fund of funds”, its overall purpose is to invest in funds that will in turn, invest their funds in businesses or organizations to stimulate job growth and support public infrastructure improvements, among other goals.