As the date of the formal announcement of which city will host the 2016 Summer Olympics approaches, it seems that there are still unanswered questions about who will finance the Games and how it will all be paid for. Among the members of the city council, 1st Ward Alderman Manny Flores has been perhaps one of the most outspoken proponents of transparency and accountability in the bid process. Flores has already introduced an ordinance that would cap the city's liabilities for the Games at $500 million, the amount previously approved by the city council. Now Flores is raising the stakes in his calls for accountability for the Games. In an editorial published in the Tribune yesterday, he outlines five points that he believes will protect taxpayers and provide the protections needed to support a city guarantee for the Games. more ›

Late Friday afternoon Governor Pat Quinn signed into law a bill that guarantees the state will back the 2016 Olympics - up to $250 million - if Chicago loses substantial operating cash and uses up its other guarantees for the games. That's in addition to the $500 million the city has already guaranteed. more ›