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Record #: O2017-7153   
Type: Ordinance Status: Failed to Pass
Intro date: 10/11/2017 Current Controlling Legislative Body: Committee on Budget and Government Operations
Final action:
Title: Amendment of Municipal Code Chapters 2-8 and 2-53 requiring City Council Office of Financial Analysis to prepare fiscal impact statement for pending legislation
Sponsors: Reilly, Brendan, Arena, John, Waguespack, Scott, Munoz, Ricardo, Villegas, Gilbert, Hopkins, Brian
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 8 City Council & Wards of City, MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 53 City Council Office of Financial Analysis
Attachments: 1. O2017-7153.pdf
Related files: R2019-362
Committee on Budget and Government Operations City Council Meeting, October 11, 2017 Alderman Brendan Reilly, 42nd Ward


ORDINANCE

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

SECTION 1. Section 2-8-080 is hereby amended by deleting the language struck through and by adding the language underscored, as follows:

2-8-080 Reserved Fiscal impact statement for pending legislation.
The City Council Office of Financial Analysis shall prepare a fiscal impact statement for all ordinances or resolutions that propose to or would otherwise:

expend any funds or increase or decrease the revenues of the city, either directly or indirectly:
appropriate funds:
increase or decrease existing appropriations:
increase or decrease the fiscal liability of the city: or
sell or lease any city asset, including revenue streams from that asset, if the anticipated revenue from the sale or lease of the asset is greater than $10.000.000.00.
The fiscal impact statement shall be provided to all the aldermen at least 72 hours prior to the consideration of the ordinance or resolution by the city council: provided that following a reguest by an alderman to prepare the fiscal impact statement earlier, the City Council Office of Financial Analysis shall prepare the fiscal impact statement and provide it to the alderman within 48 hours of such request.
The fiscal impact statement shall, to the degree possible, consist of an estimate in dollars of the anticipated change in revenue, expenditures, or fiscal liability under the provisions of the ordinance or resolution. It shall also include a statement as to the immediate effect and, if determinable or reasonably foreseeable, the long-range effect of the measure. If, after investigation, it is determined that no dollar estimate is possible, the fiscal impact statement shall contain a statement to that effect, setting forth the reasons why no dollar estimate can be given. The fiscal impact statement shall include an explanation of the bas...

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