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Record #: SO2017-7866   
Type: Ordinance Status: Passed
Intro date: 11/8/2017 Current Controlling Legislative Body: Committee on Budget and Government Operations
Final action: 5/25/2018
Title: Amendment of Municipal Code Section 2-53-030 regarding fiscal impact statements for pending legislation
Sponsors: Reilly, Brendan, Villegas, Gilbert, Sawyer, Roderick T., Munoz, Ricardo, Smith, Michele, Hopkins, Brian , Waguespack, Scott, Lopez, Raymond A., Osterman, Harry, Napolitano, Anthony V., Pawar, Ameya, Scott, Jr. Michael, Dowell, Pat, Taliaferro, Chris, Tunney, Thomas, Reboyras, Ariel, Santiago, Milagros, King, Sophia D., Ramirez-Rosa, Carlos, Brookins, Jr., Howard, Ervin, Jason C., Moore, Joseph, Silverstein, Debra L., Quinn, Marty, Cappleman, James, Mitchell, Gregory I., Hairston, Leslie A., Sadlowski Garza, Susan, Thompson, Patrick D., Moore, David H., Curtis, Derrick G., Foulkes, Toni, Arena, John, Mell, Deborah, O'Shea, Matthew J., Moreno, Proco Joe
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 53 City Council Office of Financial Analysis
Attachments: 1. SO2017-7866.pdf, 2. O2017-7866.pdf, 3. O2017-7866 (V4).pdf, 4. O2017-7866 (V3).pdf, 5. O2017-7866 (V2).pdf, 6. O2017-7866 (V1).pdf
SUBSTITUTE ORDINANCE AS CORRECTED


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

SECTION 1. Section 2-53-030 of the Municipal Code of Chicago is hereby amended by deleting the language stricken through and by inserting the language underscored, as follows:

2-53-030 Powers and duties.
The council financial office and council financial analyst shall have the following duties and no others: to provide members of the City Council with:
a financial analysis of the Mayor's proposed annual budget;
an annual budget options report of potential cost saving reforms and efficiencies;
a summary and analysis of the city's annual audit;
a review of proposed public-private partnership agreements or asset leases;
an annual report on the council financial office's activities;
a review of the annual financial analysis;
an analysis of rating agency actions;
a fiscal impact statement for all ordinances that propose to: (i) add, eliminate, increase or decrease the amount of any line item(s) in the annual appropriation ordinance for a given year, following the passage of that annual appropriation ordinance (but excluding grant funds); or (ii) sell or lease anv Citv asset, including revenue streams from that asset, if the anticipated revenue from the sale or lease of the asset is greater than $15.000.000; provided, however, that this subsection (h) shall not apply to anv ordinance concerning a proposed contract, asset or transaction subject to Chapter 2-164 or Chapter 2-165;
i
Any fiscal impact statement issued pursuant to this subsection (h) shall include a statement as to the immediate impact and, if determinable or reasonably foreseeable, the long-range impact, of the proposed ordinance on City finances.

Any member of the Citv Council may, with the approval of the Chairman of the Committee on the Budget and Government Operations, reguest an expedited 48-hour turnaround of a fiscal impact statement subject to this subsection (h).

A fiscal impact statement shall be prese...

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