Share to Facebook Share to Twitter Bookmark and Share
Record #: O2019-352   
Type: Ordinance Status: Failed to Pass
Intro date: 1/23/2019 Current Controlling Legislative Body: Committee on Workforce Development and Audit
Final action:
Title: Amendment of Municipal Code Sections 2-53-030 and 2-53-060 regarding powers and duties for council financial office, council financial analyst, and Council Office of Financial Analysis Oversight Committee
Sponsors: Smith, Michele, Cappleman, James, Reilly, Brendan, Pawar, Ameya, Silverstein, Debra L., Arena, John, Sadlowski Garza, Susan, Ramirez-Rosa, Carlos, Mell, Deborah, Waguespack, Scott, Osterman, Harry, Foulkes, Toni
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 53 City Council Office of Financial Analysis
Attachments: 1. O2019-352.pdf
Related files: R2019-362
ORDINANCE



BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. Chapter 2-53 of the Municipal Code of Chicago is amended by deleting the language struck through, and 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:

(Omitted text is not affected by this ordinance)

(h) 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 any City 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 any ordinance concerning a proposed contract, asset or
transaction subject to Chapter 2-164 or Chapter 2-165;

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

A fiscal impact statement shall be presented to members of the City Council at least 72 hours prior to a vote by the City Council which would adopt any ordinance described in this subsection (h). Each fiscal impact statement must include an explanation of the reasoning, including all assumptions involved in arriving at any dollar estimate. No comment or opinions (editorial) shall be included in any fiscal impact statement regarding the...

Click here for full text