(a) An official of the city with any private financial interest in any contract or other matter pending before or within the governmental body the official is employed by or a member of, shall file an annual disclosure statement to the governmental body.
(b) Any Councilor who has a direct or indirect interest in any matter pending before the Council shall disclose such interest on the records of the Council. The existence of a direct or indirect private financial interest on any matter coming before the Council, including approval of a contract, shall disqualify a Councilor from debating and voting on the matter. A majority of the remaining members of the Council shall determine whether a Councilor has a direct or indirect interest and whether the Councilor shall be allowed to vote and participate in the decision-making process related to the matter. A Councilor who has a conflict of interest may voluntarily decline to vote and participate in the decision- making process related to the matter.
(c) The Mayor and each City Councilor, during their term of office, shall file contribution and expenditure disclosure statements on the second Monday in May and November of each year setting out all contributions and expenditures, as defined in the City Election Code, during the previous period, raised or spent in connection with any campaign or pre-campaign activity for any elected office. Expenditures of public funds in the regular course of the Mayor or Councilor's official duties are not contributions and expenditures subject to such disclosure under this section. The Mayor and Councilors are not required to file a biannual statement if they have had no campaign or pre-campaign contributions or expenditures during the previous period. These reporting requirements shall be in addition to the reporting requirements of the Election Code, provided that any information filed with the City Clerk pursuant to City Charter Article XIII, Section 4(c) need not be included in the subsequent biannual reports required by this section. The contributions and expenditures identified in the biannual statements that are to be applied to a campaign for election to a city office shall be included in the first campaign disclosure report that the candidate files pursuant to the Election Code.
(d) All elected officials shall file with the City Clerk an annual disclosure statement listing all of the changes or additions to the disclosure information provided by the elected official at the time of filing his or her declaration of candidacy pursuant to Section 3 of the Election Code. If no changes have occurred, the elected official shall so state in the annual disclosure statement. The annual disclosure statement shall be due on the first city work day of July and shall be submitted on a form approved by the City Clerk. The annual disclosure statement shall be a public record.
(e) In addition to the information disclosed pursuant to Section 3 of the Election Code, the annual disclosure statement for all elected officials shall include the following information for the preceding calendar year:
(1) the full name of the reporting individual and the reporting individual's spouse;
(2) the name and address of any employer employing the reporting individual or the reporting individual's spouse, the title or position held, and a brief description of the nature of the business or occupation;
(3) the identity, location and purpose of use of real property owned by the reporting individual, the reporting individual's spouse or the reporting individual's dependent children; provided that, for personal residences only the zip code or, in the absence of a zip code, the county of situs is required to be disclosed;
(4) the identity of assets of more than fifty thousand dollars ($50,000) directly or beneficially owned by the reporting individual, the reporting individual's spouse or the reporting individual's dependent children; provided that in determining whether an asset has a value of more than fifty thousand dollars ($50,000), the value should not be reduced by any debt secured by the asset, such as a mortgage or other secured loan, and a good faith estimate of the fair market value of an asset is permitted if the exact value is neither known or easily obtainable. The disclosure of assets shall include:
(A) commodities, including the type of commodity;
(B) investments in stocks, bonds, futures contracts, options, derivatives, currency, real estate investment trusts, mutual funds, private equity funds, exchange-traded funds, and trust funds of which the reporting individual is a beneficiary; provided that if the investment is or forms part of a fund, the reporting individual is only required to identify the fund, the fund manager, and any underlying holdings of the fund that have a value of more than fifty thousand dollars ($50,000); and
(C) contractual rights that are reasonably likely to generate future income, such as royalties and intellectual property, the names of the contracting parties, and the purpose of the contract;
(5) all sources of income equal to or greater than the amount that must be disclosed to the internal revenue service pursuant to 26 U.S.C. Section 6041(a), as amended, directly or indirectly accrued by the reporting individual, the reporting individual's spouse or the reporting individual's dependent children, including:
(A) the identity of the source of earned income; provided that:
(i) if a source of earned income is owed a legal or professional duty of confidentiality and the identity of the source of the income has not been disclosed to a public agency, the reporting individual may identify the source as "confidential" and describe the duty of confidentiality that prevents disclosure of the source of the earned income; and
(ii) if an indirect source of earned income is a client of a business entity of which the reporting individual or the reporting individual's spouse is a member, the indirect source of earned income is not required to be disclosed if the reporting individual or the reporting individual's spouse has no role in any matter involving the source; and
(B) the identity of sources of unearned income, including taxable interest, capital gains, dividends, annuities, trust distributions, rents from real property and insurance policies;
(6) Liabilities of more than five thousand dollars ($5,000) owed by:
(A) the reporting individual, the reporting individual's spouse or the reporting individual's dependent children; and
(B) a trust of which the reporting individual, the reporting individual's spouse or the reporting individual's dependent children are beneficiaries;
(7) For a liability identified pursuant to Subsection (6) of this section, the reporting individual shall disclose:
(A) the identity of the person who owes the debt or liability;
(B) the person to whom the debt or liability is owed;
(C) the amount of the debt or liability; and
(D) any payments on the debt or liability during the previous calendar year;
(8) The disclosure statement is not required to include:
(A) ordinary consumer debt;
(B) mortgage debt on the primary residence of the reporting individual, the reporting individual's spouse or the reporting individual's dependent children;
(C) student loans; and
(D) liabilities owed to parents, grandparents, children or siblings of the reporting individual, the reporting individual's spouse or the reporting individual's dependent children;
(9) The following information related to any privately held business controlled by the reporting individual, the reporting individual's spouse or the reporting individual's dependent children:
(A) the name of the business entity, a brief description of the nature of its activities and its geographic location, including the city and state; and
(B) for a privately held business entity formed for the purpose of holding investments:
(i) assets of more than fifty thousand dollars ($50,000) or that generated income directly or beneficially owned by the business entity in an amount equal to or greater than the amount that must be disclosed to the internal revenue service pursuant to 26 U.S.C. Section 6041(a), as amended; provided that in determining whether an asset has a value of more than fifty thousand dollars ($50,000), the value should not be reduced by any debt secured by the asset, such as a mortgage or other secured loan; and
(ii) any liability of the business entity in an amount greater than fifty thousand dollars ($50,000), including:
(a) the identity of the business entity that owes the debt or liability;
(b) the person to which the debt or liability is owned;
(c) the amount of the debt or liability; and
(d) any payments on the debt or liability during the previous calendar year;
(10) The following information related to professional licenses, memberships and offices held for the prior calendar year:
(A) professional licenses held by the reporting individual and the reporting individual's spouse; and
(B) board memberships, offices or other positions held by the reporting individual and the reporting individual's spouse in:
(i) corporations, partnerships, trusts or other for-profit business entities; and
(ii) nonprofit organizations, educational organizations, political organizations or other nongovernmental organizations; and
(11) Any gift received in the prior calendar year by the reporting individual, the reporting individual's spouse or the reporting individual's dependent children having a market value greater than fifty dollars ($50.00) from a restricted donor, a registered lobbyist, a lobbyist's employer, a government contractor or a person that has responded to a request for proposals or an invitation to bid issued by the City.
(Am. Ord. 35-1975; Am. Ord. 91-1980; Am. Ord. 24-1981; Am. Ord. 13-2003; Am. Ord. 34-2006; Am. Ord. 2017-007; Am. Ord. 2019-003; Am. Ord. 2019-030; Am. Ord. 2022-043) (Amended at Regular Municipal Election, October 2, 2001, as Proposition #10.)