Each candidate shall file a financial disclosure with the City Clerk. The candidate disclosure shall be filed with the City Clerk when the candidate becomes a declared candidate, be on a form prescribed by the City Clerk, and shall be sworn and attested to under penalty of perjury by the Candidate. The Candidate disclosure statement shall be a public record. The Candidate disclosure statement shall include:
(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, zip code, and purpose of use of real property owned by the reporting individual, the reporting individual's spouse or the reporting individual's dependent children over the age of 18; provided that 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 over the age of 18; 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 if it has a value of more than fifty thousand dollars ($50,000); and
(C) contractual rights 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 over the age of 18, 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;
(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 over the age of 18; and
(B) a trust of which the reporting individual, the reporting individual's spouse or the reporting individual's dependent children over the age of 18 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) For a liability identified pursuant to Subsection (6) of this section, the reporting individual is not required to disclose:
(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 over the age of 18;
(C) student loans; and
(D) liabilities owed to parents, grandparents, dependent children over the age of 18 or siblings of the reporting individual, the reporting individual's spouse or the reporting individual's dependent children over the age of 18;
(E) One passenger vehicle registered to the reporting individual, the reporting individual’s spouse, and the reporting individual's dependent children over the age of 18;
(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 over the age of 18:
(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 owed;
(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 over the age of 18 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.
(Ord. 17-1993; Am. Ord. 32-1999; Am. Ord. 2019-003; Am. Ord. 2022-042; Am. Ord. 2024-036)