CHAPTER 2-53
CITY COUNCIL OFFICE OF FINANCIAL ANALYSIS*

* Editor's note – Coun. J. 11-17-10, p. 106597, Art. VI, § 2, repealed former Ch. 2-53, which pertained to the office of graphics and reproduction.

2-53-010   Establishment.

2-53-020   Director – Appointment, term of office, and qualifications.

2-53-030   Director – Powers and duties.

2-53-035   Reports open to public inspection.

2-53-040   Access to City records.

2-53-050   Mid-year budget report.

2-53-060   Reserved.

2-53-010 Establishment.

   There is hereby established an office which shall be known as the City Council Office of Financial Analysis ("Office"), which shall include a Director, and such other assistants and employees as provided for in the annual appropriation ordinance.

(Added Coun. J. 12-11-13, p. 72260, § 1; Amend Coun. J. 10-16-19, p. 7101, § 1)

2-53-020 Director – Appointment, term of office, and qualifications.

   (a)   The Director shall be appointed upon a recommendation from the Chairman of the Committee on the Budget and Government Operations, and approval by a vote of two-thirds of all members of the City Council. The Director shall serve until their successor is appointed and qualified in accordance with this section.

   The Director may be removed at any time, with or without cause, by a two-thirds vote of all the members of the City Council, including by the approval of the Director’s successor in accordance with this section.

   (b)   The Director shall have, at minimum, the following qualifications:

      (1)   a graduate degree in finance, economics, business or other relevant field;

      (2)   experience in municipal finance, or substantially similar equivalent experience; and

      (3)   no felony conviction.

   (c)   No current Director or employee of the Office may: (1) hold, or become candidate for, any other elective or appointed public office except for appointments to governmental advisory boards or study commissions or as otherwise expressly authorized by law; or (2) actively participate in any campaign for any elective office. This subsection (c) shall not apply to the Director or any employee of the Office to the extent that it is inconsistent with any law or regulation of the United States or the State of Illinois that preempts home rule.

(Added Coun. J. 12-11-13, p. 72260, § 1; Amend Coun. J. 10-16-19, p. 7101, § 1; Amend Coun. J. 5-22-24, p. 11737, § 1)

2-53-030 Director – Powers and duties.

   The Director shall provide members of the City Council, through the Committee on the Budget and Government Operations, with:

   (a)   a summary and analysis of the City’s Annual Comprehensive Financial Report;

   (b)   the mid-year report required under Section 2-53-050;

   (c)   a financial analysis of the Mayor’s proposed annual budget;

   (d)   a review of proposed public-private partnership agreements or asset leases;

   (e)   a quarterly report on the Office’s activities, including a report of all fiscal impact statements that the Office prepared pursuant to subsection (h);

   (f)   a review of the annual budget forecast, which must be delivered to the City Council no later than 30 days after the Director receives the proposed annual budget;

   (g)   an analysis of rating agency actions;

   (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, if the change of the appropriation is greater than $1,000,000; 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); provided, however, that the Chair shall provide written notice of the denial of any such request, including the reasons for such denial.

   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 merits of the proposed ordinance for which the fiscal impact statement is prepared; provided, however, that technical or mechanical defects in the proposed ordinance may be noted in the fiscal impact statement.

   (i)   other financial analyses upon the request of a member of the City Council.

(Added Coun. J. 12-11-13, p. 72260, § 1; Amend Coun. J. 5-25-18, p. 77754, § 1; Amend Coun. J. 10-16-19, p. 7101, § 1; Amend Coun. J. 12-16-24, p. 22879, Art. VI, § 5)