Board of Commissioners of Cook County - File #: 18-2073

• File #: 18-2073
• Version: 4
• Name: THE CONSENSUS REVENUE FORECASTING COMMISSION FOR COOK COUNTY
• Type: Ordinance
• Status: Approved
• File created: 2/2/2018
• In control: Finance Committee
• On agenda: 2/7/2018
• Final action: 10/17/2018
• Title: SECOND PROPOSED SUBSTITUTE TO 18-2073 PROPOSED ORDINANCE AN ORDINANCE TO ESTABLISH A CONSENSUS INDEPENDENT REVENUE FORECASTING COMMISSION FOR COOK COUNTY Sponsored by: JESUS G. GARCIA and LARRY SUFFREDIN, RICHARD R. BOYKIN, GREGG GOSLIN, COUNTY COMMISSIONERS BE IT ORDAINED, by the Cook County Board of Commissioners that Chapter 2 Administration, Article III, County Board, Division sections 2-84 through 2-85 of the Cook County Code, is hereby enacted as follows: Sec. 2-84. An Ordinance to establish a Consensus Independent Revenue Forecasting Commission for Cook County (a) The Commission will be responsible for evaluating and forecasting any new revenue sources proposed by the Board and or Executive. (b) The purpose of the Commission will be to develop a analyze the five-year consensus revenue forecast developed by the Chief Financial Officer on an annual basis to be updated and provide quarterly updates to the Board of Commissioners. The forecast will include but not be limite...
• Sponsors: JESÚS G. GARCÍA, LARRY SUFFREDIN, RICHARD R. BOYKIN, GREGG GOSLIN, LUIS ARROYO JR, JOHN P. DALEY, DENNIS DEER, JOHN A. FRITCHEY, BRIDGET GAINER, EDWARD M. MOODY, STANLEY MOORE, SEAN M. MORRISON, TIMOTHY O. SCHNEIDER, PETER N. SILVESTRI, DEBORAH SIMS, JEFFREY R. TOBOLSKI

Date	Ver.	Action By	Motion	Result
10/17/2018	3	Board of Commissioners	approve as substituted and amended	Pass
10/17/2018	3	Finance Committee	suspend the rules	Pass
10/17/2018	3	Finance Committee	recommend for approval as substituted and amended	Pass
9/26/2018	2	Board of Commissioners	defer	Pass
9/26/2018	2	Finance Committee	accept as substituted	Pass
9/26/2018	2	Finance Committee	recommend for deferral	Pass
9/26/2018	2	Finance Committee	suspend the rules	Pass
7/25/2018	2	Finance Committee	recommend for deferral	Pass
6/26/2018	2	Finance Committee	recommend for deferral as substituted	Pass
6/6/2018	2	Board of Commissioners	defer	Pass
6/6/2018	2	Finance Committee	recommend for deferral	Pass
5/16/2018	1	Finance Committee	accept as substituted	Pass
5/16/2018	1	Board of Commissioners	defer	Pass
5/16/2018	1	Finance Committee	recommend for approval as substituted
5/16/2018	1	Finance Committee	recommend for deferral as substituted	Pass
2/7/2018	1	Board of Commissioners	refer	Pass

title
SECOND PROPOSED SUBSTITUTE TO 18-2073

PROPOSED ORDINANCE

AN ORDINANCE TO ESTABLISH A CONSENSUS INDEPENDENT REVENUE FORECASTING COMMISSION FOR COOK COUNTY
Sponsored by: JESUS G. GARCIA and LARRY SUFFREDIN, RICHARD R. BOYKIN, GREGG GOSLIN, COUNTY COMMISSIONERS
BE IT ORDAINED, by the Cook County Board of Commissioners that Chapter 2 Administration, Article III, County Board, Division sections 2-84 through 2-85 of the Cook County Code, is hereby enacted as follows:
Sec. 2-84. An Ordinance to establish a Consensus Independent Revenue Forecasting Commission for Cook County
(a) The Commission will be responsible for evaluating and forecasting any new revenue sources proposed by the Board and or Executive.


(b) The purpose of the Commission will be to develop a analyze the five-year consensus revenue forecast developed by the Chief Financial Officer on an annual basis to be updated and provide quarterly updates to the Board of Commissioners. The forecast will include but not be limited to: Sales and Use taxes, Property Taxes, Cigarette Taxes, Fuel Taxes and other sources of County revenue.


(c) The Chief Financial Officer will be required to provide their forecast, as well as all associated data, methodology and estimates, to the Commission by July 1st. The Commission will analyze these assumptions and how they relate to the County's preliminary budget and will provide recommendations to the President and Board of Commissioners via an annual public hearing in August. The Chief Financial Officer will then be required to share any updates to their assumptions on a quarterly basis, to enable coordination with the County Budget and to allow for mid-year adjustments.


(d) If no agreement is reached on the Chief Financial Officer's assumptions by August 1st, a fiscal consensus by September 15th, the Commission shall, not later than September 30th August 31st, issue a report to the Cook County Board of Commissioners that explains its estimates and why a consen...