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PROPOSED ORDINANCE AMENDMENT
AMENDMENT TO TAXING DISTRICT DEBT DISCLOSURE ORDINANCE
WHEREAS, the terminology describing the reporting of pensions is updated according to accounting pronouncements recently issued by the Governmental Accounting Standards Board (GASB); and
WHEREAS, to improve the timeliness of reporting, taxing districts are required to submit financial data to the Office of the Cook County Treasurer within 30 days of issuance, rather than the previous static deadline of the last Tuesday in December; and
WHEREAS, to expedite the initial reporting of important pension information, taxing districts are required to initially electronically provide to the Office of the Cook County Treasurer by July 29, 2016 the most recent actuarial report(s) prepared for their Pension Plan(s).
NOW, THEREFORE, BE IT ORDAINED, by the Cook County Board of Commissioners, that Chapter 2 Administration, Article IV Officers and Employees, Division 4 Treasurer, Subdivision 1 In General, Section 2-243 of the Cook County Code is hereby amended as follows:
Sec. 2-243. Taxing district debt disclosure.
(a) Definitions.
Actuarial accrued liability (AAL), other postemployment benefits (OPEB), unfunded actuarial accrued liability (UAAL), total pension liability (TPL), net pension liability (NPL), fiduciary net position (FNP) and healthcare cost trend rate shall have the same meanings ascribed to such terms under the generally accepted accounting principles for governmental accounting promulgated from time to time by the Governmental Accounting Standards Board.
Actuarial cost method, amortization method, asset valuation method, investment rate of return, and any other actuarial terms used and not defined herein shall have the same meanings as defined by Actuarial Standards of Practice, as promulgated from time to time by the Actuarial Standards Board.
Audited financial statements, current debt, current liabilities, long term debt, long term liabilit...
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