Board of Commissioners of Cook County - File #: 21-1048

• File #: 21-1048
• Version: 1
• Name: AMENDMENT TO TAXING DISTRICT DEBT DISCLOSURE ORDINANCE
• Type: Ordinance Amendment
• Status: Approved
• File created: 1/15/2021
• In control: Legislation and Intergovernmental Relations Committee
• On agenda: 1/28/2021
• Final action: 2/25/2021
• Title: PROPOSED ORDINANCE AMENDMENT AMENDMENT TO TAXING DISTRICT DEBT DISCLOSURE ORDINANCE WHEREAS, there are currently 444 Tax Increment Financing ("TIF") Districts in Cook County; and WHEREAS, over $1 billion of taxpayer money goes to TIF Districts annually; and WHEREAS, transparency of government spending is necessary to ensure that government bodies can be held accountable by the taxpayers they serve; and WHEREAS, Illinois law does not currently mandate that municipalities report the vendors or other entities to which TIF District expenditures are made. 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 and Tax Increment Financing District costs disclosure. (a) Definitions. Actuarial accrued liability (AAL), other postemployment benef...
• Sponsors: JOHN P. DALEY, LARRY SUFFREDIN, DEBORAH SIMS, BRIDGET GAINER, DENNIS DEER, PETER N. SILVESTRI, STANLEY MOORE, SEAN M. MORRISON, DONNA MILLER, BILL LOWRY, LUIS ARROYO JR, KEVIN B. MORRISON, ALMA E. ANAYA, BRIDGET DEGNEN, BRANDON JOHNSON

Date	Ver.	Action By	Motion	Result
2/25/2021	1	Board of Commissioners	approve	Pass
2/22/2021	1	Legislation and Intergovernmental Relations Committee	recommend for approval	Pass
1/28/2021	1	Board of Commissioners	refer	Pass

title
PROPOSED ORDINANCE AMENDMENT

AMENDMENT TO TAXING DISTRICT DEBT DISCLOSURE ORDINANCE

WHEREAS, there are currently 444 Tax Increment Financing ("TIF") Districts in Cook County; and

WHEREAS, over $1 billion of taxpayer money goes to TIF Districts annually; and

WHEREAS, transparency of government spending is necessary to ensure that government bodies can be held accountable by the taxpayers they serve; and

WHEREAS, Illinois law does not currently mandate that municipalities report the vendors or other entities to which TIF District expenditures are made.

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 and Tax Increment Financing District costs 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 liabilities and any other accounting terms used and not defined herein shall have the same meanings as defined by Generally Accepted Accounting Principles, as promulgated from time to time by the American Institut...