A proposed ordinance would require Chicago’s Finance department to submit monthly revenue collection updates to the city council.
These monthly updates would give the city council a more real-time look at tax collections.
From the Chicago Sun-Times:
Chicago aldermen had no warning before learning the coronavirus pandemic had blown a $2 billion hole in the city’s 2021 and 2022 budgets.
They wouldn’t be blindsided again, under an ordinance championed by downtown Ald. Brendan Reilly (42nd).
The City Council’s Finance Committee on Monday endorsed Reilly’s ordinance, which requires the city’s Department of Finance and the Office of Budget and Management to keep monthly tabs on city revenue collections.
Both departments would be required under the ordinance to publish monthly reports on their websites detailing “total collections for each revenue category” from the previous month.
The reports must include the difference between anticipated corporate fund revenues and actual collections and show how monthly collections in each tax and fee category compare to the same month the year before.