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Flores ProposalChicago 2016ProposalCompromiseProposalCity Counciloversight
Creates a City CouncilOlympic OversightCommittee to be co-chaired by the Budgetand FinanceCommittee chairsCreates joint CityCouncil committee ofthe Finance andBudget committeesCreates joint CityCouncil committee ofthe Finance andBudget committees
City Councilrepresentation on theOCOG Board
Not included.Chairs of the Budgetand Financecommittees join theOCOG board ofdirectorsChairs of the Budgetand Financecommittees join theOCOG board ofdirectors
Independentoversight
Empowers the Office ofthe Inspector Generalto audit and monitor theOCOG finances andprogress for waste,fraud andmismanagement.Not included.The City Council maydirect the city
ʼ
s Officeof the InspectorGeneral and/or anindependent third-partyexpert to review theOCOG
ʼ
s quarterlyreports.
Civic oversight
Incorporates arespected publicinterest organization toreview all OCOGreports and provideadvice to the CityCouncil.Not included.The City Council mayretain independentgroups to review andcomment on thequarterly reports filedby the OCOG.
Financial reporting
Requires quarterlydisclosure of allexpenditures (by theCity and OCOG),revenue, donors anddonations (bothmonetary and in-kind),construction costs, andcontingency reservefunds, with actual vs.budgeted amounts.“A financial report of therevenues andexpenses of theOrganizing Committee”,with actual vs.budgeted amounts.Financial forecasting ofrevenue, expenses andconstruction costs, withactual vs. amountssubmitted to IOC.Requires quarterlydisclosure of allexpenditures, revenue,construction costs, andcontingency reservefunds, with actual vs.budgeted amounts, andactual vs. amountssubmitted to the IOC.Includes an update onconstruction budgets,schedules andprogress. Annualfinancial audits and allreports to the State ofIllinois must also besubmitted to the CityCouncil.
Flores ProposalChicago 2016ProposalCompromiseProposalInsurance policies
Requires the purchaseof policies to protectagainst naturaldisasters, eventcancellation and theloss of developmentfinancing.Requires notification ofany insurance policythat is bought, but doesnot mandate thepurchase of insurance.Requires an update oninsurance purchased,and mandates thepurchase of capitalreplacement orcomprable insurancefor the Olympic Villagedevelopment.
Contracting andsubcontracting
Requires regulardisclosure of allRequests for Proposalsand Requests forQualifications, bidtabulations andfinalized contracts. Allparties involved incontracts must bedisclosed to the CityCouncil at least fivebusiness days prior tobeing awarded thecontract.Not included.Requires regulardisclosure of allRequests for Proposalsand Requests forQualifications, a copyof all final constructioncontracts, including award amounts and theidentifications ofcontractors andsubcontractors, andwhether any contractrecipient donated to theOCOG.
Financial disclosureforms
Requires OCOGemployees who makemore than $50,000 andall Governing Boardmembers to filestatements of financialinterest with theChicago Board ofEthics.Not included.Requires OCOG toimplement a conflict ofinterest policy for allstaff, with public filingsby the board ofdirectors and all seniormanagers.
Method of disclosure
All information must beposted on the OCOGwebsite in easilydownloadable andmachine-readableformat.Not included.All information must beposted on the OCOGwebsite in easilydownloadable andmachine-readableformat.
Reports submitted tothe IOC
All reports must also besubmitted to the CityCouncil.Not included.All financial reportsmust also be submittedto the City Council, withproprietary andconfidential informationredacted.
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