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Flores Proposal Chicago 2016 Proposal

City Council oversight Creates a City Council Olympic Creates joint City Council
Oversight Committee to be co- committee of the Finance and
chaired by the Budget and Budget committees
Finance Committee chairs

Independent oversight Empowers the Office of the No mention.
Inspector General to audit and
monitor the OCOG finances and
progress for waste, fraud and
mismanagement.

Civic oversight Incorporates a respected public No mention.
interest organization to review
all OCOG reports and provide
advice to the City Council.

Financial reporting Requires quarterly disclosure of “A financial report of the
all expenditures (by the City and revenues and expenses of the
OCOG), revenue, donors and Organizing Committee”, with
donations (both monetary and actual vs. budgeted amounts.
in-kind), construction costs, and Financial forecasting of revenue,
contingency reserve funds, with expenses and construction
actual vs. budgeted amounts. costs, with actual vs. amounts
submitted to IOC.

Insurance policies Requires the purchase of Requires notification of any
policies to protect against insurance policy that is bought,
natural disasters, event but does not mandate the
cancellation and the loss of purchase of insurance.
development financing.

Contracting and Requires regular disclosure of No mention.
subcontracting all Requests for Proposals and
Requests for Qualifications, bid
tabulations and finalized
contracts. All parties involved in
contracts must be disclosed to
the City Council at least five
business days prior to being
awarded the contract.

Financial disclosure forms Requires OCOG employees No mention.
who make more than $50,000
and all Governing Board
members to file statements of
financial interest with the
Chicago Board of Ethics.

Method of disclosure All information must be posted No mention.
on the OCOG website in easily
downloadable and machine-
readable format.
Flores Proposal Chicago 2016 Proposal

Reports submitted to the IOC All reports must also be No mention.
submitted to the City Council.

Compliance with the MOU Requires regular reporting of No mention.
compliance with the MOU
signed between the Chicago
2016 Bid Committee and the
Chicago 2016 Outreach
Advisory Council.

MBE/WBE reporting Requires regular reporting. Requires regular reporting.