At the prompting of the Cook County Treasurer, the Cook County Board of Commissioners passed a Debt Disclosure Ordinance in September 2009.
The Debt Disclosure Ordinance, or “DDO,” specifies that the Treasurer of Cook County create an electronic repository of all financial information regarding taxing districts. This electronic repository is available to all taxpayers and is intended to provide a transparent view of the agencies who receive the proceeds of property taxes.
Copies of the Village’s Comprehensive Annual Financial Report (CAFR; or annual audit) are required to be uploaded as part of this required annual disclosure, and which also are found on this website under the Village’s Open Government
disclosures and Financial Reports
. The other disclosures that are required as part of the Cook County DDO also can generally be found within the Comprehensive Annual Financial Report (CAFR; or audit report).
Please be aware that the Cook County Treasurer’s Taxing District Financial Statements displays do not properly present the relevant information regarding a Taxing District’s pension funds and the related pension assets and liabilities. The Cook County Treasurer’s website improperly combines financial information regarding the Village’s two pension systems that cover certain eligible employees (Illinois Municipal Retirement Fund and Tinley Park Police Pension Fund) and improperly comingles the disclosures of actuarial methods and assumptions used to estimate and project the future pension obligations (referenced as Total Pension Liability) regarding the separate pension systems and thus does not properly present meaningful information on pensions.
Individuals specifically interested in the pension information are directed to review the detailed information and disclosures on the Village’s pension systems in accordance with Generally Accepted Accounting Standards that can be found in the financial statements, tables and Notes to Financial Statements included in the annual Comprehensive Annual Financial Reports (CAFR).
Users of the Cook County Treasurer’s Taxing District Financial Statements (DDO) displays are cautioned that information presented may not be comparable between taxing districts without further details or analysis.
for more information.