"With Chicago facing an $838 million budget deficit, my administration has worked tirelessly to close this historic gap starting by maximizing savings and efficiencies within City government before turning to taxpayers to raise additional revenues," said Mayor Lightfoot. "After taking numerous steps to streamline costs for next year, we are announcing enhanced revenue collection methods that will ensure all vendors who benefit from doing business with the City are paying their fair share. These and other reforms will help our City start to meet our obligations for 2020, while also laying the groundwork to restore Chicago's long-term financial stability."
More on illi News
- York Solutions Honors Chicago IT Leaders at Second Annual Business of IT Awards Ceremony
- Naperville Police Arrest Juvenile for Felony Disorderly Conduct
- Connected Real Estate Summit Launched in Partnership with the #TechSuperShow 2020 in Florida
- ICATT Apprenticeship Program Network Company Wins GACC Apprenticeship Award
- Northern Trust Corporation to Speak at the Goldman Sachs U.S. Financial Services Conference on December 11th
After performing an accounts receivable tracking and monitoring assessment to help prioritize its collection efforts, the City will implement a new monitoring process to pursue outstanding tax and fee remittance from vendors engaged in contracts with the City. The City will move away from old processes to a new system that will ensure frequent and comprehensive debt checks to expedite payments by City vendors, and to help more companies stay in compliance.
The new accounts receivable processes are subject to City Council approval, as part of a proposed code amendment authorizing the Office of the Comptroller to enter into data sharing agreements with the state and other governmental entities supporting more comprehensive tax collection processes.
In recent weeks the City's budget team has made significant progress toward maximizing savings and efficiencies for next year's budget, with efforts taken to reduce spending by asking departments to return to core functions while preserving critical neighborhood services. The City's 2020 Budget will be presented by Mayor Lightfoot during the annual budget address, scheduled on October 23.
Latest on illi News
- Process Technology Wins Respected Fast Track 50 Award!
- Hacking Hollywood Film Summit and Pitch Fest
- Insurance Navy Joins Toys For Tots For Fundraising And Toy Donations
- Telaeris and Coppernic Partner on Identity Authentication Solution for Europe
- Telaeris et Coppernic s'associent pour fournir une solution d'authentification de l'identité en Europe
- TRUCE Software to Host Live Webinar Featuring Acclaimed Leaders in Device Distraction Initiatives
- EasyIO introduces a new breed of Building Controller
- Superior Graphite Opens a New Factory
- Chicago Photographer Receives International Recognition
- Do you love to cook? Eat? master chef tuscan style home for sale
- Various Measures Introduced to and Approved by the Chicago City Council
- OpsVeda Announces Patent Award
- Naperville Fire Department to Celebrate Survivors of Sudden Cardiac Arrest at Nov. 18 Banquet
- Ironside Human Resources selected for 2019 Dallas Small Business Excellence Award
- Care on Location Launches Acumentrics Powered Telemedicine Backpack
- Macadamian Recognized in Think Tank ConCeplus' Healthcare Movers 2019 Report on digital transformation in healthcare
- Emergency Repair Tire Mobility Kit For Cars from Stop and Go
- Personal Injury Lawyer Austin DC Law Group
- October Saw North Center Residential Market Continue Yielding Higher Median Sales Prices
- Boeing Names New Communications Leader for Commercial Airplanes Business