The Independent Revenue Forecasting Commission was created by ordinance to develop and analyze the five-year consensus revenue forecast developed by the Chief Financial Officer (CFO) on an annual basis to be updated and provide quarterly updates to the Board of Commissioners.
The revenue forecast will include but will not be limited to: Sales and Use taxes, Property Taxes, Cigarette Taxes, Fuel Taxes and other sources of County revenue. The Commission will also be responsible for evaluating and forecasting any new revenue sources proposed by the Board or President.
The CFO serves as Chairman of the Commission. Three additional Commission members are appointed by the Board President and confirmed by the Board. Two of the appointed must serve as academic economists with expertise in local economic conditions and be housed at a university located in Cook County. The third appointed member is a designated member of the public with expertise in public finance. All Commission members serve on a voluntary basis for a term of three years. Commission members may also be reappointed for consecutive terms.
The forecast and assumptions from the CFO, the recommendations from the Commission and any non-proprietary external resources utilized will be made publicly available on this website. Members of the public are encouraged to attend and constructively participate in the Commission’s meetings.
The next meeting of the Commission is scheduled for April 29, 2020.