Illinois § 65

§ 65.

Reports. (a) The board of directors of a business improvement district or the district management association, whichever may be applicable, shall prepare or have prepared a report for each fiscal year, except the first fiscal year, for which district charges are to be levied and collected to pay the costs of activities and improvements. The first report shall be submitted after the first year of operation of the business improvement district. (b) The report shall be submitted to the governing body, and to each property owner subject to a district charge upon request, and shall be made available for public inspection. The report shall refer to the business improvement district by name, specify the fiscal year to which the report applies, and, with respect to that fiscal year, shall contain, but is not limited to, all the following information: (1) The activities and improvements provided in the previous fiscal year. (2) The cost of the activities and improvements provided in the previous fiscal year. (3) Administrative expenses incurred in connection with the activities and improvements provided in the previous fiscal year. (4) All other administrative expenses incurred in the previous fiscal year not contemplated by paragraph (3). (5) The amount of any surplus or deficit revenues to be carried over from the previous fiscal year. (6) A comparison of the projected budget to the actual expenditures of the business improvement district for the previous fiscal year. (7) Planned activities and improvements and projected costs and administrative expenses for the upcoming fiscal year. (8) When applicable, the annual performance evaluation of the district management association to be conducted by the board of directors for the business improvement district. (9) Applicable annual milestones and metrics for the purposes of measuring the success of the business improvement district, including the impacts of the activities and improvements contemplated by the district plan on economic activity, labor market, public and community safety statistics, and property values within the business improvement district. (10) Clear instructions on how to access any other publicly available report or filing submitted by the business improvement district under applicable State or federal laws or regulations. (c) In addition to the annual reporting requirement, the board of directors of a business improvement district shall notify the governing body of any proposed infrastructure or capital project in excess of $50,000 within a reasonable time. (Source: P.A. 103-646, eff. 7-1-24.)