Audit of City’s TIF Expenditure Processes and Procedures
June 29, 2010
The Chicago Inspector General’s Office (OIG) released a report today, detailing an audit of processes and procedures related to Tax Increment Financing (TIF) expenditures for the Central Loop and Central West TIF districts. OIG’s purpose was to test and evaluate activities performed to ensure effective and efficient operations, compliance with policies and procedures, and to evaluate the effectiveness of controls related to the payment of expenditures using TIF funds. In overview, the audit found that internal controls were not adequate to ensure effective management of the TIF expenditures we reviewed, as related to the State of Illinois TIF Act, 65 ILCS 5/11-74.4 et seq. (“The TIF Act”).