Accounting and Financial Reporting
Accounting
Several Accounting Divisions are responsible for the recording and reporting of all City of Chicago financial transactions.
- General Accounting:
Performs accounting and financial reporting for Governmental Funds, including the General, Special Revenue, Debt Service, Capital Projects, Service Concession Agreements and Reserve and Fiduciary funds. These funds encompass most of the municipal services that are not included in separate Enterprise Funds. General Accounting also performs accounting and financial report for Tax Increment Financing (TIFs) and Special Service Areas (SSAs) - Debt Service:
Responsible for the timely payment of principal and interest on certain municipal debt obligations and arbitrage rebate calculations. - Cost Control:
Issuance, payment and tracking of all municipal interfund vouchers. - Enterprise Funds:
Performs accounting and financial reporting for O'Hare and Midway Airports, Water and Sewer Funds and the Chicago Skyway toll bridge. - Grants and Projects Division:
Performs accounting and financial reporting for Federal, State, and external grants funds awarded to the City of Chicago
Financial Reporting
The Department of Finance, on behalf of the City, issues the comprehensive annual financial report(CAFR),stand-alone financial statements for the Enterprise Funds and the A-133 Federal Single Audit Report. Financial statements are audited by independent accountants and receive unqualified audit opinions. The City of Chicago has received the Certificate of Achievement for Excellence in Financial Reporting.