Sec. 40. Annual report.
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/il/chapter-70/act-3455/40A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 40. Annual report.
(a)Each year, a local tourism and convention bureau that receives transaction charges shall submit to the governing body a report of the bureau's activities and expenditures. The report shall be submitted no later than 30 days after the anniversary of the date upon which the transaction charge is first imposed. The report shall include:
(1)a summary of the activities provided in the previous year through use of the
transaction charges;
(2)a summary of the expenditures for the previous year showing the use of the
transaction charges;
(3)the amount of any revenue from transaction charges to be carried over from prior
years;
(4)a list of the directors and officers of the local tourism and convention bureau; and
(5)a list of the accomplishments, improvements, and services attributable to the
district.
(b)The governing body shall also submit to the Department of Commerce and Economic Opportunity, no later than 60 days after the anniversary of the date upon which the transaction charge is first imposed, the annual report provided by the local tourism and convention bureau and a report of the amount of total revenue received from the transaction charges and how much the governmental unit, if any, withheld for administrative costs related to the district under the district plan.