A. Passage Of Budget: The annual budget shall be adopted by the village board before the beginning of the fiscal year to which it applies. Passage of the annual budget shall be in lieu of passage of the appropriation ordinance heretofore enacted annually. The annual budget shall be published in the manner provided in subsection G of this section.
B. Budget Officer: There is hereby created the office of budget officer. The budget officer shall be appointed by the village president to perform such duties as are assigned by the village president including, but not limited to:
1. Permit and encourage and establish the use of efficient planning, budgeting, auditing, reporting, accounting and other fiscal management procedures in all municipal departments, commissions and boards.
2. Compile an annual budget in accordance with this section.
3. Examine all books and records of all village departments, commissions and boards which relate to monies received by the village and village departments, commissions and boards, and paid out by the village and village departments, commissions and boards, debts and accounts receivable, and amounts owed by or to the village and village departments, commissions and boards.
4. Obtain such additional information from the village and village departments, commissions and boards as may be useful to the budget officer for purposes of compiling a municipal budget, such information to be furnished by the village and village departments, commissions and boards in the form required by the budget officer. Any department, commission or board which refuses to make such information as is requested of it available to the budget officer shall not be permitted to make expenditures under any subsequent budget for the village until such village department, commission or board shall comply in full with the request of the budget officer.
5. Establish and maintain such procedures as shall ensure that no expenditures are made by the village and village departments, commissions or boards except as authorized by the budget.
C. Compilation And Contents Of Budget: At least thirty (30) days prior to the beginning of each fiscal year, the budget officer shall submit to the village board an annual budget which shall contain actual or estimated revenues and expenditures for the two (2) years immediately preceding the fiscal year for which the budget is prepared. The budget will contain revenues available to the village for the fiscal year for which the budget is drafted, together with recommended expenditures for the village and all the village departments, commissions, and boards. Revenue estimates and expenditure recommendations shall be presented in a manner which is in conformity with good fiscal management practice. Each budget shall show the specific fund from which each anticipated expenditure shall be made.
D. Capital Improvement, Repair Or Replacement Fund: The annual budget may contain a separate fund for the purpose or purposes of specific capital improvements, repairs and/or replacements of specific types of municipal equipment or other tangible property both real and personal. Expenditures from this fund shall be budgeted in the fiscal year in which the capital improvement, repair or replacement will occur. Funds no longer necessary for capital improvement, repair or replacement shall be transferred into the general corporate fund of the village on the first day of the fiscal year following such abandonment, completion or discovery of surplus funds.
E. Funds For Contingency Purposes: The annual budget may contain money set aside for contingency purposes not to exceed ten percent (10%) of the total budget.
F. Revision Of Budget: The village administrator shall have the power to revise the budget within any separate fund including deleting, adding to, and changing or creating subclasses within previously budgeted object classes as may be required. The corporate authorities, by a vote of two-thirds (2/3) of the members then holding office, shall have the authority to revise the budget by transferring monies from one fund to another or adding to any fund. No revision of the annual budget shall be made increasing the budget in the event monies are not available to do so.
G. Public Hearing; Notice And Inspection Of Budget: At least one public hearing shall be held by the village board on the tentative annual budget prior to final action by the village board. Notice of this hearing shall be given by publication in a newspaper having a general circulation in the village at least ten (10) days prior to the hearing. Copies of the tentative annual budget shall be made available for public inspection in the office of the village clerk for at least ten (10) days prior to the hearing. After said hearing, the tentative budget may be further revised and passed without further notice, inspection, or hearing.
H. Abandonment Of Provisions: This section may be abandoned only by a vote of two-thirds (2/3) of the corporate authorities then holding office. (Ord. 14-28, 9-2-2014)