SECTION 1. The fiscal year of the Village shall begin on the 1st day of July of each year.
SECTION 2. The Village Treasurer shall be the general accountant of the Village and shall keep a complete set of accounts showing the financial transactions of the Village, which accounts shall conform to any uniform system required by law. The Village Treasurer shall receive and disburse all moneys belonging to the Village and shall keep an accurate detailed account of all money received and disbursed by him and of the particular fund into which or from which said is paid. He shall pay out no money except upon warrant issued as in this Charter provided. He shall at least once every three months and oftener if required, furnish the Council with a statement showing all cash on hand and in the bank at the beginning of the preceding period, the receipts and disbursements for the preceding period, the cash and bank balances at the end of the preceding period and the condition of the several funds of the Village. He shall make such other reports as the Council may require.
SECTION 3. No money shall be drawn from the treasury except upon the warrant of the Clerk countersigned by the President. Every warrant shall specify the fund from which it is payable and shall be paid from no other fund. No warrant shall be drawn upon the treasury after the fund from which it should be paid has been exhausted and if any such warrant shall be drawn it shall be void. No warrants shall be issued until the same have first been authorized by the Council; provided, however, that warrants may be issued for the payment of labor and current expenses with the prior authorization of the Council, if authorized by the President, but the total amount of such warrants issued between any successive regular meetings of the Council shall not exceed such an amount as the Council shall from time to time establish. All liquidated accounts and demands against the Village shall be received and audited by the Treasurer who shall enumerate them on a regular form prescribed by the Council. The Treasurer shall certify to the Council as to the correctness or incorrectness of the various amounts on such list. The Council shall authorize the issuance of warrants on the treasury for the payment of such items as shall be approved by it.
SECTION 4. All taxes accruing to the Village shall be collected by the Village Treasurer. All moneys received by any officer or employee of the Village for or in connection with the business of the Village, shall be paid promptly into the Village treasury, and shall be deposited by the Treasurer with such responsible banking institution as may be designated by the Council and furnish such security as the Council may determine, and all interest on such deposits shall accrue to the benefit of the Village. The Council shall provide for the prompt and regular payment and deposit of all Village moneys as required by this section.
SECTION 5. All fees received by any officer or employee in his official capacity shall belong to the Village except as in this Charter otherwise provided and except also where it is otherwise provided in the resolution or ordinance fixing the salary of any officer or employee.
SECTION 6. The revenues raised by general taxation upon all property in the Village or by loan to be repaid by such tax, shall be divided into such and so many funds as the Council may by ordinance or resolution determine.
SECTION 7. The Village shall provide such financial reporting as is required by State law. (Section 7 as amended November 6, 2018)
SECTION 8. On or before the 3rd Monday of April of each year, the Council shall prepare and file a proposed annual budget for the ensuing fiscal year, based upon detailed estimates furnished by the several Village officers, according to classification as nearly uniform as possible. The Council shall also prepare the following information:
(a) A comparative statement, in parallel columns, of the appropriation and expenditures for the current and next preceding fiscal year and the increases and decreases in the appropriation recommended;
(b) An itemized statement of the taxes required and of the estimated revenue of the village from all other sources, for the ensuing fiscal year, with comparative statement in parallel columns of the taxes and other revenues for the current and next preceding fiscal year, and of the increases and decreases estimated or proposed.
Summaries of such budget shall be published one week in advance of a public hearing which shall be held by the Council before adopting the same.
SECTION 9. Not later than the last day of the meeting of the Board of Review in each year, the Council shall pass an annual appropriation resolution, which shall be based on the budget as approved by the Council.
The total amount of appropriation shall not exceed the revenues of the Village as estimated by the Council. No liabilities shall be incurred by any officer or employee of the Village, except in accordance with the provisions of the annual appropriation resolution, or under continuing contracts and loans authorized under the provisions of this Charter. At any meeting after the passage of the appropriation resolution and after at lease one week's notice to the members of the Council, the Council may amend such resolution so as to authorize the transfer of unused balances appropriated for one purpose to another purpose, or to appropriate available revenues of a class not included in the annual budget.
SECTION 10. If for any cause there shall be at the end of any fiscal year a surplus in any current expense fund, such surplus may be transferred to such other fund as the Council may deem advisable.
SECTION 11. The Council, subject to the applicable provisions of law, may authorize the borrowing of money in anticipation of the payment of special assessments. Such special assessment bonds shall be both an obligation of the special assessment district and a general obligation of the Village. All collections on each special assessment roll, to the extent that the same are pledged for the payment of the principal of, and interest on, bonds issued in anticipation of the payment thereof, shall be set apart in a separate fund for the payment of such principal and interest and shall be used for no other purpose. (Section 11 as amended March 12, 1962)