ARTICLE II. FINANCIAL ACCOUNTS AND REPORTS (2-32-100 et seq.)

2-32-100 Fiscal and municipal year.

   The fiscal year and the municipal year of the city shall commence on the first day of January in each year.

(Prior code § 7-12)

2-32-105 Fund appropriation ordinances – Effective date.

   Notwithstanding any contrary provision of state law or prior ordinance, an ordinance appropriating funds for use by the city or any of its agencies shall take effect upon its passage and approval by the mayor. Approval by the mayor may be in any manner authorized in Article 3 of the Illinois Municipal Code, as amended.

(Added Coun. J. 12-9-92, p. 24273)

2-32-110 Accounting system – Auditing and reports.

   The books of account and all other public records and documents of the city relating to the finances shall conform to the classification of standard accounts established by the comptroller in an official manual of accounting which shall be published and kept always on file in the office of the comptroller. Appropriations made under any of the general classifications set forth in said official manual of accounting shall be deemed to be for the items in detail as set forth in said manual. The comptroller shall have power to establish subsidiary and supporting groups of standard accounts as he may deem expedient.

   All departments, bureaus, boards, officers and persons connected with the city government shall adopt and put into effect the system of accounting and auditing provided for, and are hereby required to make their reports and accounts conform to the classification herein provided for or as the same may hereafter be changed by the comptroller in conformity with the power conferred on him, and are also required to use the books and forms prescribed by the comptroller.

(Prior code § 7-13)

2-32-120 Reimbursements to the corporate fund.

   The budget director and the city comptroller shall determine, according to generally acceptable accounting practices, those expenses paid out of the corporate fund for services or expenses that are chargeable to other funds described in the annual appropriation ordinance. The corporate fund shall be reimbursed for such expenses from amounts appropriated for that purpose. In no event shall reimbursements from a fund exceed the appropriations made from that fund for that purpose.

(Added Coun. J. 12-11-91, p. 10832)

2-32-130 Reporting on bond transactions.

   The chief financial officer or the comptroller shall report in writing to the committee on finance, by the first business day of each January, April, July and October, regarding bonds (as defined herein) as follows: (i) for bonds issued during the immediately preceding quarter, the report shall describe the principal amounts, interest rates, maturities, redemption terms and prices for such bonds and any other determinations made by the chief financial officer or the comptroller pursuant to authority granted by the ordinance authorizing such bonds; and (ii) for bonds for which an authorizing ordinance has been adopted by the city council but which have not yet been issued, the report shall describe the plans, if any, to issue such bonds during the next quarter. As used in this section, the term "bonds" shall mean (i) the following types of bonds issued or to be issued by the City: general obligation bonds, tax increment revenue bonds, special assessment revenue bonds, airport revenue bonds, sales tax revenue bonds, motor fuel tax revenue bonds, water revenue bonds and wastewater transmission revenue bonds and (ii) any obligations issued or to be issued by a corporation, trust, or other entity established by the City pursuant to an ordinance adopted by the City Council on October 11, 2017 and in accordance with Division 13 of Article 8 of the Illinois Municipal Code, codified at 65 ILCS 5/8-13-5, et seq., for the limited purpose of issuing obligations for the benefit of the City.

(Added Coun. J. 1-13-16, p. 16268, § 22; Amend Coun. J. 10-5-16, p. 32565, § 22; Amend Coun. J. 10-11-17, p. 55903, § 7)

Editor's note – Coun. J. 12-4-02, p. 99026, § 1.3, repealed former § 2-32-130, which pertained to appropriations for bureau of sewers.