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A. Budget Adopted: The village prepares each year a budget in accordance with 65 Illinois Compiled Statutes 5/8-2-9.1 et seq., which has been specifically adopted by a two-thirds (2/3) vote of the village board.
B. Budget Officer; Position Created: There is hereby created the position of budget officer, and the director of finance shall serve as budget officer, appointed by the village president with the advice and consent of the board of trustees.
C. Powers And Duties Of The Budget Officer: The budget officer shall have the following powers and duties:
(1) To permit, encourage, and establish the efficient planning, budgeting, auditing, reporting, accounting, and other fiscal management procedures in all municipal departments, commissions and boards.
(2) To compile an annual budget in accordance with subsection D of this section.
(3) Examine all books and records of all village departments, commissions and boards which relate to monies received and paid out by the village, its departments, commissions and boards, and debts and accounts receivable, amounts owed by or to the village, its departments, commissions and boards.
(4) To obtain such additional information from the village, its departments, commissions and boards as may be useful for purposes of compiling a village budget. Such information shall be furnished by the village, its departments, commissions and boards in the form required by the budget officer.
(5) To establish and maintain such procedures as shall ensure that no expenditures are made by the village, its departments, commissions or boards except as authorized by the budget.
D. Budget Compilation: The budget officer shall compile a budget which contains estimates of revenues available to the village for the fiscal year for which the budget is drafted, together with recommended expenditures for the village and all of its departments, boards and commissions. Revenue estimates and expenditure recommendations shall be presented in a manner which is in conformity with good fiscal management practices. The budget shall contain actual or estimated revenues and expenditures for the two (2) years immediately preceding the fiscal year for which the budget is prepared.
E. Budget In Lieu Of Appropriation Ordinance: Passage of the annual budget by the corporate authorities shall be in lieu of passage of the appropriation ordinance as required by 65 Illinois Compiled Statutes 5/8-2-9 et seq. The annual budget shall be adopted by the corporate authorities before the beginning of the fiscal year to which it applies.
F. Capital Improvement, Repair Or Replacement Fund: In the preparation by the budget officer of the annual budget, an amount not to exceed three percent (3%) of the equalized assessed value of property subject to taxation by the village or such greater sum as may be permitted by Illinois law following the adoption of this subsection may be accumulated in a separate fund for the purpose or purposes of specific capital improvements, repairs and/or replacement of specific types of municipal equipment or other tangible property, both real and personal, to be designated as the "capital improvement, repair or replacement fund". Expenditures from the capital improvement, repair or replacement fund shall be budgeted in the fiscal year in which the capital improvement, repair or replacement will occur. Upon the completion or abandonment of any object for which the capital improvement fund was inaugurated, or should any surplus monies remain after the completion or abandonment of a capital improvement, repair or replacement, then such 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.
G. Revision Of Budget: The board of trustees do hereby delegate authority to the budget officer, if approved by the village manager, to revise the adopted budget of object classes at the program level. Revisions to the budget above the program level or from contingency must be approved by a two-thirds (2/3) vote of the board of trustees. No revision of the budget shall be made increasing the budget in the event funds are not available to effectuate the purpose of the revision.
H. Contingency Funds: The annual budget may contain money set aside for contingency purposes not to exceed ten percent (10%) of the total budget, less the amount set aside for contingency purposes, which monies may be expended upon a majority vote of the village board then holding office. Contingency funds must be transferred to the budget line item of an object class at the program level for the expenditure to be recorded.
I. Public Inspection: The village president and board of trustees of the village shall make the tentative annual budget available for public inspection for at least ten (10) days prior to the passage of the annual budget by publication in the journal of the proceedings of the corporate authorities or in such other form as the village president and board of trustees of the village may prescribe.
J. Public Hearing: Not less than one week after the publication of the tentative budget and prior to final action on the budget, the corporate authorities shall hold at least one public hearing on the tentative annual budget, after which hearing or hearings the tentative annual budget may be further revised and passed without any further inspection, notice or hearing. Notice of the hearing shall be given by publication in a newspaper having general circulation in the village at least one week prior to the time of the hearing. (Ord. 15-04-27)