(A) Department established. There is hereby established a department of the municipal government of the city which shall be known as the Finance Department. It shall embrace the Finance Committee and the Treasurer.
(Prior Code, § 1-2-82)
(B) Finance Committee. The Standing Committee on Finance shall exercise a general supervision over the affairs of the Finance Department. It shall ascertain the condition and needs thereof; shall, from time to time, report the same to the Mayor and City Council so that a full understanding thereof shall be had; and, generally, shall do all the acts necessary to promote the efficiency of the Department.
(Prior Code, § 1-2-83)
(Prior Code, § 1-2-84)
(D) Money; warrants; accounts; payments.
(1) The City Treasurer shall receive all monies belonging to this city and shall pay all warrants signed by the Mayor and countersigned by the City Clerk and not otherwise and shall keep a separate account of each fund or appropriation and the debits and credits belonging thereto.
(2) The Treasurer shall give to every person paying money into the City Treasury a receipt therefor, specifying the date of payment and upon what account paid and shall file copies of such receipts with the Clerk with the monthly reports. (See 65 ILCS 5/3.1-35-40.)
(Prior Code, § 1-2-85)
(E) Warrant register. The Treasurer shall keep a register of all warrants redeemed and paid, showing the number, date, and amount of each; the fund from which paid; and the name of the person to whom and when paid, and the Treasurer shall cancel all warrants as soon as they are redeemed. (See 65 ILCS 5/3.1-35-40 and 65 ILCS 5/3.1-35-45.)
(Prior Code, § 1-2-86)
(F) Personal use of funds. The City Treasurer shall keep all money belonging to the municipality and in the Treasurer’s custody separate and distinct from the Treasurer’s own money and shall not use, either directly or indirectly, the municipality’s monies or warrants for the personal use and benefit of the Treasurer or of any other person. Any violation of this provision shall subject the Treasurer to immediate removal from office by the corporate authorities who may declare the Treasurer’s office vacant. (See 65 ILCS 5/3.1-35-55.)
(Prior Code, § 1-2-87)
(G) Bond. The Treasurer shall give bond conditioned upon the faithful performance of his or her duties and to indemnify the city for any loss due to neglect of duty or wrongful act on his or her part; and the amount of such bond shall not be less than 10% of the highest amount of taxes and special assessments received by the Treasurer during any fiscal year in the preceding five fiscal years nor less than one and one-half times the largest amount which the Council estimates will be in his or her custody at any one time nor less than three times the number of residents of the city, as determined by the last Federal Census. Such bond shall be filed with the Clerk, as required by statute. (See 65 ILCS 5/3.1-10-45.)
(Prior Code, § 1-2-88)
(H) Special assessments. The Treasurer shall collect all payments on special assessments and shall see to it that the same are properly recorded and credited to the particular account entitled thereto. (See 65 ILCS 5/3.1-35-85.)
(Prior Code, § 1-2-89)
(I) Bookkeeping. The Treasurer shall keep the books and accounts in such a manner as to show with accuracy, all monies received and disbursed for the city, stating from whom and on what account received, and to whom and on what account paid out and in such a way that the books and accounts may be readily investigated and understood, and the books and accounts and all files and papers of the office shall be, at all times, open to examination by the Mayor or the Finance Committee of the Council. (See 65 ILCS 5/3.1-35-40.)
(Prior Code, § 1-2-90)
(J) Statements. The Treasurer shall report to the corporate authorities at the regular monthly meeting a full and detailed account of all receipts and expenditures of the municipality, as shown by his or her books up to the time of the report. (See 65 ILCS 5/3.1-35-45.)
(Prior Code, § 1-2-91)
(K) Report delinquent officers. It shall be the duty of the Treasurer to report to the City Clerk any officer of the city authorized to receive money for the use of the city who may fail to make a return of the monies received by the Treasurer at the time required by law or by ordinances of the city.
(Prior Code, § 1-2-92)
(L) Year-end report.
(1) Within six months after the end of each fiscal year, the Treasurer shall prepare and file annually with the City Clerk an account of monies received and expenditures incurred during the preceding fiscal year, as specified in division (L)(2) below.
(2) The Treasurer shall show the following in such account:
(a) All monies received by the city, indicating the total amounts in the aggregate received in each account of the city, with a general statement concerning the source of such receipts; provided, however, for the purposes of this division (L)(2)(a), the term ACCOUNT shall not be construed to mean each individual taxpayer, householder, licensee, utility user, or such other persons whose payments to the city are credited to the general account;
(b) Except as provided in division (L)(2)(a) above, all monies paid out by the city where the total amount paid during the fiscal year exceeds $2,500, giving the name of each person to whom paid, on what account paid, and the total amount in the aggregate paid to each person from each account;
(c) All monies paid out by the city as compensation for personal services, giving the name of each person to whom paid, on what account paid, and the total amount in the aggregate paid to each person from each account; and
(d) A summary statement of operations for all funds and account groups of the city as excerpted from the annual financial report, as filed with the appropriate agency of the state.
(3) Upon receipt of such account from the City Treasurer, the City Clerk shall publish the account at least once in one or more newspapers published in the city. (See 65 ILCS 5/3.1-35-65.)
(4) The Treasurer shall file a copy of the report with the County Treasurer, as provided in 65 ILCS 5/3.1-35-70.
(Prior Code, § 1-2-93)
(M) Submit appropriation to City Council.
(1) The Treasurer shall, on or before May 15 in each year, and before the annual appropriations to be made by the City Council, submit to the City Council a report of the estimates as nearly as may be of monies necessary to defray the expenses of the corporation during the current fiscal year. The Treasurer shall, in said report, classify the different objects and branches of expenditures, giving as nearly as may be the amount required for each; for the purpose of making such a report, the Treasurer is hereby authorized to require of all officers their statement of the condition and expenses of their respective offices or departments with any proposed improvements, and the probable expense thereof, all contracts made and unfinished and the amount of any and all unexpended appropriations of the preceding year.
(2) The Treasurer shall, in such report, show the aggregate income of the preceding fiscal year from all sources, the amount of liabilities outstanding upon which interest is to be paid, the bonds and debts payable during the year, when due and when payable, and, in such report, shall give such other information to the City Council as he or she may deem necessary to the end that the City Council may fully understand the money exigencies and demands upon the corporation for the current year. (See 65 ILCS 5/3.1-35-115.)
(Prior Code, § 1-2-94)
(N) Deposit of funds.
(1) The Treasurer is hereby required to keep all funds and monies in his or her custody belonging to the city in such places of deposit as have been designated by division (N)(6) below. When requested by the Treasurer, the corporate authorities shall designate a bank or banks in which may be kept the funds and monies of the city in the custody of the Treasurer. When a bank or savings and loan association has been designated as a depository, it shall continue as such depository until ten days have elapsed after a new depository is designated and has qualified by furnishing the statements of resources and liabilities as required by this division (N). When a new depository is designated, the corporate authorities shall notify the sureties of the City Treasurer of that fact, in writing, at least five days before the transfer of funds. The Treasurer shall be discharged from responsibility for all funds or money that the Treasurer deposits in a designated bank or savings and loan association while the funds and money are so deposited.
(2) The City Treasurer may require any bank or savings and loan association to deposit with the Treasurer securities or mortgages that have a market value at least equal to the amount of the funds or monies of the municipality deposited with the bank or savings and loan association that exceeds the insurance limitation provided by the Federal Deposit Insurance Corporation.
(3) The City Treasurer may enter into agreements of any definite or indefinite term regarding the deposit, redeposit, investment, reinvestment, or withdrawal of municipal funds.
(4) Each City Treasurer may:
(a) Combine monies from more than one fund of a single municipality for the purpose of investing those funds; and
(b) 1. Join with other Municipal Treasurers or municipalities for the purpose of investing the municipal funds of which the Treasurer has custody. Joint investments shall be made only in investments authorized by law for the investment of municipal funds.
2. When monies of more than one fund of a single municipality or monies of more than one municipality are combined for investment purposes, the monies combined for that purpose shall be accounted for separately in all respects and the earnings from investments shall be separately and individually computed, recorded, and credited to the fund or municipality, as the case may be, for which the investment was acquired.
(5) No bank or savings and loan association shall receive public funds as permitted by this division (N), unless it has complied with the requirements established by § 6 of the Public Funds Investment Act. (See 65 ILCS 5/3.1-35-50 and 30 ILCS 235/6.)
(6) The following bank(s) are herewith designated as places of deposit where the Treasurer of the city is required to keep all funds and monies in his or her custody belonging to this municipality:
(a) The First Southern Trust Bank; and
(b) Illinois State Treasurer’s Investment Pool.
(Prior Code, § 1-2-95)
Statutory reference:
Related provisions, see 30 ILCS 235/6, 65 ILCS 5/3.1-10-45, 65 ILCS 5/3.1-30-5, 65 ILCS 5/3.1-35-40, 65 ILCS 5/3.1-35-45, 65 ILCS 5/3.1-35-50, 65 ILCS 5/3.1-35-55, 65 ILCS 5/3.1-35-65, 65 ILCS 5/3.1-35-70, 65 ILCS 5/3.1-35-85, and 65 ILCS 5/3.1-35-115