A. Compilation And Contents Of Budget: 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, commissions, and boards. Revenue estimates and expenditure recommendations shall be presented in a manner which is in conformity with good fiscal management practices. Substantial conformity to a chart of accounts recommended by the National Committee on Governmental Accounting, the Auditor of Public Accounts of the State of Illinois, or the Division of Local Government Affairs and Property Taxes of the Department of Revenue of the State of Illinois or successor agencies thereof shall be deemed proof of such conformity. 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. So far as is possible, the fiscal data for such two (2) preceding fiscal years shall be itemized in the manner which is in conformity with the chart of accounts recommended above. Each budget shall show the specific fund from which each anticipated expenditure shall be made.
B. Passage Of Annual Budget; Effect:
1. Passage of the annual budget by adoption of an appropriate ordinance 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.
2. The annual budget shall be published in the manner provided for in subsection F of this section.
3. The annual budget shall be adopted by the Corporate Authorities before the beginning of the fiscal year to which it applies.
C. Capital Improvement, Repair Or Replacement Fund:
1. In the preparation of the budget by the budget officer, an amount not to exceed three percent (3%) of the equalized assessed value of property subject to taxation by the Village 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".
2. 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.
3. Upon the completion or abandonment of any project, or in the event any surplus monies remain after the completion or abandonment of any project for which the Capital Improvement, Repair or Replacement Fund was instituted, then such funds no longer necessary for capital improvement, repair or replacement shall be transferred to the General Corporate Fund of the Village on the first day of the fiscal year following such abandonment or completion, or discovery of surplus funds.
D. Revision Of Annual Budget:
1. The Village Board may delegate authority to heads of Village departments, boards or commissions, to delete, add to, change or create subclasses within object classes budgeted previously to the department, board, or commission, subject to such limitation or requirement for prior approval by the budget officer, as the Village Board, upon a two-thirds (2/3) vote of the Corporate Authorities then holding office, may establish.
2. By a vote of two-thirds (2/3) of the members of the Corporate Authorities then holding office, the annual budget for the Village may be revised by deleting, adding to, changing, or creating subclasses within object classes and object classes themselves.
3. No revision of the budget shall be made increasing the total budget in the event funds are not available to effectuate the purpose of the revision.
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, less the amount set aside for contingency purposes, which monies may be expended for contingencies upon a majority vote of the Corporate Authorities then holding office.
F. Public Inspection, Notice And Hearing On Budget:
1. The Corporate Authorities shall make the tentative annual budget conveniently available to 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 Corporate Authorities may prescribe.
2. Not less than one (1) week after the publication of the tentative annual budget, and prior to final action on the budget, the Corporate Authorities shall hold at least one (1) 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.
3. Notice of the public hearing shall be given by publication in a newspaper having a general circulation in the Village at least one (1) week prior to the time of the hearing. (Ord. 2014-36, 11-25-2014)