Section 1. The fiscal year of the Village shall begin on the first 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 the 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 or her and of the particular fund into which or from which said money is paid. He or she shall pay out no money except upon warrant issued as in this Charter provided. He or she shall, at least once every three (3) 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 or she 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 Village Clerk countersigned by the Village 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 the 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 Village 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 institutions 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 or her 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. Within two (2) weeks next preceding any annual Village election, the Council shall make out or have made out a statement in detail of the receipts and expenditures of the corporation during the preceding fiscal year, which statement shall distinctly show the amount of all taxes raised during the year for all purposes, and the amount raised for each fund; the items and amounts received from all other sources during the year; the several items of all expenditures made during the year and the objects thereof, classifying the same for each purpose separately; and such other information as shall be necessary to a full understanding of the financial concerns of the Village. Said statement shall be signed by the Village President and the Village Clerk and shall be filed in the office of the Village Clerk.
Section 8. On or before the first Monday of May 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 a classification as nearly uniform as possible. The Council shall also prepare the following information:
(1) 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:
(2) 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 statements 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 (1) week in advance of a public hearing which shall be held by the Council before adopting the same.
(Amended 3-12-84)
Section 9. Council shall pass an annual appropriation resolution, which shall be within budgeted revenues. The total amount of appropriation shall not exceed the revenues of the Village as estimated by the Council. No liabilities shall be incurred by an 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 least one (1) 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 (1) purpose to another purpose, or to appropriate available revenues or a class not included in the annual budget.
(Amended 3-13-95)
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 provision of law, may authorize the borrowing of money in anticipation of the payment of special assessments made for the purpose of the construction or improvement of highways, streets and alleys within the Village. 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.
(Amended 3-12-62)
Section 12. The Council, subject to the applicable provisions of the law, may borrow money and issue general obligation bonds of the Village to finance the improvement of streets in the Village with the approval by a three-fifths (3/5) vote of the electors of the Village voting upon the question at an annual or special Village election.
(Amended 3-9-64; 3-13-95)