(A) The Board of Trustees shall pass an ordinance within the first quarter of each fiscal year, to be termed the annual appropriation ordinance. On and after January 1, 2020, if a disaster, state of emergency, or national emergency is declared within the 60 days preceding the end of the first quarter of a municipality's fiscal year and the disaster, emergency, or declaration impacts the municipality, the time limit to pass the annual appropriation ordinance shall be extended for the duration of the disaster or emergency and for 60 days thereafter. During the extended period, the municipality may expend sums of money up to amounts budgeted or appropriated for those objects and purposes in the previous fiscal year to defray all necessary expenses and liabilities of the municipality. In this ordinance the Board may appropriate sums of money deemed necessary to defray all necessary expenses and liabilities of the village, including the amounts to be deposited in the reserves provided for in the State Pension Code, 40 ILCS 5/1-101 et seq., and shall specify the objects and purposes for which these appropriations are made, and the amount appropriated for each object or purpose. Among the objects and purposes specified shall be the reserves provided for in the State Pension Code.
(B) Except as provided in § 33.03, no further appropriations shall be made at any other time within the same fiscal year, unless a proposition to make each additional appropriation has been first sanctioned by a petition signed by electors of the village numbering more than 50% of the number of votes cast for the candidates for President at the last preceding general village election at which a President was elected, by a petition signed by them, or by a majority of those voting on the question at a regular election or at an emergency referendum authorized in accordance with the general election law. The Board of Trustees may by ordinance initiate the submission of the proposition. During any fiscal year, the Board may adopt a supplemental appropriation ordinance in an amount not in excess of the aggregate of any additional revenue available to the municipality, or estimated to be received by the municipality after the adoption of the annual appropriation ordinance for that fiscal year, or from fund balances available when the annual appropriation ordinance was adopted but that were not appropriated at that time. The provisions of this section prohibiting further appropriations without sanction by petition or election shall not be applicable to the supplemental appropriation for that fiscal year. The Board at any time, however, by a two-thirds vote of all the members, may make transfers within any department or other separate agency of the village government of sums of money appropriated for one corporate object or purpose to another corporate object or purpose, but no appropriation for any object or purpose shall thereby be reduced below an amount sufficient to cover all obligations incurred or to be incurred against the appropriation. Nothing in this section shall deprive the corporate authorities of the power to provide for and cause to be paid from the funds of the municipality any charge imposed by law without the action of the Board, the payment of which is ordered by a court of competent jurisdiction.
(C) At least ten days prior to the adoption of the annual appropriation ordinance, the Board of Trustees of all villages over 2,000 in population shall make the proposed appropriation ordinance or a formally prepared appropriation or budget document upon which the annual appropriation ordinance will be based conveniently available to public inspection and shall hold at least one public hearing thereon. Notice of this hearing shall be given publication in one or more newspapers published in the village, or if there is none published in the village, in a newspaper published in the county and having general circulation in the village, at least ten days prior to the time of the public hearing. The notice shall state the time and place of the hearing and the place where copies of the proposed appropriation ordinance or formally prepared appropriation or budget document will be accessible for examination. The annual appropriation ordinance may be adopted at the same meeting at which the public hearing is held or at any time after that public hearing.
(D) After the public hearing and before final action is taken on the appropriation ordinance, the Board may revise, alter, increase, or decrease the items contained in the ordinance.
(E) Notwithstanding any provision of this section, any village in which 65 ILCS 5/5-1-1 et seq. becomes effective after the annual appropriation ordinance has been passed for the current fiscal year may amend the appropriation ordinance in any manner necessary to make 65 ILCS 5/5-1-1 et seq. fully operative in that village for that fiscal year. However, no such amendment shall be construed to affect any tax levy made on the basis of the original appropriation ordinance.
(65 ILCS 5/8-2-9)
(F) The Board of Trustees shall file with the County Clerk within 30 days of their adoption a certified copy of its appropriation and budget ordinances or resolutions, as well as an estimate, certified by the chief fiscal officer of the village, of revenues, by source, anticipated to be received by the village in the following fiscal year. If the Board fails to file the required documents, the County Clerk shall have the authority, after giving timely notice of the failure to the village, to refuse to extend the tax levy until the documents are so filed. In determining the amount of maximum tax authorized to be levied, the assessed valuation of the current year of property as assessed and reviewed by the village assessment officials, as equalized or confirmed by the state, shall be used.
(35 ILCS 200/18-50)