On or before the first Monday in March, each village officer shall submit to the Village Manager an itemized estimate of the expenditures for the next fiscal year, for the department or activities under his control. The Village Manager shall prepare a complete itemized budget proposal for the next fiscal year and shall submit it to the Council at its first regular meeting in April.
(Adopted 3-13-67)
The budget document shall present a complete financial plan for the ensuing fiscal year. It shall include at least the following information:
(a) Detailed estimates of all proposed expenditures for each department and office of the village showing the expenditures for corresponding items for the current and last preceding fiscal year, including contingent, miscellaneous or other similar fund expenditures, with reasons for increases and decreases recommended, as compared with appropriations for the current year.
(b) Statements of the bonded and other indebtedness of the village, showing the debt redemption and interest requirement, the debt authorized and unissued, and the condition of sinking funds, if any;
(c) Detailed estimates of all anticipated income of the village from sources other than taxes and borrowing, with a comparative statement of the amounts received by the village from each of the same or similar sources for the last preceding and current fiscal year;
(d) A statement of the estimated balance or deficit, as the case may be, for the end of the current fiscal year;
(e) An estimate of the amount of money to be raised from current and delinquent taxes and the amount to be raised from bond issues which, together with income from other sources, will be necessary to meet the proposed expenditures and commitments of the village government during the ensuing year;
(f) Such other supporting schedules as the Council may deem necessary.
(Adopted 3-13-67)
A copy of the budget proposal shall be on file and available to the public in the office of the Clerk during regular office hours for a period of not less than one (1) week prior to the adoption of the budget by the Council. Notice of the requirement that the budget proposal is so required to be filed shall be published by the Clerk in a legal newspaper of general circulation in the village not less than fifteen (15) days prior to the adoption of the budget by the Council; provided, however, that failure to give such notice shall not invalidate the adoption of any budget.
(Adopted 3-13-67)
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