A. Compilation And Contents Of Budget: The municipal budget officer shall compile a budget, such budget to contain 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 the village 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 now or in the future recommended by the national committee on governmental accounting, the auditor of public accounts of the state, or the division of local governmental affairs and property taxes of the department of revenue of the state or successor agencies shall be deemed proof of such conformity. The budget shall contain actual or estimated revenues and expenditures for the last 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 a manner which is in conformity with the chart of accounts approved above. Each budget shall show the specific fund from which each anticipated expenditure shall be made. (1965 Code § 1-18-3)
B. Passage Of Annual Budget; Effect: Passage of the annual budget by the trustees shall be in lieu of passage of the appropriation ordinance as required by section 8-2-9 of the Illinois municipal code. The annual budget need not be published except in a manner provided for in section 8-2-9.9 of said code. The annual budget shall be adopted by the corporate authorities before the beginning of the fiscal year to which it applies. (1965 Code § 1-18-4)
C. Capital Improvements, Repairs And/Or Replacements: In the preparation by the municipal budget officer of the annual budget, 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 replacements of specific types of village equipment or other tangible property, both real and personal, to be designated as the "capital improvement, repair or replacement fund". 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. Upon completion or abandonment of any object for which the capital improvement, repair or replacement fund was expended, or should any surplus monies remain after the completion or abandonment of any object for which the capital improvement, repair or replacement was inaugurated, then such funds no longer necessary for capital improvement, repair or replacement shall be transferred into the general corporate fund of the village on the first day of the fiscal year following such abandonment, completion, or discovery of surplus funds. (1965 Code § 1-18-5)
D. Revision Of Annual Budget: The village board of trustees may delegate authority to heads of 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 or executive officer of the village, as the village board of trustees, upon a two-thirds (2/3) vote of the village board then holding office, may establish. By a vote of two-thirds (2/3) of the members of the village board of trustees 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. No revision of the budget shall be made increasing the budget in the event funds are not available to effectuate the purpose of the revision. (1965 Code § 1-18-6)
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 trustees then holding office. (1965 Code § 1-18-7)
F. Public Inspection, Notice And Hearing On Budget: The trustees shall make the tentative annual budget conveniently available to public inspection for at least ten (10) days prior to passage of the annual budget, by publication in the journal of the proceedings or in such other form as the village board of trustees may prescribe. Not less than one week after the publication of the tentative annual budget and prior to final action on the budget, the trustees shall hold at least one public hearing on the tentative annual budget, after which hearing or hearings the tentative budget may be further revised and passed without any further inspection, notice or hearing. Notice of this hearing shall be given by publication in a newspaper having a general circulation in the village at least one week prior to the time of the hearing. (1965 Code § 1-18-8)
G. Abandonment: After adoption of the provisions of this section and section 3-1-1 of this chapter, said sections may be abandoned by a two-thirds (2/3) majority vote of the village board of trustees then holding office. (1965 Code § 1-18-9)