A. Compilation And Contents Of Budget: On or before December 1 of each year the Budget Officer, in conjunction with the Village Manager, shall submit to the corporate authorities an annual municipal budget, such budget to contain estimates of revenues available to the municipality for the fiscal year for which the budget is drafted, together with recommended expenditures for the municipality and all of the municipality's departments, commissions and boards. Revenue estimates and expenditure recommendations shall be presented in a manner which is in conformity with good fiscal management practice and the Municipal Budget Act. Each 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. Each budget shall show the specific fund from which each anticipated expenditure shall be made.
B. 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.
C. Revisions To Budget And Delegation Of Authority: The corporate authorities may delegate authority to heads of municipal departments, boards or commissions to delete, add to or change items previously budgeted to the department, board or commission, subject to such limitation or requirement for prior approval by the Budget Officer as the corporate authorities, upon a two-thirds (2/3) vote of the corporate authorities then holding office, may establish. By a vote of two-thirds (2/3) of the members of the corporate authorities then holding office, the annual budget may be revised by deleting, adding to, changing or creating subclasses within the 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.
D. Public Hearing, Notice And Inspection Of Budget: At least one public hearing shall be held by the corporate authorities on the tentative annual budget prior to final action by the corporate authorities. Notice of this hearing shall be given by publication in a newspaper having a general circulation in the Village at least ten (10) days prior to the time of the public hearing. Copies of the tentative annual budget shall be made available for public inspection in printed or typewritten form in the office of the Village Clerk for at least ten (10) days prior to the hearing. After said hearing, the tentative budget may be further revised and passed without further notice, inspection or hearing. (Ord. G-3, 8-12-1958; Ord. G-500, 1-26-1993; Ord. G-540, 8-9-1994)