A. Annual Operating Budget: The board shall annually pass an operating budget in which it shall budget sums of money as may be deemed necessary to defray all expenses and liabilities of the village for the current fiscal year. (1914 Code §§ 21-1, 21-2; amd. 2016 Code)
B. Annual Tax Levy Ordinance: The board of trustees shall, on or before the third Tuesday in September of each year, ascertain the total amount of appropriations for all corporate purposes, legally made and to be collected from the tax levy of that fiscal year and, if necessary, to levy a tax by an ordinance specifying in detail the purposes for which such appropriations are made, and the amount appropriated for each purpose, respectively, and levy the amount so ascertained upon all the property subject to taxation within the village, as the same is assessed and equalized for state and county purposes for the current year. A certified copy of such ordinance shall be filed by the village clerk with the county clerk within ten (10) days after its passage. (1914 Code § 21-3)