(a) ILCS Ch. 65, Act 5, §§ 8-2-9.1 through 8-2-9.9, as now in effect and hereafter amended, providing for the adoption of an annual budget and providing for the designation of a budget officer, be and they are hereby adopted and incorporated by reference for the Village of Richton Park, Cook County, Illinois.
(b) There is hereby created the office of Budget Officer who shall be designated by the President with the approval of the Village Board. The Budget Officer shall have the powers and duties of a budget officer provided for in ILCS Ch. 65, Act 5, §§ 8-2-9.2 and 8-2-9.3 now in effect and as hereafter amended. The Budget Officer may also serve as Village Treasurer. In addition:
(1) The Budget Officer may make adjustments and transfers between line items within any separate category or fund within the budget up to the amount of three thousand dollars ($3,000.00), so long as such transfer does not affect the total approved budget amount within said fund, division or category. The Budget Officer shall thereafter promptly report such adjustments and transfers to the Village Board.
(2) Line item adjustments within a budget category, division or fund over three thousand dollars ($3,000.00), or any other amendments or adjustments to the budget, shall be presented to the Village Board for its approval.
(3) Any single purchase item or contract not specifically identified in the annual budget with a cost greater than $10,000 must be approved by the Board of Trustees, with the exclusion of bulk commodity items used for budgeted expenditures, or emergency expenditures to replace damaged equipment or facilities.
(4) The Budget Officer is required to solicit bids, quotes or proposals from at least three competent vendors for any single purchase item or contract with a cost greater than $5,000, with the following exceptions:
A. Items or services purchased through or in cooperation with another governmental agency that competitively bid the service or item;
B. After a reasonable search, three competent vendors cannot be found;
C. The Village has a long term relationship with a competent vendor or service provider; or
D. Emergency expenditures to replace damaged equipment or facilities.
(5) Public improvement construction contracts are subject to ILCS Ch. 65, Act 5, § 8-9-1 et seq.
(6) The Village Board shall receive monthly and year-to-date budget reports identifying the status and balance of budget line items.
(7) The Budget Officer shall provide a quarterly report on the status of budgeted revenues, expenditures, or other activities as well as Budget Officer approved amendments.
(Ord. 1162. Passed 11-10-03.)