The following budget policies are hereby adopted and shall be followed in the administration of the business of the village:
(A) The village will adopt and maintain a balanced budget in which expenditures will not be allowed to exceed reasonably estimated revenues and other available funds at the same time maintaining recommended fund balances.
(B) Budget preparation will be directed by specific goals and objectives as developed by the president, board of trustees and departments.
(C) As part of the annual budget review process, the village comptroller will project fund revenues and expenditures for two (2) years beyond the budget year and the village board will compare the projected balances to prior expectations, which will assist the village in identifying potential problems and provide time to correct or address such problems.
(D) The proposed budget will be prepared in a manner maximizing understanding by citizens and public officials, and copies will be made available to all interested parties. A public hearing will be conducted prior to approval of the budget.
(E) The village comptroller's office will prepare and maintain a system of regular monthly reports comparing actual revenues and expenditures to budgeted amounts for each department; and if any nonbudgeted expenditure is to be undertaken, it must be offset with a corresponding increase in revenue or an adjusted budgeted expense or a deferral of a budgeted expenditure.
(F) The board finance committee, with assistance from the village comptroller's office, will produce a five (5) year revenue and expenditure projection annually or as often as possible. (Ord. 2015-13, 10-1-2015)