(A) Whenever it appears to the Chief Administrative Officer or the Village Council that actual and probable revenues in any fund will be less than the estimated revenues upon which appropriations from such fund were based, the Chief Administrative Officer shall present to the Village Council recommendations, which, if adopted, will prevent expenditures from exceeding available revenues for the current fiscal year. Such recommendations shall include proposals for reducing appropriations, increasing revenues or both.
(B) Within 20 days of receiving this information the Village Council shall amend the budget resolution by reducing appropriations or approving such measures as are necessary to provide revenues sufficient to equal appropriations, or both. The amendment shall recognize the requirements of state law. If the Village Council does not make effective such measures within this time, the Chief Administrative Officer shall, within the next five days and as a temporary measure until the Council takes action to amend the budget resolution, make adjustments in appropriations in order to equalize appropriations and estimated revenues and report such action to the Village Council.
(Ord. 147, passed 5-19-2004)