Section
General Provisions
34.01 Adoption of accounting standards
34.02 NSF check fee
34.03 Annual appropriation
Investment Policy
34.15 Policy and scope
34.16 Prudence
34.17 Objective
34.18 Delegation of authority
34.19 Ethics and conflicts of interest
34.20 Authorized financial dealers and institutions
34.21 Authorized and suitable investments
34.22 Collateralization
34.23 Safekeeping and custody
34.24 Diversification
34.25 Maximum maturities
34.26 Internal control
34.27 Performance standards
34.28 Reporting
34.29 Marking to market
34.30 Investment policy adopted
Taxation
34.45 Sales tax
34.46 Use tax
34.47 Insurance premium tax
34.48 Municipal cannabis retailers’ occupation tax
Statutory reference:
Retailer’s occupation tax, see 65 ILCS 5/8-11-1
Municipal use tax, see 65 ILCS 5/8-11-6
Prohibiting taxation by political subdivisions on insurance business, see 215 ILCS 5/415
GENERAL PROVISIONS
(A) The village hereby adopts the financial formats and disclosures of Statement Number 34 of the Government Accounting Standards Board (GASB- 34) on a modified cash basis without a management discussion and analysis statement.
(B) (1) All governmental funds shall be accounted for on a modified cash basis.
(2) All enterprise funds shall be accounted for on an accrual basis by an accounting firm.
(Res. 05-05, passed 6-7-2005)
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