(a) Departmental estimates. When requested by the Village Administrator, Clerk, or highest elected official, as appropriate, each officer and committee shall annually file with the Village Administrator, Clerk, or highest elected official, as appropriate, an itemized statement of disbursements made to carry out the powers and duties of such officer or committee during the preceding fiscal year, and a detailed statement of the receipts and disbursements on account of any special fund under the supervision of such officer or committee during such year, and of the conditions and management of such fund; also detailed estimates of the same matters for the current fiscal year and for the ensuing fiscal year. Such statements shall be presented in the form prescribed by the Village Administrator, Clerk, or highest elected official, as appropriate, and shall be designated as “departmental estimates,” and shall be as nearly uniform as possible for the main division of all departments.
(b) Consideration of estimates. The Village President or Village Board shall consider such departmental estimates in consultation with the department head and develop a budget amount for such department or activity.
(c) Form of proposed budget.
(1) The actual expenditures of each department and activity for the expired portion of the current year, and last preceding fiscal year, and the estimated expense of conducting each department and activity of the Village for the remainder of the current year and ensuing fiscal year, with reasons for any proposed increase or decrease as compared with actual and estimated expenditures for the current year.
(2) An itemization of all anticipated income of the village from sources other than general property taxes and bonds issued, with a comparative statement of the amounts received by the village from each of the same or similar sources for the last preceding and current fiscal year.
(3) An estimate of the amount of money to be raised from general property taxes which, with income from other sources, will be necessary to meet the proposed expenditures.
(4) All existing indebtedness of the village, including the amount of interest payable and principal to be redeemed on any outstanding general obligation bonds of the village and any estimated deficiency in the sinking fund of any such bonds during the ensuing fiscal year.
(5) Such other information as may be required by the Board and by state law.
(d) Copies of budget. The Village Administrator, Clerk, or highest elected official, as appropriate, shall provide a reasonable number of copies of the budget summary thus prepared for distribution to citizens. The entire fiscal budget shall be available for public inspection in the office of the Village Administrator, Clerk, or highest elected official, as appropriate, during regular office hours.
(e) Report and hearing.
(1) The Village President and Village Board shall make a report no later than the Board’s first November meeting. The report shall include the estimated cost of improvements as well as the estimated cost of operating the various departments and all other costs, including interest charges, for which money will have to be raised by taxation during the following year.
(2) A summary of such budget and notice of the time and place where such budget and detail is available for public inspection and notice of the time and place for holding the public nearing thereon, shall be published in a newspaper of general circulation in the village or legally posted at least 15 days prior to the time of such public hearing.
(3) a. Not less than 15 days after the publication of the proposed budget and the notice of hearing thereon, the public hearing shall be held at the time and place stipulated, at which time any resident or taxpayer of the village shall have an opportunity to be heard on the proposed budget.
b. The budget hearing may be adjourned from time to time. Following the public hearing, the proposed appropriation ordinance may be changed or amended and shall take the same course in the Village Board as other ordinances.
(Prior Code, § 3-1-3)