[HISTORY: Adopted by the Village Board of the Village of Osceola
8-10-1993 by Ord. No. 7-93 as Secs. 3.03 through 3.06 of the 1993 Code. Amendments
noted where applicable.]
The calendar year shall be the fiscal year.
A.Â
Departmental estimates. When requested by the Finance
Committee, each year, each officer, department and committee shall file with
the Clerk an itemized statement of disbursements made to carry out the powers
and duties of such officer, department 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, department or committee
during such year and of the conditions and management of such fund and 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 Clerk and shall be designated as "departmental estimates" and shall
be as nearly uniform as possible for the main division of all departments.
B.Â
Finance Committee to prepare.
(1)Â
Budget to include. Each year the Finance Committee shall
prepare and submit to the Board a proposed budget presenting a financial plan
for conducting the affairs of the village for the ensuing calendar year. The
budget shall include the following information:
(a)Â
The expense of conducting each department and activity
of the village for the ensuing fiscal year and corresponding items for the
current year and last preceding fiscal year, with reasons for increase and
decrease recommended as compared with appropriations for the current year.
(b)Â
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.
(c)Â
An itemization 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.
(d)Â
Such other information as may be required by the Board
and by state law.
(2)Â
The village shall provide a reasonable number of copies
of the budget thus prepared for distribution to citizens.
C.Â
Hearing. The Finance Committee shall submit to the Board
at the time the annual budget is submitted the draft of an appropriation ordinance
providing for the expenditures proposed for the ensuing fiscal year. Upon
the submission of the proposed appropriation ordinance to the Board it shall
be deemed to have been regularly introduced therein. The Board shall hold
a public hearing on the budget and the proposed appropriation ordinance as
required by law. Following the public hearing, the proposed appropriation
ordinance may be changed or amended and shall take the same course in the
Board as ordinances.
The amount of the tax to be levied or certified, the amounts of the
various appropriations and the purposes thereof shall not be changed after
approval of the budget except by a two-thirds vote of the entire membership
of the Village Board. Notice of such transfer shall be given by publication
within 15 days thereafter in the official village newspaper.
No money shall be drawn from the treasury of the village, nor shall any obligation for the expenditure of money be incurred, except in pursuance of the annual appropriation in the adopted budget or when changed as authorized by § 9-3 of this chapter. At the close of each fiscal year, any unencumbered balance of an appropriation shall revert to the general fund and shall be subject to reappropriation, but appropriations may be made by the Board, to be paid out of the income of the current year, in furtherance of improvements or other objects or works which will not be completed within such year, and any such appropriation shall continue in force until the purpose for which it was made shall have been accomplished or abandoned.
