A.
Prior
to the commencement of each fiscal year a budget for the Village shall
be prepared and the same will be presented to and approved by the
Board of Trustees.
B.
The
annual budget shall present a complete financial plan for the ensuing
fiscal year and shall include at least the following information:
1.
A budget message describing the important features of the budget
and major changes from the preceding year;
2.
Estimated revenues to be received from all sources for the budget
year, with a comparative statement of actual or estimated revenues
for the two (2) years next preceding, itemized by year, fund and source;
3.
Proposed expenditures for each department, office, commission, and
other classification for the budget year, together with a comparative
statement of actual or estimated expenditures for the two (2) years
next preceding, itemized by year, fund, activity and object;
4.
The amount required for the payment of interest, amortization and
redemption charges on the debt of the Village; and
5.
A general budget summary.
C.
In
no event shall the total proposed expenditures from any fund exceed
the estimated revenues to be received plus any unencumbered balance
or less any deficit estimated for the beginning of the budget year;
provided, that nothing herein shall be construed as requiring the
Village to use any cash balance as current revenue or to change from
a cash basis of financing its expenditures.
A.
The
budget shall be prepared under the direction of a Budget Officer.
Except as otherwise provided by law or ordinance, the Budget Officer
shall be designated by the Board of Trustees of the Village. All officers
and employees shall cooperate with and provide to the Budget Officer
such information and such records as he/she shall require in developing
the budget. The Budget Officer shall review all the expenditure requests
and revenue estimates, after which he/she shall prepare the proposed
budget as defined herein.
B.
After
the Budget Officer has prepared the proposed budget, he/she shall
submit it, along with such supporting schedules, exhibits, and other
explanatory material as may be necessary for the proper understanding
of the financial needs and position of the Village, to the Board of
Trustees. He/she shall submit at the same time complete drafts of
such orders, motions, resolutions or ordinances as may be required
to authorize the proposed expenditures and produce the revenues necessary
to balance the proposed budget.
The Board of Trustees may revise, alter, increase or decrease
the items contained in the proposed budget, subject to such limitations
as may be provided by law; provided, that in no event shall the total
authorized expenditures from any fund exceed the estimated revenues
to be received plus any unencumbered balance or less any deficit estimated
for the beginning of the budget year. Except as otherwise provided
by law, the Board of Trustees shall, before the beginning of the fiscal
year, approve the budget and approve or adopt such orders, motions,
resolutions or ordinances as may be required to authorize the budgeted
expenditures and produce the revenues estimated in the budget.
After the Village has approved the budget for any year and has
approved or adopted the orders, motions, resolutions or ordinances
required to authorize the expenditures proposed in the budget, the
Village shall not increase the total amount authorized for expenditure
from any fund, unless the Board of Trustees adopts a resolution setting
forth the facts and reasons making the increase necessary and approves
or adopts an order, motion, resolution or ordinance to authorize the
expenditures.
[CC 1995 §22.160]
The Budget Committee and the Village Clerk shall prepare a financial
statement of the Village as to the correct monies received and spent
for publication semi-annually. The financial statement may be published
in a local newspaper.
