The fiscal year shall be as established by ordinance of the
Council. Whenever the fiscal year is changed by ordinance, the same
ordinance shall specify an orderly transition procedure for all financial
and budgeting controls.
The Council shall cause a Township Financial Plan to be prepared
for each fiscal year. The Financial Plan shall be the basis for financial
operation of the Township during the fiscal year The Township Financial
Plan shall be comprised of the following parts:
A. The Operating Budget. The Operating Budget shall define all anticipated
revenues and operating expenditures for the fiscal year. The Budget
shall be in such detail as specified in the Administrative Code. The
budget must disclose the source and amount of all anticipated Township
revenues and the nature and amount of expenditures for each operating
department. Available surpluses from prior years shall be included
in anticipated revenues. The Budget shall not authorize expenditures
to an amount greater than the total anticipated revenues.
B. The Capital Program. The Capital Program shall define all expenditures
for capital improvements to be made during the five fiscal years next
ensuing. Supporting information as to the necessity of such improvements
shall be provided in the program. The estimated annual cost of operating
and maintaining facilities to be constructed or acquired shall be
provided in the program. These costs will be included in the appropriate
Operating Budgets. The Capital Program may be revised and extended
each year with regard to improvements still pending or in process.
C. Statement of Debt. The Statement of Debt shall describe the type
of instrument of each indebtedness and the terms thereof. Proposed
additional indebtedness shall be similarly described. The projects
necessitating such debt or other reasons for incurring such debt shall
be defined.
D. The Financial Plan Explanation. The explanation shall discuss the
Financial Plan both in fiscal terms and in terms of the programs and
services to be provided. The explanation shall include:
(1)
An outline of the proposed financial policies of the Township
for the ensuing fiscal year, describing important aspects of the financial
plan;
(2)
A description of major changes from current financial policies,
expenditures and revenues together with the reasons for such changes;
(3)
A summary of the Township's present debt position and projected
debt position; and
(4)
Such other material as the Council deems desirable.
[Amended 11-5-1996]
The proposed Township Financial Plan shall be submitted to the
Council at a public meeting at least sixty days prior to the beginning
of the ensuing fiscal year. It shall be made available for public
inspection at the Township Building during regular business hours.
A public hearing shall be held not less than thirty days prior to
the adoption of a final Township Plan. Not less than ten days prior
to said public hearing, the Council shall advertise:
A. A summary of the Financial Plan;
B. A statement of when and where copies of the complete Financial Plan
are available for inspection; and
C. The time and place of the public hearing on the final Financial Plan.
The Financial Plan shall be adopted at a public meeting by the
majority of the Council. It shall then become the Financial Plan of
the Township for the ensuing fiscal year. The plan shall be adopted
at least ten days prior to the beginning of the fiscal year. Should
the Council fail to adopt a Financial Plan within the specified period,
the Township shall operate on the basis of the current fiscal year's
plan, prorating expenses at the rate of one-twelfth of each defined
operating expenditure per month. The Capital Program shall be similarly
pro-rated based upon the current year's program. These pro-ratings
shall be used until the Council adopts a final Township Financial
Plan.
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Every appropriation, except an appropriation for a capital expenditure,
shall lapse at the close of the fiscal year to the extent that it
has not been expended or encumbered. An appropriation for a capital
expenditure shall continue in force until the purpose for which it
was made has been accomplished. If three years pass without any disbursement
from or encumbrance of the capital appropriation, it shall lapse.
The Council shall provide by ordinance the procedures and the
accounting required for the receipt, deposit or disbursement of all
monies due to or payable by the Township.
The Township Auditors shall conduct an annual audit.
Council shall provide for an independent audit of all Township
accounts at least every four years.
All such audits shall be conducted by a certified public accountant.
All audits, including the independent audits, shall be made public
and advertised.