The fiscal year of the Village shall begin on the first day
of July each year and end on the 30th day of June of the following
year. The fiscal year may be changed by ordinance, which shall provide
for a revised schedule of budget and other fiscal timing, to coincide
with the fiscal year.
On or before the first regular meeting in May of each year,
the Village Manager shall submit to the Village Council a budget for
the ensuing fiscal year and an accompanying budget message.
The Village Manager's message shall explain the budget
in both fiscal terms and in terms of the work programs. It shall outline
the proposed financial policies of the Village for the ensuing year,
describe the important features of the budget, indicate any major
changes from the current year in financial policies, expenditures,
and revenues together with the reasons for such changes, summarize
the Village's debt position and include such other material as
the Village Manager deems desirable.
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expenditure shall continue in force until expended, revised or repealed;
the purpose of any such appropriation shall be deemed abandoned if
three years pass without any disbursement from or encumbrance of the
appropriation.
No payment shall be made or obligation incurred against any
allotment or appropriation except in accordance with appropriations
duly made and unless the Village Manager or his/her designee first
certifies that there is a sufficient unencumbered balance in such
allotment or appropriation and that sufficient funds therefrom are
or will be available to cover the claim or meet the obligation when
it becomes due and payable. Any authorization of payment or incurring
of obligation in violation of the provisions of this Charter shall
be void and any payment so made illegal. A violation of this provision
shall be cause for removal of any officer who knowingly authorized
or made such payment or incurred such obligation. Such officer may
also be liable to the Village for any amount so paid. Except where
prohibited by law, however, nothing in this Charter shall be construed
to prevent the making or authorizing of payments or making of contracts
for capital improvements to be financed wholly or partially by the
issuance of bonds or to prevent the making of any contract or lease
providing for payments beyond the end of the fiscal year, but only
if such action is made or approved by ordinance.
An independent audit shall be made of all accounts of the Village
government at the close of each fiscal year. Special independent audits
may be made at any time that the Council may designate. All audits
shall be made by a certified public accountant or firm of such accountants
who have no personal interest, direct or indirect, in the fiscal affairs
of the Village government or any of its officials or officers. The
results of such audits shall be made public in such manner as the
Council may determine, but at a minimum, they shall be available for
inspection at the office of the Village Clerk/Treasurer.
Copies of the budget, capital program and appropriation and
revenue ordinances shall be public records and shall be made available
to the public at the Village Hall or another suitable place(s) in
the Village.