There is hereby established a department of the municipal government of the Village which shall be known as the "Finance Department." It shall embrace the Finance Committee and the Treasurer.
[Amended at time of adoption of Code (see Ch. 1, Administration, Art. I, General Code Provisions, Div. I)]
The Finance, Personnel, Insurance and Retirement Committee shall exercise a general supervision over the affairs of the Finance Department. It shall ascertain the condition and needs thereof; shall, from time to time, report the same to the Mayor and Village Board so that a full understanding thereof shall be had and, generally, shall do all the acts necessary to promote the efficiency of the Department.
The Treasurer shall be appointed for a four-year term by the Mayor with the advice and consent of the Village Board and shall serve until a successor is appointed and has qualified. The term shall be coterminous with the Mayor's term. All vacancies shall be filled in the manner prescribed for the Village Clerk in § 1-2-62 of this chapter.
The Village Treasurer shall receive all moneys belonging to this Village and shall pay all warrants and issue all checks signed by the Mayor and countersigned by the Village Clerk and not otherwise; and shall keep a separate account of each fund or appropriation and the debits and credits belonging thereto. The Treasurer shall give to every person paying money into the Village Treasury a receipt therefor, specifying the date of payment and upon what account paid, and shall file copies of such receipts with the Clerk with the monthly reports.
The Treasurer shall keep a register of all warrants redeemed and paid, showing the number, date, and amount of each, the fund from which paid, and the name of the person to whom and when paid; and the Treasurer shall cancel all warrants as soon as they are redeemed.
The Municipal Treasurer shall keep all money belonging to the municipality and in the Treasurer's custody separate and distinct from the Treasurer's own money and shall not use, either directly or indirectly, the municipality's moneys or warrants for the personal use and benefit of the Treasurer or of any other person. Any violation of this section shall subject the Treasurer to immediate removal from office by the corporate authorities, who may declare the Treasurer's office vacant.
[Amended at time of adoption of Code (see Ch. 1, Administration, Art. I, General Code Provisions, Div. I)]
The Treasurer shall give bond conditioned upon the faithful performance of his duties and to indemnify the Village for any loss due to neglect of duty or wrongful act on his part. Such bond shall be filed with the Clerk as required by statute.
The Treasurer shall collect all payments on special assessments and shall see to it that the same are properly recorded and credited to the particular account entitled thereto.
[Amended at time of adoption of Code (see Ch. 1, Administration, Art. I, General Code Provisions, Div. I)]
The Treasurer shall keep the books and accounts in such a manner as to show with accuracy all moneys received and disbursed for the Village, stating from whom and on what account received, and to whom and on what account paid out, and in such a way that the books and accounts may be readily investigated and understood, and the books and accounts and all files and papers of the office shall be, at all times, open to examination by the Mayor or the Finance, Personnel, Insurance and Retirement Committee of the Board.
The Treasurer shall report to the corporate authorities at the regular monthly meeting a full and detailed account of all receipts and expenditures of the municipality as shown by his books up to the time of the report.
It shall be the duty of the Treasurer to report to the Village Clerk any officer of the Village authorized to receive money for the use of the Village who may fail to make a return of the moneys received by the Treasurer at the time required by law or by ordinances of the Village.
[Amended at time of adoption of Code (see Ch. 1, Administration, Art. I, General Code Provisions, Div. I)]
(A) 
Within six months after the end of each fiscal year, the Treasurer shall prepare and file annually with the Village Clerk an account of monies received and expenditures incurred during the preceding fiscal year as specified in this section. The Treasurer shall show the following in such account:
(1) 
All monies received by the Village, indicating the total amounts in the aggregate received in each account of the Village, with a general statement concerning the source of such receipts; provided, however, that for the purposes of this subsection, the term "account" shall not be construed to mean each individual taxpayer, householder, licensee, utility user, or such other persons whose payments to the Village are credited to the general account; and
(2) 
Except as provided in Subsection (C) of this section, all monies paid out by the Village where the total amount paid during the fiscal year exceeds $2,500, giving the name of each person to whom paid, on what account paid, and the total amount in the aggregate paid to each person from each account; and
(3) 
All monies paid out by the Village as compensation for personal services, giving the name of each person to whom paid, on what account paid, and the total amount in the aggregate paid to each person from each account, except that the Treasurer may elect to report the compensation for personal services of all personnel by name, listing each employee in one of the following categories:
(a) 
Under $25,000;
(b) 
$25,000 to $49,999.99;
(c) 
$50,000 to $74,999.99;
(d) 
$75,000 to $99,999.99;
(e) 
$100,000 to $124,999.99; or
(f) 
$125,000 and over.
(4) 
A summary statement of operations for all funds and account groups of the Village as excerpted from the annual financial report, as filed with the appropriate state agency of the State of Illinois.
(B) 
Upon receipt of such account from the Village Treasurer, the Village Clerk shall publish the account at least once in one or more newspapers of general circulation in the Village.
[NOTE: The Treasurer shall file a copy of the report with the County Treasurer as provided in § 5/3.1-35-70 of Chapter 65 of the Illinois Compiled Statutes.]
(A) 
Designation by Board. The Treasurer is hereby required to keep all Village funds and monies in the Treasurer's custody in such depositories as shall be designated by Board ordinance from time to time. When requested by the Treasurer, the corporate authorities shall designate a bank or banks in which may be kept the funds and moneys of the Village in the custody of the Treasurer. When a bank or savings and loan association has been designated as a depository, it shall continue as such depository until 10 days have elapsed after a new depository is designated and has qualified by furnishing the statements of resources and liabilities as required by this section. When a new depository is designated, the corporate authorities shall notify the sureties of the Municipal Treasurer of that fact, in writing, at least five days before the transfer of funds. The Treasurer shall be discharged from responsibility for all funds or money that the Treasurer deposits in a designated bank or savings and loan association while the funds and money are so deposited.
(B) 
The Municipal Treasurer may require any bank or savings and loan association to deposit with the Treasurer securities or mortgages that have a market value at least equal to the amount of the funds or moneys of the municipality deposited with the bank or savings and loan association that exceeds the insurance limitation provided by the Federal Deposit Insurance Corporation.
[Amended at time of adoption of Code (see Ch. 1, Administration, Art. I, General Code Provisions, Div. I)]
(C) 
The Municipal Treasurer may enter into agreements of any definite or indefinite term regarding the deposit, redeposit, investment, reinvestment, or withdrawal of municipal funds.
(D) 
Each Municipal Treasurer may:
(1) 
Combine moneys from more than one fund of a single municipality for the purpose of investing those funds; and
(2) 
Join with other municipal treasurers or municipalities for the purpose of investing the municipal funds of which the Treasurer has custody.
Joint investments shall be made only in investments authorized by law for the investment of municipal funds. When moneys of more than one fund of a single municipality or moneys of more than one municipality are combined for investment purposes, the moneys combined for that purpose shall be accounted for separately in all respects and the earnings from investments shall be separately and individually computed, recorded, and credited to the fund or municipality, as the case may be, for which the investment was acquired.
(E) 
No bank or savings and loan association shall receive public funds as permitted by this section unless it has complied with the requirements established by § 6 of the Public Funds Investment Act.[1]
[1]
Editor's Note: See 30 ILCS 235/6.
(F) 
In addition to any other investments or deposits authorized under this Code, municipalities are authorized to invest the funds and public moneys in the custody of the Municipal Treasurer in accordance with the Public Funds Investment Act.[2]
[Added at time of adoption of Code (see Ch. 1, Administration, Art. I, General Code Provisions, Div. I)]
[2]
Editor's Note: See 30 ILCS 235/0.01 et seq.