[Adopted 2-13-2018 by Ord. No. 2018-05]
Effective immediately and for the Village's fiscal year 2018-2019
and thereafter, the Village shall operate under the Budget Officer
system as set forth in 65 ILCS 5/8-2-9.1 through 5/8-2-9.10, as may
be amended from time to time (the "Budget Officer System Law").
A.
There is created hereby the position of Budget Officer in the Village
of Bannockburn. The Budget Officer shall be appointed by the Village
President, with the approval of the corporate authorities. The Budget
Officer shall also serve as finance director of the Village.
B.
The Budget Officer may receive the compensation established from
time to time by the Village President and Board of Trustees. Such
Budget Officer shall serve at the pleasure of the Village President
and Board of Trustees.
C.
The Budget Officer shall have the powers and duties provided for
in the Budget Officer System Law and shall be responsible for compiling
an annual budget in accordance with the Budget Officer System Law.
D.
Before entering upon the duties of the office of Budget Officer,
the Budget Officer shall take an oath of office and shall execute
and file with the Village Treasurer/Finance Commissioner a faithful
performance of duty crime policy or bond with security in the penal
sum of $500,000. The policy shall be payable to the Village and shall
be conditioned upon the faithful performance of the duties of the
office of Budget Officer, according to law and the ordinances of the
Village. The premiums for such policy shall be paid by the Village.
The Budget Officer shall have the following powers and duties:
A.
To permit, encourage, and establish efficient planning, budgeting,
auditing, reporting, accounting, and other fiscal management procedures
in all municipal departments, commissions, and boards;
B.
To compile an annual budget;
C.
To examine all books and records of all Village departments, commissions,
and boards which relate to monies received and paid out by the Village,
its departments, commissions, and boards and debts and accounts receivable,
amounts owed by or to the Village, its departments, commissions, and
boards;
D.
To obtain such additional information from the Village, its departments,
commissions, and boards as may be useful for purposes of compiling
a municipal budget, such information to be furnished by the Village,
its departments, commissions, and boards in the form required by the
Budget Officer;
E.
To establish and maintain such procedures as shall ensure that no
expenditures are made by the Village, its departments, commissions,
or boards, except as authorized by the budget; and
F.
To perform such other duties and activities as may be required under
the Budget Officer System Law.
The Budget Officer shall compile a budget which contains estimates
of revenues available to the Village for the fiscal year for which
the budget is drafted, together with recommended expenditures for
the Village and all of its departments, commissions, and boards. Revenue
estimates and expenditure recommendations shall be presented in a
manner which is in conformity with good fiscal management practices.
Substantial conformity to a chart of accounts recommended by the National
Committee on Governmental Accounting, the Auditor of Public Accounts
of the State of Illinois, or the Division of Local Government Affairs
and Property Taxes of the Department of Revenue of the State of Illinois
or successor agencies thereof shall be deemed proof of such conformity.
The budget shall contain actual or estimated revenues and expenditures
for the two years immediately preceding the fiscal year for which
the budget is prepared. So far as is possible, the fiscal data for
such two preceding fiscal years shall be itemized in the manner which
is in conformity with the chart of accounts recommended above. Each
budget shall show the specific fund from which each anticipated expenditure
shall be made.
A.
Passage of the annual budget by the corporate authorities shall be
in lieu of passage of the appropriation ordinance as required by statute.
B.
The annual budget shall be published in the manner provided for in § 28-32 of this chapter and the Budget Officer System Law.
C.
The annual budget shall be adopted by the corporate authorities before
the beginning of the fiscal year to which it applies.
A.
In the preparation of the budget by the Budget Officer, an amount
not to exceed 3% of the equalized assessed value of property subject
to taxation by the Village may be accumulated in a separate fund for
the purpose or purposes of specific capital improvements, repairs,
and/or replacement of specific types of municipal equipment or other
tangible property, both real and personal, to be designated as the
"Capital Improvement, Repair or Replacement Fund." The Capital Improvement,
Repair or Replacement Fund shall be in addition to any funds created
by a special service area, bond issuance, or related to other sources
of restricted revenues.
B.
Expenditures from the Capital Improvement, Repair or Replacement
Fund shall be budgeted in the fiscal year in which the capital improvement,
repair or replacement will occur.
C.
Upon the completion or abandonment of any project, or in the event
any surplus monies remain after the completion or abandonment of any
project for which the Capital Improvement, Repair or Replacement Fund
was instituted, then such funds no longer necessary for capital improvement,
repair or replacement shall be transferred to the General Corporate
Fund of the Village on the first day of the fiscal year following
such abandonment or completion, or discovery of surplus funds.
A.
The Village Board of the Village may delegate authority to heads
of Village departments, commissions, and boards to delete, add to,
change or create subclasses within object classes budgeted previously
to the department, board, or commission, subject to such limitation
or requirement for prior approval by the Budget Officer, as the Village
Board, upon a two-thirds vote of its members then holding office,
may establish.
B.
By a vote of 2/3 of the members of the Village Board then holding
office, the annual budget for the Village may be revised by deleting,
adding to, changing, or creating subclasses within object classes
and object classes themselves.
C.
No revision of the budget shall be made increasing the total budget
in the event funds are not available to effectuate the purpose of
the revision.
The annual budget may contain money set aside for contingency
purposes not to exceed 10% of the total budget, less the amount set
aside for contingency purposes, which monies may be expended for contingencies
upon a majority vote of the Village Board members then holding office.
A.
The President and Village Board shall make the tentative annual budget
conveniently available to public inspection for at least 10 days prior
to the passage of the annual budget by publication in the journal
of the proceedings of the corporate authorities or in such other form
as the President and Village Board may prescribe.
B.
Not less than one week after the publication of the tentative annual
budget, and prior to final action on the budget, the President and
Village Board of the Village shall hold at least one public hearing
on the tentative annual budget, after which hearing or hearings the
tentative annual budget may be further revised and passed without
any further inspection, notice or hearing.
C.
Notice of the public hearing shall be given by publication in a newspaper
having a general circulation in the Village at least one week prior
to the time of the hearing or as otherwise required by the Budget
Officer System Law.
A.
Beginning with the Village's 2018-2019 fiscal year, any reference
in the Village of Bannockburn Municipal Code to an "appropriation
ordinance" shall be deemed to refer to the annual budget.
