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").
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.
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.