[Code 1993, § 3.03]
(a) 
Departmental estimates. Annually, at a time specified by the Village Board, the Village administration shall file the following with the Village Board:
(1) 
An itemized statement of disbursements made to carry out the powers and duties of such officer, department or committee during the preceding fiscal year;
(2) 
A detailed statement of the receipts and disbursements on account of any special fund under the supervision of such officer, department or committee during such year and of the conditions and management of such fund; and
(3) 
Detailed estimates of the same matters for the current and ensuing fiscal years.
(b) 
Preparation of proposed budget.
(1) 
Preparer. The Village administration shall annually prepare a proposed budget presenting a financial plan for conducting the affairs of the Village for the ensuing fiscal year.
(2) 
Required information. The budget shall include the following information:
a. 
The expense of conducting each department and activity of the Village for the ensuing fiscal year and corresponding items for the current year and last preceding fiscal year, with reasons for any increase and decrease recommended as compared with appropriations for the current year.
b. 
An itemization of all anticipated income of the Village from sources other than general property taxes and bonds issued, with a statement comparing the amounts received by the Village from each of the same or similar sources for the last preceding and current fiscal years.
c. 
An itemization of the amount of money to be raised from general property taxes, which, with income from other sources, will be necessary to meet the proposed expenditures.
d. 
Such other information as may be required by the Village Board and law.
(3) 
Copies required. The Village shall provide a reasonable number of copies of the prepared budget for distribution to citizens.
(c) 
Hearing. The Village Board shall hold a public hearing on the budget, as required by law.
(d) 
Action by Village Board. Following the public hearing, the proposed budget may be changed or amended and shall take the same course in the Village Board as ordinances.
[Code 1993, § 3.04]
The amount of the tax to be levied or certified and the amounts of the various appropriations, and the purposes thereof, shall not be changed after approval of the budget, except by a two-thirds vote of all the members of the Village Board. Notice of such change shall be given by posting.
[Code 1993, § 3.05]
No money shall be drawn from the treasury of the Village, nor shall any obligation for the expenditure of money be incurred, except in pursuance of the annual appropriation in the adopted budget or when changed as authorized by § 2-272. At the close of each fiscal year, any unencumbered balance of an appropriation shall revert to the general fund and shall be subject to reappropriation, but appropriations may be made by the Village Board, to be paid out of the income of the current year, in furtherance of improvements or other objects or works which will not be completed within such year, and any such appropriation shall continue in force until the purpose for which it was made has been accomplished or abandoned.