[HISTORY: Adopted by the Board of Trustees of the Village of Dwight as Ch. 8, Art. II of the 1999 Code. Amendments noted where applicable.]
[Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. IV)]
A. 
Passage of the annual budget by the corporate authorities shall be in lieu of the passage of the Appropriation Ordinance as required by Section 65 ILCS 5/8-2-9. The annual budget shall be adopted by the corporate authorities before the beginning of the Fiscal Year to which it applies.
B. 
The corporate authorities may delegate authority to heads of municipal departments, boards, or commissions to delete, add to, change or create sub-classes within object classes budgeted previously to the department, board, or commission, subject to such limitation or requirement for prior approval by the Village Administrator as the Board of Trustees, upon a 2/3 vote of the members of the Board of Trustees then holding office may establish. By a 2/3 vote of the Board of Trustees then holding office, the annual budget for the municipality may be revised by deleting, adding to, changing or creating sub-classes within object classes and object classes themselves. No revision of the budget shall be made increasing the budget in the event funds are not available to effectuate the purpose of the revision.
C. 
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 the majority vote of the Board of Trustees then holding office.
D. 
In preparing the annual budget for the Village of Dwight from year to year, the Trustees of the Village Board of Dwight shall appropriate the minimum sum of $10,000 from the general fund for recreation purposes, including but not limited to park and water-based recreation programs. The above appropriation shall be in addition to amounts levied from time to time under the Park and Recreation Tax levy previously approved in a referendum by voters of the Village of Dwight. This section shall apply to levies commencing with the 1973 fiscal year and continue thereafter until amended or revoked by the Trustees of the Village Board of Dwight.
The corporate authorities 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 corporate authorities may prescribe. Not less than one week after the publication of the tentative annual budget, and prior to final action on the budget, the corporate authorities shall hold at least one public hearing on the tentative annual budget, after which hearing or hearings the tentative budget may be further revised and passed without further inspection, notice or hearing. Notice of the hearing shall be given by publication in a newspaper having a general circulation in the municipality of the Village of Dwight at least one week prior to the time of the hearing.
Following the conclusion of each fiscal year the Village Administrator shall prepare and submit to the Village Board of Trustees an Annual Report of the financial condition of the Village and a summary of revenues and expenditures or the preceding Fiscal Year.
A certified copy of the tax levy ordinance shall be filed with the County Clerk not later than the second Tuesday in September. Such ordinance shall show the total appropriated for each item and the amount of tax levied therefore.
No indebtedness shall be incurred, excepting such indebtedness as may be payable solely from the proceeds of a duly authorized bond issue or from a designated specified source, unless there is a prior appropriation out of which such indebtedness could be paid, as provided by statute.
The President, or any other person designated by the corporate authorities may sign on behalf of the Village any contract authorized by the corporate authorities. No contract may be entered into without the authority of the said authorities.
All bills payable by the Village, other than for the payment of salaries established by the corporate authorities, shall be submitted to the President and Board of Trustees for approval before payment.
The Treasurer shall pay out money in payment of all bills, or any other purpose other than the retirement of principle or interest on bonds or tax anticipation warrants only upon warrant signed by the President and the Clerk as provided by statute. Such warrants shall designate the items to be paid and the funds from which they are to be paid.
[Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. IV)]
As soon as practicable at the close of each fiscal year, and no later than six months thereafter, there shall be an audit of all accounts of the Village made by a competent person authorized to act as an auditor under the laws of Illinois, and appointed by the corporate authorities. Copies of such audit report shall be filed with the Village Clerk and with the State Comptroller and in such other places as may be required by law.