[Amended 7-12-2001 by Ord. No. 9-01; 7-8-2003 by Ord. No. 20-03]
At the first Village Board meeting in November of each year, the Village Administrator, with the assistance of the Village Clerk-Treasurer, shall prepare and submit to the Village Board a proposed budget presenting a financial plan for conducting the affairs of the Village for the ensuing year. Before preparing the proposed budget, the Administrator shall consult with the heads of Village departments, and with Village officials, and shall then determine the total amount to be recommended in the budget for each Village department or activity.
A. 
The proposed budget shall include the following information:
(1) 
The actual expenditures of each department and activity for the expired portion of the current year and last preceding fiscal year and the estimated expense of conducting each department and activity of the Village for the remainder of the current year and ensuing fiscal year, with reasons for any proposed increase or decrease as compared with actual and estimated expenditures for the current year.
(2) 
An itemization of all anticipated income of the Village from sources other than general property taxes and bond issues, with a comparative statement of the amounts received by the Village from each of the same or similar sources for the last preceding and current fiscal years.
(3) 
All existing indebtedness of the Village, including the amount of interest payable and principal to be redeemed on any outstanding general obligation bonds of the Village and any estimated deficiency in the sinking fund of any such bonds during the ensuing fiscal year.
(4) 
An estimate 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.
(5) 
Such other information as may be required by the Village Board and by state law.
B. 
The Village Board shall provide a reasonable number of copies of the budget thus prepared for distribution to citizens.
[Amended 7-12-2001 by Ord. No. 10-01; 7-8-2003 by Ord. No. 20-03]
The Village Administrator, with the assistance of the Village Clerk-Treasurer, shall submit to the Village Board, with the annual budget, a draft of an appropriation resolution providing for the expenditures proposed for the ensuing fiscal year. Before adoption of a final appropriation resolution, the Village Board shall hold a public hearing on the budget and the proposed appropriation resolution, as required by law.
[Amended 7-8-2003 by Ord. No. 20-03]
Upon written recommendation of the Village Administrator, the Village Board may at any time by a two-thirds vote of the entire membership transfer any portion of an unencumbered balance of an appropriation to any other purpose or object. Notice of such transfer shall be given by posting.
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 resolution and changes therein authorized in accordance with § 15-4 of this article. 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 shall have been accomplished or abandoned.