§ 14-23. Itemized budget; procedures; hearing.

(a)

Departmental estimates. When requested by the village president and village board or village clerk-treasurer, each officer, department and committee shall annually file with the village clerk-treasurer an itemized statement of disbursements made to carry out the powers and duties of such officer, department or committee during the preceding fiscal year, and 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; also detailed estimates of the same matters for the current fiscal year and for the ensuing fiscal year. Such statements shall be presented in the form prescribed by the village clerk-treasurer and shall be designated as "departmental estimates," and shall be as nearly uniform as possible for the main division of all departments.

(b)

Finance committee to prepare budget. On or before October 20 each year, the finance committee, with the assistance of the village clerk-treasurer, shall prepare a proposed budget presenting a financial plan for conducting the affairs of the village for the ensuing year.

(c)

Form of proposed budget. The proposed budget shall be in the following form:

(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 bonds issued, 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 year.

(3)

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.

(4)

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.

(5)

Such other information as may be required by the village board and by state law.

(d)

Copies of budget. The village shall provide a reasonable number of copies of the budget thus prepared for distribution to citizens.

(e)

Hearing. A public hearing shall be held for the budget.

(1)

The village president and village clerk-treasurer shall submit to the board at the time the annual budget is submitted the draft of an appropriation ordinance providing for the expenditures proposed for the ensuing fiscal year. Upon the submission of the proposed appropriation ordinance to the village board it shall be deemed to have been regularly introduced therein.

(2)

A summary of such budget and notice of the time and place where such budget and detail are available for public inspection and notice of the time and place for holding the public hearing thereon, shall be published in a newspaper of general circulation in the village at least ten days prior to the time of such public hearing.

(3)

Not less than ten days after the publication of the proposed budget and the notice of hearing thereon, the public hearing shall be held at the time and place stipulated, at which time any resident or taxpayer of the village shall have an opportunity to be heard on the proposed budget. The budget hearing may be adjourned from time to time. Following the public hearing, the proposed appropriation ordinance may be changed or amended and shall take the same course in the village board as other ordinances.

(Code 1984, § 2-5-3)