The fiscal year of the Village shall begin on the first day
of July each year and end on the 30th day of June of the following
year. The fiscal year may be changed by ordinance, which shall provide
for a revised schedule of budget and other fiscal timing, to coincide
with the fiscal year.
On or before the first regular meeting in May of each year,
the Village Manager shall submit to the Village Council a budget for
the ensuing fiscal year and an accompanying budget message.
The Village Manager's message shall explain the budget
in both fiscal terms and in terms of the work programs. It shall outline
the proposed financial policies of the Village for the ensuing year,
describe the important features of the budget, indicate any major
changes from the current year in financial policies, expenditures,
and revenues together with the reasons for such changes, summarize
the Village's debt position and include such other material as
the Village Manager deems desirable.
A.
The budget shall provide a complete financial plan of all Village
funds and activities for the ensuing fiscal year and, except as required
by law or this Charter, shall be in such form as the Village Manager
deems desirable or the Village Council may require. The budget shall
begin with a clear general summary of its contents; shall show in
detail all estimated income, indicating the proposed property tax
levy and all proposed expenditures, including debt service, for the
ensuing fiscal year; and shall be so arranged as to show comparative
figures for actual and estimated income and expenditures of the current
fiscal year and actual and estimated income and expenditures of the
preceding fiscal year. It shall indicate in separate sections:
(1)
The proposed goals and objectives and expenditures for current operations
during the ensuing fiscal year, detailed for each fund by organization
unit, and program, purpose or activity, and the method of financing
such expenditures;
(2)
Proposed capital expenditures during the ensuing fiscal year, detailed
for each fund by organization unit when practicable, and the proposed
method of financing such expenditures; and
(3)
The anticipated income and expense and profit and loss for the ensuing
year for each utility or other enterprise fund operated by the Village.
A.
Notice and hearing. The Village Council shall publish a general summary
of the budget and a notice stating:
B.
Amendment before adoption. After the public hearing, the Village
Council may adopt the budget with or without amendment. In amending
the budget, it may add or increase programs or amounts and may delete
or decrease any programs or amounts, except expenditures required
by law, for debt service, or for an estimated cash deficit, provided
that no amendment to the budget shall increase the authorized expenditures
to an amount greater than total estimated income.
C.
Adoption. The Village Council shall adopt the budget on or before
the 15th day of June.
A.
Supplemental appropriations. If during the year the Village Manager
certifies that there are available for appropriation revenues in excess
of those estimated in the budget, the Village Council by resolution
may make supplemental appropriations for the year up to the amount
of such excess.
B.
Reduction of appropriations. If at any time during the fiscal year
it appears probable to the Village Manager that the revenues or fund
balances available will be insufficient to finance the expenditures
for which appropriations have been authorized, the Village Manager
shall report to the Council without delay. The Village Manager shall
indicate the estimated amount of the deficit, any remedial action
taken by the Manager, and recommendations as to any other steps to
be taken. The Council shall then take such further action as it deems
necessary to prevent any deficit and for that purpose it may by resolution
reduce one or more appropriations.
C.
Transfer of appropriations. At any time during the fiscal year the
Village Council may by resolution transfer part or all of the unencumbered
appropriation balance from one department or major organizational
unit to the appropriation for other departments or major organizational
units. The Manager may transfer part or all of any unencumbered appropriation
balances among programs within a department or organizational unit
and shall report such transfers to the Council in writing in a timely
manner.
D.
Limitation; effective date. No appropriation for debt service may
be reduced or transferred, and no appropriation may be reduced below
any amount required by law to be appropriated or by more than the
amount of the unencumbered balance thereof. The supplemental and emergency
appropriations and reduction or transfer of appropriations authorized
by this section may be made effective immediately upon adoption.
Every appropriation, except an appropriation for a capital expenditure,
shall lapse at the close of the fiscal year to the extent that it
has not been expended or encumbered. An appropriation for a capital
expenditure shall continue in force until expended, revised or repealed;
the purpose of any such appropriation shall be deemed abandoned if
three years pass without any disbursement from or encumbrance of the
appropriation.
No payment shall be made or obligation incurred against any
allotment or appropriation except in accordance with appropriations
duly made and unless the Village Manager or his/her designee first
certifies that there is a sufficient unencumbered balance in such
allotment or appropriation and that sufficient funds therefrom are
or will be available to cover the claim or meet the obligation when
it becomes due and payable. Any authorization of payment or incurring
of obligation in violation of the provisions of this Charter shall
be void and any payment so made illegal. A violation of this provision
shall be cause for removal of any officer who knowingly authorized
or made such payment or incurred such obligation. Such officer may
also be liable to the Village for any amount so paid. Except where
prohibited by law, however, nothing in this Charter shall be construed
to prevent the making or authorizing of payments or making of contracts
for capital improvements to be financed wholly or partially by the
issuance of bonds or to prevent the making of any contract or lease
providing for payments beyond the end of the fiscal year, but only
if such action is made or approved by ordinance.
An independent audit shall be made of all accounts of the Village
government at the close of each fiscal year. Special independent audits
may be made at any time that the Council may designate. All audits
shall be made by a certified public accountant or firm of such accountants
who have no personal interest, direct or indirect, in the fiscal affairs
of the Village government or any of its officials or officers. The
results of such audits shall be made public in such manner as the
Council may determine, but at a minimum, they shall be available for
inspection at the office of the Village Clerk/Treasurer.
A.
Submission to Village Council. The Village Manager shall prepare
and submit to the Village Council a five-year capital program no later
than the final date for submission of the budget. The Village Manager
may also consider projecting the capital program out over a longer
period of time, if possible.
B.
Contents.
(1)
The capital program shall include:
(a)
A clear general summary of its contents;
(b)
A list of all capital improvements and capital expenditures
which are proposed to be undertaken during the five fiscal years next
ensuing, with appropriate supporting information as to the necessity
of each;
(c)
Cost estimates and recommended time schedules for each improvement
or other capital expenditure;
(d)
Method of financing, upon which each capital expenditure is
to be reliant; and
(e)
The estimated annual cost of operating and maintaining the facilities
to be constructed or acquired.
(2)
The above shall be revised and extended each year with regard to
capital improvements still pending or in process of construction or
acquisition.
A.
Notice and hearing. The Village Council shall publish in accordance with § C-35B the general summary of the capital program and a notice stating:
B.
Adoption. The Village Council by resolution shall adopt the capital
program with or without amendment after the public hearing and on
or before the 15th day of June.
Copies of the budget, capital program and appropriation and
revenue ordinances shall be public records and shall be made available
to the public at the Village Hall or another suitable place(s) in
the Village.
