[Adopted as Ch. 1, Art. II, Div. VIII, of the 2015 Code]
The standing Committee on Finance shall exercise a general supervision
over the affairs of the Finance Department. It shall ascertain the
condition and needs thereof; shall, from time to time, report the
same to the Mayor and Village Board so that a full understanding thereof
shall be had and generally; and shall do all the acts necessary to
promote the efficiency of the department.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
The Treasurer shall be appointed for a two-year term by the Mayor with the advice and consent of the Village Board and shall serve until a successor is appointed and has qualified. All vacancies shall be filled in the manner prescribed for the Village Clerk in Article II, Vacancies in Office, of this chapter. (65 ILCS 5/3.1-30-5)
The Village Treasurer shall receive all monies belonging to
this Village and shall pay all warrants signed by the Mayor and countersigned
by the Village Clerk and not otherwise; and shall keep a separate
account of each fund or appropriation and the debits and credits belonging
thereto. The Treasurer shall give to every person paying money into
the Village Treasury a receipt therefor, specifying the date of payment,
and upon what account paid, and shall file copies of such receipts
with the Clerk with the monthly reports. (65 ILCS 5/3.1-35-40)
The Treasurer shall keep a register of all warrants redeemed
and paid, showing the number, date, and amount of each, the fund from
which paid, and the name of the person to whom and when paid; and
the Treasurer shall cancel all warrants as soon as they are redeemed.
(65 ILCS 5/3.1-35-40 and 5/3.1-35-45)
The Village Treasurer shall keep all money belonging to the municipality
and in the Treasurer's custody separate and distinct from the Treasurer's
own money and shall not use, either directly or indirectly, the municipality's
monies or warrants for the personal use and benefit of the Treasurer
or of any other person. Any violation of this provision shall subject
the Treasurer to immediate removal from office by the corporate authorities,
who may declare the Treasurer's office vacant. (65 ILCS 5/3.1-35-55)
The Treasurer shall give bond conditioned upon the faithful
performance of his duties and to indemnify the Village for any loss
due to neglect of duty or wrongful act on his part; and the amount
of such bond shall not be less than 10% of the highest amount of taxes
and special assessments received by the Treasurer during any fiscal
year in the preceding five fiscal years, nor less than 1 1/2
times the largest amount which the Board estimates will be in his
custody at any one time, nor less than three times the number of residents
of the Village, as determined by the last Federal Census. Such bond
shall be filed with the Clerk as required by statute. (65 ILCS 5/3.1-10-45)
The Treasurer shall collect all payments on special assessments
and shall see to it that the same are properly recorded and credited
to the particular account entitled thereto. (65 ILCS 5/3.1-35-85)
The Treasurer shall keep the books and accounts in such a manner
as to show with accuracy all monies received and disbursed for the
Village, stating from whom and on what account received, and to whom
and on what account paid out, and in such a way that the books and
accounts may be readily investigated and understood, and the books
and accounts and all files and papers of the office shall be, at all
times, open to examination by the Mayor or the Finance Committee of
the Board. (65 ILCS 5/3.1-35-40)
The Treasurer shall report to the corporate authorities, at
the regular monthly meeting, a full and detailed account of all receipts
and expenditures of the municipality as shown by his books up to the
time of the report. (65 ILCS 5/3.1-35-45)
It shall be the duty of the Treasurer to report to the Village
Clerk any officer of the Village authorized to receive money for the
use of the Village who may fail to make a return of the monies received
by the Treasurer at the time required by law or by ordinances of the
Village.
A.
Within six months after the end of each fiscal year, the Treasurer
shall prepare and file annually with the Village Clerk an account
of monies received and expenditures incurred during the preceding
fiscal year as specified in this section. The Treasurer shall show
the following in such account:
(1)
All monies received by the Village, indicating the total amounts
in the aggregate received in each account of the Village, with a general
statement concerning the source of such receipts; provided, however,
for the purposes of this subsection, the term "account" shall not
be construed to mean each individual taxpayer, householder, licensee,
utility user, or such other persons whose payments to the Village
are credited to the general account; and
(2)
Except as provided in Subsection A(3) of this section, all monies paid out by the Village where the total amount paid during the fiscal year exceeds $2,500, giving the name of each person to whom paid, on what account paid, and the total amount in the aggregate paid to each person from each account; and
(3)
All monies paid out by the Village as compensation for personal services,
giving the name of each person to whom paid, on what account paid,
and the total amount in the aggregate paid to each person from each
account; except that the Treasurer may elect to report the compensation
for personal services of all personnel by name, listing each employee
in one of the following categories:
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
(4)
A summary statement of operations for all funds and account groups
of the Village as excerpted from the annual financial report, as filed
with the appropriate state agency of the State of Illinois.
B.
Upon receipt of such account from the Village Treasurer, the Village
Clerk shall publish the account at least once in one or more newspapers
published in the Village, or, if no newspaper is published in the
Village, then in one or more newspapers having a general circulation
within the Village. (65 ILCS 5/3.1-35-65) NOTE: The Treasurer shall
file a copy of the report with the County Treasurer as provided in
65 ILCS 5/3.1-35-70.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
A.
The Treasurer shall, on or before the 15th day of May in each year,
and before the annual appropriations to be made by the Village Board,
submit to the Village Board a report of the estimates, as nearly as
may be, of monies necessary to defray the expenses of the corporation
during the current fiscal year. The Treasurer shall, in said report,
classify the different objects and branches of expenditures, giving
as nearly as may be the amount required for each; and for the purpose
of making such a report, the Treasurer is hereby authorized to require
of all officers their statement of the condition and expenses of their
respective offices or departments with any proposed improvements,
and the probable expense thereof, all contracts made and unfinished
and the amount of any and all unexpended appropriations of the preceding
year.
B.
The Treasurer shall, in such report, show the aggregate income of
the preceding fiscal year, from all sources, the amount of liabilities
outstanding upon which interest is to be paid, the bonds and debts
payable during the year, when due and when payable; and in such report
shall give such other information to the Village Board as he or she
may deem necessary to the end that the Village Board may fully understand
the money exigencies and demands upon the corporation for the current
year.
(65 ILCS 5/3.1-35-115)
A.
Designation by Board. The Treasurer is hereby required to keep all funds and monies in his or her custody belonging to the Village in such places of deposit as have been designated by Subsection F. When requested by the Treasurer, the corporate authorities shall designate a bank or banks in which may be kept the funds and monies of the Village in the custody of the Treasurer. When a bank or savings and loan association has been designated as a depository, it shall continue as such depository until 10 days have elapsed after a new depository is designated and has qualified by furnishing the statements of resources and liabilities as required by this section. When a new depository is designated, the corporate authorities shall notify the sureties of the Village Treasurer of that fact in writing at least five days before the transfer of funds. The Treasurer shall be discharged from responsibility for all funds or money that the Treasurer deposits in a designated bank or savings and loan association while the funds and money are so deposited.
B.
The Village Treasurer may require any bank or savings and loan association
to deposit with the Treasurer securities or mortgages that have a
market value at least equal to the amount of the funds or monies of
the municipality deposited with the bank or savings and loan association
that exceeds the insurance limitation provided by the Federal Deposit
Insurance Corporation.
C.
The Village Treasurer may enter into agreements of any definite or
indefinite term regarding the deposit, redeposit, investment, reinvestment,
or withdrawal of municipal funds.
D.
Combined funds and joint investments.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
(1)
Notwithstanding
any other provision of this article or any other law, the Village
Treasurer is permitted to:
(a)
Combine moneys from more than one fund of a single municipality,
risk management entity, self-insurance pool, or other intergovernmental
entity composed solely of participating municipalities for the purpose
of investing such moneys;
(b)
Join with any other official custodians or treasurers of municipal,
intergovernmental risk management entity, self-insurance pool, waste
management agency, or other intergovernmental entity composed solely
of participating municipalities for the purpose of jointly investing
the funds of which the official custodians or treasurers have custody;
and
(c)
Enter into agreements of any definite or indefinite term regarding
the redeposit, investment, or withdrawal of municipal, risk management
entity, self-insurance agency, waste management agency, or other intergovernmental
entity funds.
(2)
When
funds are combined for investment purposes as authorized in this section,
the moneys combined for those purposes shall be accounted for separately
in all respects, and the earnings from such investment shall be separately
and individually computed, recorded, and credited to the fund, municipality,
intergovernmental risk management entity, self-insurance pool, waste
management agency, or other intergovernmental entity, as the case
may be, for which the investment was acquired.
(3)
Joint
investments shall be made only in investments authorized by law for
investment of municipal funds. The grant of authority contained in
this subsection is cumulative, supplemental, and in addition to all
other power or authority granted by any other law and shall not be
construed as a limitation of any power and authority otherwise granted.
E.
No bank or savings and loan association shall receive public funds
as permitted by this section unless it has complied with the requirements
established by Section 6 of the Public Funds Investment Act. (65 ILCS
5/3.1-35-50 and 30 ILCS 235/6)
F.
The following banks are herewith designated as places of deposit
where the Treasurer of the Village is required to keep all funds and
monies in his custody belonging to this municipality:
G.
In addition
to any other investments or deposits authorized under this section,
the Village may invest the funds and public moneys in the custody
of the Village Treasurer in accordance with the Public Funds Investment
Act (30 ILCS 235/1 et seq.).
[Added at time of adoption of Code (see Ch. 1, General Provisions,
Art. I)]
