There is hereby established a department of the municipal government
of the City which shall be known as the Finance Department. It shall
embrace the City Council Committee on Finance and the City Treasurer.
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 City Council so that a full understanding thereof
shall be had; and generally shall do all the acts necessary to promote
the efficiency of the Department.
The Treasurer shall be elected at the same election as the Mayor
for a four-year term and shall serve until his successor is elected
and has qualified. If a vacancy occurs in the office, it shall be
filled by the Mayor, with the advice and consent of the City Council.
The person so appointed shall hold office for the unexpired term of
the officer elected.
The City Treasurer shall receive all moneys belonging to this
City and shall pay all warrants signed by the Mayor and countersigned
by the City Clerk and not otherwise and shall keep a separate account
of each fund or appropriation and the debits and credits belonging
thereto. He shall give to every person paying money into the City
Treasury a receipt therefor, specifying the date of payment and upon
what account paid, and he shall file copies of such receipts with
the Clerk with his monthly reports.
The Treasurer shall keep a register of all warrants redeemed
and paid by him, 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 he shall cancel all warrants as soon as redeemed by him.
The Treasurer shall keep all moneys in his hands belonging to
this City separate and distinct from his own money and he shall not
use, either directly or indirectly, the City moneys or warrants in
his custody and keeping for his own use and benefit, or that of any
other person. Any violation of this section shall subject the Treasurer
to removal from office by the City Council.
The Treasurer shall give bond conditioned upon the faithful
performance of his duties and to indemnify the City 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 Council estimates will be in his custody
at any one time, nor less than three times the number of residents
of the City, as determined by the last Federal Census. Such bond shall
be filed with the Clerk as required by statute.
All moneys received by the City Treasurer on any special tax
or special assessment shall be held by the Treasurer as a special
fund to be applied to the payment of the improvement for which such
special tax or special assessment was made, and said money shall be
used for no other purpose whatsoever, except to reimburse the City
for money expended for such improvement.
The Treasurer shall keep his books and accounts in such a manner
as to show with accuracy all moneys received and disbursed by him
for the City, 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 his office shall be, at all
times, open to examination by the Mayor, the Finance Committee and/or
any member of the City Council.
The Treasurer shall report to the corporate authorities at the
first 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.
It shall be the duty of the Treasurer to report to the City
Clerk any officer of the City authorized to receive money for the
use of the City who may fail to make a return of the moneys received
by the Treasurer at the time required by law or by ordinances of the
City.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
Within six months of the close of the fiscal year, the Treasurer
shall make out and file with the City Clerk annually a full and detailed
report as stipulated in 65 ILCS 5/3.1-35-65 of all the receipts and
expenditures of the municipality as shown by his books and of his
transactions as such Treasurer during the preceding fiscal year; and
he shall, in such report, include a summary of all funds and account
groups as excerpted from the annual audit report prepared by the auditors
and filed with the appropriate state agency or agencies, which report
the City Clerk shall publish as required by law.
A.
Designation by Council. The Treasurer is hereby required to keep
all funds and moneys in his custody belonging to the City in such
places of deposit as have been designated by the City's Investment
Policy.[1] When requested by the Treasurer, the corporate authorities
shall designate a bank or banks in which may be kept the funds and
moneys of the City in the custody of the Treasurer. When a bank 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 as provided by law. When a new depository is designated,
the corporate authorities shall notify the sureties of the Treasury
of that fact in writing at least five days before the transfer of
funds.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
B.
Qualifications of bank. No bank shall be qualified to receive City
funds or moneys until it has furnished the corporate authorities with
copies of the last two sworn statements of resources and liabilities
which the bank is required to furnish to the Illinois Auditor General
or to the State Comptroller. Each bank designated as a depository
for such funds or moneys shall, while acting as such depository, furnish
the corporate authorities with a copy of all statements of resources
and liabilities which it is required to furnish to the Illinois Auditor
General or to the State Comptroller.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
C.
Discharge from responsibility. The Treasurer shall be discharged
from responsibility for all funds or moneys which he deposits in a
designated bank while the funds and moneys are so deposited. If City
funds or moneys are deposited in a designated bank, however, the amount
of such deposits shall not exceed 75% of the bank's capital stock
and surplus, and the Treasurer shall be responsible for funds or moneys
deposited in the bank in excess of this limitation.[2]
