(70 ILCS 3615/3B.10) (from Ch. 111 2/3, par. 703B.10)
Sec. 3B.10. Budget and Program. The Commuter Rail Board, subject to
the powers of the Authority in Section 4.11, shall control the finances
of the Division. It shall by ordinance appropriate money to perform the
Division's purposes and provide for payment of debts and expenses of the
Division. Each year the Commuter Rail Board shall prepare and publish a
comprehensive annual budget and proposed five-year capital
program document, and a financial plan for
the two years thereafter describing the state of the Division and presenting
for the forthcoming fiscal year and the two following years the Commuter
Rail Board's plans for such operations and capital expenditures as the Commuter
Rail Board intends to undertake and the means by which it intends to finance
them. The proposed budget,
financial plan, and five-year capital program shall be based on the Authority's
estimate of funds to be made available to the Commuter Rail Board by or through
the Authority and shall conform in all respects to the requirements established
by the Authority. The proposed budget, financial plan, and five-year capital program shall contain a statement
of the funds estimated to be on hand at the beginning of the fiscal year,
the funds estimated to be received from all sources for such year and the
funds estimated to be on hand at the end of such year.
The fiscal year of the Division shall be the same as the fiscal
year of the Authority. Before the proposed budget,
financial
plan, and five-year capital program are submitted to the Authority, the Commuter Rail Board shall hold
at least one public hearing thereon in each of the counties in the metropolitan
region in which the Division provides service. The Commuter Rail Board
shall hold at least one meeting for consideration of the proposed budget, financial plan, and five-year capital plan with the county board of each of the several counties in the
metropolitan region in which the Division provides service. After conducting
such hearings and holding such meetings and after making such changes in
the proposed budget, financial plan, and five-year capital plan
as the Commuter Rail Board deems appropriate,
the board shall adopt its annual budget ordinance at least by November 15 next
preceding
the beginning of each fiscal year. The budget,
financial
plan, and five-year capital program
shall then be submitted to the Authority as provided in Section 4.11.
In the event that the Board of the Authority determines that the budget
and program, and financial plan do not meet the standards of Section 4.11,
the Commuter Rail Board shall make such changes as are necessary to meet
such requirements and adopt an amended budget ordinance. The amended budget
ordinance shall be resubmitted to the Authority pursuant to Section 4.11. The ordinance
shall appropriate such sums of money as are deemed necessary to defray all
necessary expenses and obligations of the Division, specifying purposes
and the objects or programs for which appropriations are made and the amount
appropriated for each object or program. Additional appropriations, transfers
between items and other changes in such ordinance which do not alter the
basis upon which the balanced budget determination was made by the Board
of the Authority may be made from time to time by the Commuter Rail Board.
The budget shall:
(i) show a balance between (A) anticipated revenues from all sources including operating |
| subsidies and (B) the costs of providing the services specified and of funding any operating deficits or encumbrances incurred in prior periods, including provision for payment when due of principal and interest on outstanding indebtedness;
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(ii) show cash balances including the proceeds of any anticipated cash flow borrowing
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| sufficient to pay with reasonable promptness all costs and expenses as incurred;
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(iii) provide for a level of fares or charges for the public transportation provided by
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| or subject to the jurisdiction of such Commuter Rail Board sufficient to allow the Commuter Rail Board to meet its required system generated revenue recovery ratio;
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(iv) be based upon and employ assumptions and projections which the Board of the
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| Authority finds to be reasonable and prudent;
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(v) have been prepared in accordance with sound financial practices as determined by the
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(vi) meet such other uniform financial, budgetary, or fiscal requirements that the Board
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| of the Authority may by rule or regulation establish; and
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(vii) be consistent with the goals and objectives adopted by the Regional Transportation
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| Authority in the Strategic Plan.
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(Source: P.A. 95-708, eff. 1-18-08.)
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