(65 ILCS 5/8-2-2) (from Ch. 24, par. 8-2-2)
Sec. 8-2-2.
Prior to November 15 of each year, the mayor in municipalities
specified in Section 8-2-1 shall submit to the corporate authorities the
executive budget for the ensuing fiscal year as prepared by the budget
director of the municipality and approved by the mayor. The executive
budget, as the same may be revised or altered by the corporate authorities,
shall provide the basis upon which the annual appropriation ordinance is
prepared and enacted.
The budget document shall set forth estimates, by classes, of all
current assets and liabilities of each fund of the municipality, as of the
beginning of the fiscal year, for which appropriations are to be made, and
the amount of those assets which will be available for appropriation in
that year, either for expenditures or charges to be made or incurred during
that year or for liabilities unpaid at the beginning thereof. Estimates of
taxes to be received from the levies of prior years shall be net, after
deducting the amounts estimated to be sufficient to cover the loss and cost
of collecting these taxes. These amounts shall include (1) uncollectible
taxes, (2) the cost of collecting taxes, (3) the amount of these taxes for
the nonpayment of which real estate has been or will be forfeited to the
State, and (4) the abatement in the amount of these taxes extended or to be
extended upon the collector's books. In order to secure net estimates there
also shall be deducted the principal of all unpaid tax anticipation
warrants and all interest accrued thereon and an amount estimated to be
sufficient to cover all interest to accrue thereon until redemption of
these tax anticipation warrants. Estimates of the liabilities of the
respective funds shall include (1) all final judgments, including accrued
interest thereon, entered against the municipality and unpaid at the
beginning of the fiscal year for which the appropriations are made, (2) any
amount for which the corporate authorities of the municipality are required
to reimburse the working cash fund from the general corporate fund pursuant
to the provisions of Division 6 of this Article 8, (3) the taxes levied for
the purposes of the reserves provided for in the Illinois Pension Code, as
now or hereafter amended and (4) all other liabilities. However, for the
purpose of these estimates, judgments, for the payment of which a special
tax has been authorized by law, shall not be deemed liabilities of the
general corporate fund of the municipality. Also, estimates of taxes to be
received from the levies of the years prior to 1945 for general corporate
purposes and estimates of the liabilities of the general corporate fund
incurred prior to January 1, 1945, shall not be included in the budget
document. The budget document shall also set forth detailed estimates of
all taxes to be levied for the fiscal year for which the appropriations are
to be made, and detailed estimates of all other current revenue to be
derived from sources other than such taxes, which will be applicable to
expenditures or charges to be made or incurred during that year. All of
these estimates shall be so segregated and classified as to funds and in
such other manner as to give effect to the requirements of law relating to
the respective purposes to which these assets, taxes, and other current
revenue are applicable to the end that no expenditure shall be authorized
or made for any purpose in excess of funds lawfully available therefor.
(Source: Laws 1965, p. 2505.)
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