Illinois General Assembly - Illinois Compiled Statutes

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110 ILCS 805/3-20.1

(110 ILCS 805/3-20.1) (from Ch. 122, par. 103-20.1)

Sec. 3-20.1.

The board of each community college district shall within or before the
first quarter of each fiscal year, adopt an annual budget which it deems
necessary to defray all necessary expenses and liabilities of the district,
and in such annual budget shall specify the objects and purposes of each
item and amount needed for each object or purpose. The board of each community college district shall file a written or electronic copy of the annual budget with the State Board.

The budget shall contain a statement of the cash on hand at the
beginning of the fiscal year, an estimate of the cash expected to be
received during such fiscal year from all sources, an estimate of the
expenditures contemplated for such fiscal year, and a statement of the
estimated cash expected to be on hand at the end of such year. The estimate
of taxes to be received may be based upon the amount of actual cash
receipts that may reasonably be expected by the district during such fiscal
year, estimated from the experience of the district in prior years and with
due regard for other circumstances that may substantially affect such
receipts. Nothing in this Section shall be construed as requiring any
district to change or preventing any district from changing from a cash
basis of financing to a surplus or deficit basis of financing; or as
requiring any district to change or preventing any district from changing
its system of accounting.

The board of each community college district shall fix a fiscal year. If
the beginning of the fiscal year of a district is subsequent to the time
that the tax levy for such fiscal year shall be made, then such annual
budget shall be adopted prior to the time such tax levy shall be made.

Such budget shall be prepared in tentative form by some person or
persons designated by the board, and in such tentative form shall be made
conveniently available to public inspection for at least 30 days prior to
final action thereon. At least one public hearing shall be held as to such
budget prior to final action thereon. Notice of availability for public
inspection and of such public hearing shall be given by publication in a
newspaper published in such district, at least 30 days prior to the time of
such hearing. If there is no newspaper published in such district, notice
of such public hearing shall be given by publication in a newspaper having general circulation within the district. It shall be the duty of the
secretary of the board to make the tentative budget available to public
inspection, and to arrange for such public hearing. The board may from time
to time make transfers between the various items in any fund not exceeding
in the aggregate 10% of the total of such fund as set forth in the budget. The board may amend the annual budget from time to time  at a regular meeting of the board if public notice of any amendment is provided pursuant to the Open Meetings Act.

(Source: P.A. 100-884, eff. 1-1-19.)