(70 ILCS 2605/5.3) (from Ch. 42, par. 324m)
Sec. 5.3.
The budget for the district shall present a complete
financial plan for the budget year. Such budget shall contain separate estimated
balance sheets for each fund of the district and shall set forth estimates of all
current assets and liabilities of each fund of the district
as of the beginning of the district's budget year and the
amounts of such assets available for appropriation in such
year, either for expenditures or charges to be made or incurred
during such 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
amount estimated to be sufficient to cover the loss and
cost of collecting such taxes, uncollectible taxes,
deferred collection of taxes, the amounts of taxes for the
non-payment of which real estate has been or shall be
forfeited to the State, and abatements in the amount of such
taxes extended or to be extended upon the collector's books
and after deducting also the principal of all tax
anticipation warrants outstanding and all interest accrued
thereon and the amounts estimated to be sufficient to cover
all interest to accrue thereon until redemption of such tax
anticipation warrants, and also the amounts necessary to
reimburse the working cash funds.
A statement shall be included showing the method
of arriving at the net tax figure. Such statement shall
include at least the following for each of the levies
for five years preceding the budget year; the gross tax
extension, the estimated net amount to be collected by
the beginning of the budget year, the estimated amount
of reserve, the estimated net amount yet to be collected,
the amount of tax anticipation warrants outstanding, the
estimated amount of interest on the tax anticipation
warrants to the estimated payment date and the estimated
amount of unencumbered cash to be collected during the
budget year.
In estimating assets available for appropriation
for current expenditures of the corporate fund, and construction
fund, only such taxes of prior years shall be
included as are anticipated to be received during the
budget year in excess of any prior obligations against
such taxes. Estimates of the liabilities of the respective
funds shall include (a) all unpaid final judgments, including
accrued interest thereon, entered against such
district (b) unpaid salaries (c) unpaid bills and (d) all
other liabilities.
Such budget shall also set forth detailed estimates
of all taxes to be levied for such budget year and of all
other current receipts to be derived from sources other
than such taxes, which shall be applicable to expenditures
or charges to be made or incurred during such budget year.
All such estimates shall be so segregated and classified
as to funds and in such other manner as to give effect
to the requirements of laws relating to the respective
purposes to which such assets and taxes and other current
receipts are applicable to the end that no expenditure
shall be authorized or made for any purpose in excess of
funds lawfully available therefor. Such budget shall indicate
for the last known fiscal year, the actual receipts
received from the several sources of current receipts and
the estimated receipts from such sources for the current
year.
Budget estimates shall be prepared and appropriations
shall be made in a manner that reflects the utilization
of program and performance principles and unit cost
data. Appropriations shall be arranged according to funds
and programs and also according to organization units. Such
appropriations shall specify the objects and functions
(Activities) for which they are made and the amount appropriated
for each object or function (activity) and shall include
appropriations for (a) all current expenditures or charges
to be made or incurred during such budget year (b) all
sinking fund requirements to be met during the budget year
(c) all unpaid final judgments, including accrued interest
thereon entered against such district (d) all other liabilities,
including unpaid bills which shall be segregated only
by funds and by object for which the expenditures were
made and (e) an amount estimated to be sufficient to cover
the loss and cost of collection of taxes to be levied for
such fiscal year for payment of bonds and interest thereon,
uncollectible taxes, deferred collection of taxes, the
amounts of taxes for the nonpayment of which real estate
shall be forfeited to the State, and abatements in the
amounts of such taxes extended upon the collector's books
for payment of bond and interest thereon. Such budget shall
indicate for the last known year the actual expenditures
for the several organization units, objects and functions
(activities) appropriated for and the adjusted appropriations
and estimated expenditures for such organization units,
objects and functions (activities) for the current year.
A statement shall be included in the budget
indicating, by funds, the actual sources from which
cash is anticipated to be received during the budget
year for financing proposed appropriations. Such
statement shall indicate (a) by tax levy years the
amount of money anticipated to be received from the sale
of tax warrants (b) by tax levy years for each of the
last 5 years the amount of unencumbered cash anticipated
to be received and (c) all other anticipated revenue.
Statements shall be included to show, by funds
and by years, the actual expenditures of the district
for capital projects under construction during the preceding
4 years, together with the same information,
estimated for the current year; and the estimated annual
expenditure and the time when the uncompleted capital
projects will be completed and in operation during the
ensuing 5 years.
Statements shall also be included of the bonded
indebtedness of the district, showing the bonds authorized
and unsold, the borrowing capacity, the maturity dates of
bond issues and the rates of interest for each issue;
also any additional statements relative to the financial
plan which the board of trustees may deem desirable.
(Source: P.A. 79-922.)
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