105 ILCS 5/1B-13

(105 ILCS 5/1B-13) (from Ch. 122, par. 1B-13)

Sec. 1B-13.

Budgets.

The board shall develop, adopt
and submit to the Panel for approval by the Panel the annual
budget for each fiscal year required by Section 17-1.  After
adoption by the board, the board shall submit each budget to
the Panel for its approval not later than 30 days prior to
the commencement of the fiscal year to which the budget
relates.  The Panel shall approve or reject the budget
within 30 days of its receipt from the board.  No budget
shall have force or effect without approval of the Panel.
Each budget shall be developed, submitted, approved and
monitored in accordance with the following procedures:

(a) Each budget submitted by the board shall be based
upon revenue estimates approved or prepared by the Panel.

(b) Each budget shall be consistent with the budgetary
structure required by the Panel and contain such information
and detail as may be prescribed by the Panel.  The Panel may
also prescribe any reasonable time, standards, procedures or
forms for preparation and submission of the budget.  Any
deficit for the prior fiscal year and for any fiscal year
thereafter shall be included as a current expense item for
the succeeding fiscal year.

(c) The Panel shall approve each budget if, in its
judgment, the budget is complete, is reasonably capable of
being achieved, will meet the requirements set forth in this
Article, and will be consistent with the financial plan in
effect.  Otherwise, the Panel shall reject the budget.  In
the event of rejection, the Panel may prescribe a procedure
and standards for revision of the budget by the board.  In
the event the local board fails to adopt a budget approved
by the Panel prior to the end of the first quarter of the
fiscal year as required by Section 17-1, the offices of all
local board members shall be deemed vacant by operation of
law.

(d) The board shall report to the Panel and the
Financial Administrator at such times and in such manner as
the Panel may direct, concerning the board's compliance with
each budget.  The Panel may review the board's operations,
obtain budgetary data and financial statements, require the
board to produce reports, and have access to any other
information in the possession of the board that the Panel
deems relevant.  The Panel may issue recommendations or
directives within its powers to the board to assure
compliance with the budget.  The board shall produce such
budgetary data, financial statements, reports and other
information and comply with such directives.

(e) After approval of each budget, the board shall
promptly notify the Panel of any material change in the
revenue or expenditure estimates in the budget.  The board
may submit to the Panel, or the Panel may require the board
to submit, an amended budget.  The Panel shall approve or
reject each amended budget pursuant to this Section.

(Source: P.A. 86-954.)