Illinois General Assembly - Illinois Compiled Statutes

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70 ILCS 3605/34

(70 ILCS 3605/34) (from Ch. 111 2/3, par. 334)

Sec. 34. Budget and Program.

The Authority, subject to the powers of the
Regional Transportation Authority in Section 4.11 of the Regional
Transportation Authority Act, shall control the finances of the Authority. It
shall by ordinance appropriate money to perform the Authority's purposes and
provide for payment of debts and expenses of the Authority. Each year the
Authority shall prepare and publish a comprehensive annual budget and five-year capital program
document, and a financial plan for the 2 years thereafter describing the state
of the Authority and presenting for the forthcoming fiscal year and the two
following years the Authority's plans for such operations and capital
expenditures as it 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
Regional Transportation Authority's estimate of funds to be made available to
the Authority by or through the Regional Transportation Authority and shall
conform in all respects to the requirements established by the Regional
Transportation 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 proposed budget, financial plan, and five-year capital program shall be available at no cost for public inspection at the
Authority's main office and at the Regional Transportation Authority's main
office at least 3 weeks prior to any public hearing. Before the proposed budget,
 financial plan, and five-year capital program
are submitted to the Regional Transportation
Authority, the Authority shall hold at least one public hearing thereon in each
of the counties in which the Authority provides service.  All Board members of
the Authority shall attend a majority of the public hearings unless reasonable
cause is given for their absence.  After the public hearings, the Board of the
Authority shall hold at least one meeting for consideration of the proposed
program and budget with the Cook County Board. After conducting such hearings
and holding such meetings and after making such changes in the proposed budget, financial plan, and five-year capital program as the Board deems appropriate, it shall adopt an annual budget
ordinance at least by November 15th preceding the beginning of each fiscal
year.  The budget,
 financial plan, and five-year capital program shall then be submitted to
the Regional Transportation Authority as provided in Section 4.11 of the
Regional Transportation Authority Act.  In the event that the Board of the
Regional Transportation Authority determines that the budget,

financial plan, and five-year capital program do not meet the standards of said Section 4.11, the Board of the
Authority 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 Regional Transportation Authority pursuant to said Section
4.11.  The ordinance shall appropriate such sums of money as are deemed
necessary to defray all necessary expenses and obligations of the Authority,
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 Regional Transportation Authority may be made
from time to time by the 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;

(ii) show cash balances including the proceeds of any

anticipated cash flow borrowing sufficient to pay with reasonable promptness all costs and expenses as incurred;

(iii) provide for a level of fares or charges and

operating or administrative costs for the public transportation provided by or subject to the jurisdiction of the Board sufficient to allow the Board to meet its required system generated revenue recovery ratio as determined in accordance with subsection (a) of Section 4.11 of the Regional Transportation Authority Act;

(iv) be based upon and employ assumptions and

projections which are reasonable and prudent;

(v) have been prepared in accordance with sound

financial practices as determined by the Board of the Regional Transportation Authority;

(vi) meet such other financial, budgetary, or fiscal

requirements that the Board of the Regional Transportation Authority may by rule or regulation establish; and

(vii) be consistent with the goals and objectives

adopted by the Regional Transportation Authority in the Strategic Plan.

The Board shall establish a fiscal operating year. At least thirty
days prior to the beginning of the first full fiscal year after the
creation of the Authority, and annually thereafter, the Board shall cause
to be prepared a tentative budget which shall include all operation and
maintenance expense for the ensuing fiscal year. The tentative budget shall
be considered by the Board and, subject to any revision and amendments as
may be determined, shall be adopted prior to the first day of the ensuing
fiscal year as the budget for that year. No expenditures for operations and
maintenance in excess of the budget shall be made during any fiscal year
except by the affirmative vote of at least five members of the Board. It
shall not be necessary to include in the annual budget any statement of
necessary expenditures for pensions or retirement annuities, or for
interest or principal payments on bonds or certificates, or for capital
outlays, but it shall be the duty of the Board to make provision for
payment of same from appropriate funds. The Board may not alter its fiscal year
without the prior approval of the Board of the Regional Transportation
Authority.

(Source: P.A. 95-708, eff. 1-18-08.)