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Illinois Compiled Statutes
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MUNICIPALITIES (65 ILCS 5/) Illinois Municipal Code. 65 ILCS 5/8-12-15
(65 ILCS 5/8-12-15) (from Ch. 24, par. 8-12-15)
Sec. 8-12-15.
The financially distressed city shall develop, adopt and
submit to the Authority, within 45 days after this Division first becomes
applicable to the city as provided in Section 8-12-4, for approval by the
Authority, an initial Financial Plan with respect to the remaining portion
of what is the city's current fiscal year at the time this Division first
becomes applicable to the city as provided in Section 8-12-4 and for the 2
succeeding fiscal years. The city shall develop and adopt subsequent
Financial Plans annually and during interim periods as directed by the
Authority. Interim updates shall be directed only when the Authority in
its discretion determines that a change in circumstances warrants such an
update. The Authority shall require that each Financial Plan cover a
period of at least 3 fiscal years. After adoption by the city, the city
shall submit each plan to the Authority for its approval not later than 60
days prior to the commencement of the first fiscal year to which the
Financial Plan relates. The Authority shall approve or reject the
Financial Plan not later than 30 days prior to the commencement of the
fiscal year. No Financial Plan shall have force or effect without approval
of the Authority. Each Financial Plan shall be developed, submitted,
approved and monitored in accordance with the following procedures:
(1) The financially distressed city shall determine and submit to the
Authority, at a time and in a manner prescribed by the Authority, estimates
of revenues available to the city during the period for which the Financial
Plan is to be in effect. The Authority shall approve, reject or amend the
revenue estimates. In the event the city fails, for any reason, to submit
to the Authority estimates of revenue as required by this paragraph, the
Authority may prepare such estimates. The Financial
Plan submitted by the city shall be based upon revenue estimates
approved or prepared by the Authority. As soon as practicable following
the establishment of the Authority, the corporate authorities of the city
shall, at the request of the Chairperson of the Authority, make available
to such Chairperson copies of the audited financial statements and of
the books and records of account of the city for the preceding 3 fiscal
years of the city.
(2) Each Financial Plan for each fiscal year or part thereof to which
it relates, shall contain: (i) a description of revenues and
expenditures, provision for debt service, cash resources and uses, and
capital improvements, each in such manner and detail as the Authority
shall prescribe; (ii) a description of the means by which the Budget
will be brought into balance in accordance with Section 8-12-14;
and (iii) such other financial matters that the Authority, in its
discretion, requires. The Authority may prescribe any reasonable
time, standards, procedures or forms for preparation and submission of
the Financial Plan.
(3) The Authority shall approve the initial and each subsequent
Financial Plan if, in its judgement, the plan is complete, is
reasonably capable of being achieved, and meets the requirement set
forth in Section 8-12-14. Otherwise, the Authority shall
reject the Financial Plan. The Authority's review of the Financial Plan
shall be in accordance with generally accepted accounting principles and
standards. No Financial Plan submitted by the financially distressed city
shall be arbitrarily or capriciously rejected by the Authority. Any
rejection by the Authority of any Financial Plan submitted by the city
shall be in writing and shall state the reasons for the rejection. In the
event of rejection, the Authority may prescribe a procedure and standards
for revision of the Financial Plan by the financially distressed city.
(4) The financially distressed city shall report to the Authority, at
such times and in such manner as the Authority may direct, concerning the
city's compliance with each Financial Plan. The Authority may review the
city's operation, obtain budgetary data and financial statements, require
the city to produce reports, and have access to any other information in
the possession of the city that it deems relevant to the Financial Plan and
the city's compliance with that Plan. The Authority may issue
recommendations or directives within its powers to the city to assure
compliance with the Financial Plan. The city shall produce such budgetary
data, financial statements, reports and other information and comply with
such directives.
(5) After approval of each Financial Plan, the financially distressed
city shall regularly reexamine the revenue and expenditure estimates on
which it was based and revise them as necessary. The city shall promptly
notify the Authority of any material change in the revenue or expenditure
estimates in the Financial Plan. The city may submit to the
Authority, or the Authority may require the city to submit, modified
Financial Plans based upon revised revenue or expenditure estimates
or for any other good reason. The Authority shall approve or reject
each modified Financial Plan pursuant to paragraph (3) of this
Section.
(Source: P.A. 86-1211.)
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65 ILCS 5/8-12-16
(65 ILCS 5/8-12-16) (from Ch. 24, par. 8-12-16)
Sec. 8-12-16.
The financially distressed city shall develop, adopt
and submit to the Authority, within 30 days after this Division first
becomes applicable to the city as provided in Section 8-12-4, a revised
Budget for the remaining portion of what is the city's current fiscal year
at the time this Division first becomes applicable to the city as provided
in Section 8-12-4 and, thereafter, an annual Budget for each subsequent
fiscal year. After adoption by the city, the city shall submit each Budget
to the Authority for its approval not later than 60 days prior to the
commencement of the fiscal year to which the Budget relates. The
Authority shall approve or reject the Budget not later than 30 days prior
to the commencement of the fiscal year. No Budget shall have force or
effect without approval of the Authority. Each Budget shall be developed,
submitted, approved and monitored in accordance with the following procedures:
(1) Each Budget submitted by the financially distressed city shall be
based upon revenue estimates approved or prepared by the Authority, as
provided in paragraph (1) of Section 8-12-15.
(2) Each Budget shall contain such information and detail as may
be prescribed by the Authority. Any deficit for a fiscal year or any
portion of a fiscal year to which any Budget relates shall be included as a
current expense item for the succeeding fiscal year.
(3) The Authority shall approve each Budget if, in its judgment,
the Budget is complete with respect to providing a detailed accounting of
revenues and expenditures, is reasonably capable of being achieved, will
meet the requirement set forth in Section 8-12-14, and
will be consistent with the Financial Plan in effect. Otherwise, the
Authority shall reject the Budget. The Authority's review of the Budget
shall be in accordance with generally accepted accounting principles and
standards. No Budget submitted by the financially distressed city shall be
arbitrarily or capriciously rejected by the Authority. Any rejection by the
Authority of any Budget submitted by the city shall be in writing and shall
state the reasons for the rejection. In the event of rejection, the
Authority may prescribe a procedure and standards for revision of the
Budget by the city.
(4) The financially distressed city shall report to the Authority at
such times and such manner as the Authority may direct, concerning the
city's compliance with each Budget. The Authority may review the city's
operations, obtain budgetary data and financial statements, require the
city to produce reports, and have access to any other information in the
possession of the city that the Authority deems relevant. The Authority
may issue recommendations or directives within its powers to the city to
assure compliance with the Budget. The city shall produce such budgetary
data, financial statements, reports and other information and comply with
such directives.
(5) After approval of each Budget, the financially distressed city shall
promptly notify the Authority of any material change in the revenue or
expenditure estimates in the Budget. The city may submit to the Authority,
or the Authority may require the city to submit, a supplemental Budget
based upon revised revenue or expenditure estimates or for any other good
reason. The Authority shall approve or reject each supplemental Budget
pursuant to paragraph (3) of this Section.
(Source: P.A. 86-1211.)
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