ELBURN—The Elburn Village Board during Monday’s Committee of the Whole meeting considered a budget act ordinance that would, among other things, allow the village to set aside funds over multiple years for capital expenditures and contingencies.
Elburn Finance Director Doug Elder walked board members through the changes that would take place with the switch from an appropriations-based system to a budget-based system. Elder explained that the budget-based system provides the board with more flexibility in setting aside money for future capital improvements it knows will be necessary, as well as for unplanned and unexpected expenses.
The budget may be amended mid-year by a two-thirds vote of the corporate majority, which means five votes by the Village Board, including the mayor.
Elder said the budget-based system also brings with it additional requirements for the village, including the passage of a budget prior to the beginning of a fiscal year, which includes revenues as well as expenses. The budget must also be available for inspection by the public 10 days prior to it being approved.
Elder said that the switch, by and large, formalizes what the village has already been doing for the past several years.
The new ordinance calls for the establishment of a budget officer, a position that the village president would designate, with board approval. Elder would be appointed for this responsibility.
The ordinance will be placed on the agenda for approval at the next Village Board meeting, on Monday, Aug. 19.