ELBURN—The Elburn Village Board on Monday passed a budget act ordinance that would allow the village to set aside funds over multiple years for capital expenditures and contingencies.
According to Finance Director Doug Elder, the ordinance, which also allows for contingency spending for unplanned, unbudgeted and unexpected expenses, formalizes what the village has been doing for the past several years.
Elder explained that the ordinance also includes additional requirements for the village, including the passage of a budget—revenues and expenses—prior to the beginning of a fiscal year. The previous practice had been to pass an appropriations bill each year, which included funds for planned village expenses, but not expected revenues.
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 village president.