3.04 – General Provisions

The fiscal year of the city shall begin on the first day of May of each year and end on the last day of April of the following year.

1. During the last quarter of each fiscal year as required by state statute, the city council shall enact a budget in which shall be itemized all anticipated expenditures to be met during the coming year other than those payable from bond issues and all anticipated revenues to be received or accrued during the coming year.
2. This budget document shall be available for public inspection at least ten days prior to its passage and a public hearing shall be held after due publication as required by state.

The mayor, or any other person designated by the city council, may sign on behalf of the city any contract authorized by the city council.  No contract may be entered into without the authority of the city council.

All bills payable by the city, other than for the payment of salaries established by the city council, shall be submitted to the city council for approval before payment.

The treasurer shall pay out money in payment of all bills, or for salaries, or for any other purpose only upon warrant signed by the mayor and comptroller as provided by statute.  Such warrants shall designate the items to be paid and the funds from which they are to be paid.

As soon as practicable at the close of each fiscal year, and not later than six months thereafter, there shall be an audit of all accounts of the city made by a competent person authorized to act as an auditor under the laws of Illinois, to be designated by the city council.  Copies of such audit report shall be filed with the city clerk and with the director of the state department of revenue and in such other places as may be required by law.

The finance director of the city shall be authorized to collect for the state the entire five percent state sales tax on the sale of electricity from and after this date.