65 ILCS 5/8-2-2
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-2-2)Sec. 8-2-2.         Prior to November 15 of each year, the mayor in municipalities  specified in Section 8-2-1 shall submit to the corporate authorities the  executive budget for the ensuing fiscal year as prepared by the budget  director of the municipality and approved by the mayor. The executive  budget, as the same may be revised or altered by the corporate authorities,  shall provide the basis upon which the annual appropriation ordinance is  prepared and enacted.The budget document shall set forth estimates, by classes, of all  current assets and liabilities of each fund of the municipality, as of the  beginning of the fiscal year, for which appropriations are to be made, and  the amount of those assets which will be available for appropriation in  that year, either for expenditures or charges to be made or incurred during  that year or for liabilities unpaid at the beginning thereof. Estimates of  taxes to be received from the levies of prior years shall be net, after  deducting the amounts estimated to be sufficient to cover the loss and cost  of collecting these taxes. These amounts shall include (1) uncollectible  taxes, (2) the cost of collecting taxes, (3) the amount of these taxes for  the nonpayment of which real estate has been or will be forfeited to the  State, and (4) the abatement in the amount of these taxes extended or to be  extended upon the collector's books. In order to secure net estimates there  also shall be deducted the principal of all unpaid tax anticipation  warrants and all interest accrued thereon and an amount estimated to be  sufficient to cover all interest to accrue thereon until redemption of  these tax anticipation warrants. Estimates of the liabilities of the  respective funds shall include (1) all final judgments, including accrued  interest thereon, entered against the municipality and unpaid at the  beginning of the fiscal year for which the appropriations are made, (2) any  amount for which the corporate authorities of the municipality are required  to reimburse the working cash fund from the general corporate fund pursuant  to the provisions of Division 6 of this Article 8, (3) the taxes levied for  the purposes of the reserves provided for in the Illinois Pension Code, as  now or hereafter amended and (4) all other liabilities. However, for the  purpose of these estimates, judgments, for the payment of which a special  tax has been authorized by law, shall not be deemed liabilities of the  general corporate fund of the municipality. Also, estimates of taxes to be  received from the levies of the years prior to 1945 for general corporate  purposes and estimates of the liabilities of the general corporate fund  incurred prior to January 1, 1945, shall not be included in the budget  document. The budget document shall also set forth detailed estimates of  all taxes to be levied for the fiscal year for which the appropriations are  to be made, and detailed estimates of all other current revenue to be  derived from sources other than such taxes, which will be applicable to  expenditures or charges to be made or incurred during that year. All of  these estimates shall be so segregated and classified as to funds and in  such other manner as to give effect to the requirements of law relating to  the respective purposes to which these assets, taxes, and other current  revenue are applicable to the end that no expenditure shall be authorized  or made for any purpose in excess of funds lawfully available therefor.    (Source: Laws 1965, p. 2505.)