110 ILCS 805/3-20.1
2021 Illinois Compiled Statutes|Chapter 110 - HIGHER EDUCATION|110 ILCS 805/ - Public Community College Act.|Article III - Community College Districts; Organization; Powers And Duties; Elections

 (from Ch. 122, par. 103-20.1)Sec. 3-20.1.     The board of each community college district shall within or before the  first quarter of each fiscal year, adopt an annual budget which it deems  necessary to defray all necessary expenses and liabilities of the district,  and in such annual budget shall specify the objects and purposes of each  item and amount needed for each object or purpose. The board of each community college district shall file a written or electronic copy of the annual budget with the State Board.The budget shall contain a statement of the cash on hand at the  beginning of the fiscal year, an estimate of the cash expected to be  received during such fiscal year from all sources, an estimate of the  expenditures contemplated for such fiscal year, and a statement of the  estimated cash expected to be on hand at the end of such year. The estimate  of taxes to be received may be based upon the amount of actual cash  receipts that may reasonably be expected by the district during such fiscal  year, estimated from the experience of the district in prior years and with  due regard for other circumstances that may substantially affect such  receipts. Nothing in this Section shall be construed as requiring any  district to change or preventing any district from changing from a cash  basis of financing to a surplus or deficit basis of financing; or as  requiring any district to change or preventing any district from changing  its system of accounting.The board of each community college district shall fix a fiscal year. If  the beginning of the fiscal year of a district is subsequent to the time  that the tax levy for such fiscal year shall be made, then such annual  budget shall be adopted prior to the time such tax levy shall be made.Such budget shall be prepared in tentative form by some person or  persons designated by the board, and in such tentative form shall be made  conveniently available to public inspection for at least 30 days prior to  final action thereon. At least one public hearing shall be held as to such  budget prior to final action thereon. Notice of availability for public  inspection and of such public hearing shall be given by publication in a  newspaper published in such district, at least 30 days prior to the time of  such hearing. If there is no newspaper published in such district, notice  of such public hearing shall be given by publication in a newspaper having general circulation within the district. It shall be the duty of the  secretary of the board to make the tentative budget available to public  inspection, and to arrange for such public hearing. The board may from time  to time make transfers between the various items in any fund not exceeding  in the aggregate 10% of the total of such fund as set forth in the budget. The board may amend the annual budget from time to time  at a regular meeting of the board if public notice of any amendment is provided pursuant to the Open Meetings Act.    (Source: P.A. 100-884, eff. 1-1-19.)