110 ILCS 805/7-9
2021 Illinois Compiled Statutes|Chapter 110 - HIGHER EDUCATION|110 ILCS 805/ - Public Community College Act.|Article VII

 (from Ch. 122, par. 107-9)Sec. 7-9.   The budget shall set forth estimates, by classes, of all current  assets and liabilities of each fund of the board as of the beginning of the  fiscal year, and the amounts of those assets estimated to 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 amounts estimated to be sufficient to cover  the loss and cost of collecting those taxes and also deferred collections  thereof and abatements in the amount of those taxes extended or to be  extended upon the collectors' books.Estimates of the liabilities of the respective funds shall include:1.  all final judgments, including accrued interest     thereon, entered against the board and unpaid at the beginning of that fiscal year;2. the principal of all tax anticipation warrants and     all temporary loans and all accrued interest thereon unpaid at the beginning of that fiscal year;3. any amount for which the board is required under     this Act to reimburse the working cash fund from the educational fund and operations and maintenance fund; and4. the amount of all accounts payable including     estimates of audited vouchers, participation certificates, interfund loans and purchase orders payable.The budget shall also set forth detailed estimates of all taxes to be  levied for that year and of all current revenues to be derived from sources  other than taxes, including State and Federal contributions, rents, fees,  perquisites, and all other types of revenue, which will be applicable to  expenditures or charges to be made or incurred during that year.No estimate of taxes to be levied during the fiscal year for  educational purposes  and operations and maintenance of facilities purposes may exceed a sum  equivalent to the product of the value of the taxable property in the  district, as ascertained by the last assessment for State and county taxes  previous to the passage of the budget, multiplied by the maximum per cent  or rate of tax which the corporate authorities of the city are authorized  by law to levy for the current fiscal year for those purposes.All 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 the assets and taxes and other  current revenues are applicable, so that no expenditure will be authorized  or made for any purpose in excess of the money lawfully available therefor.The several estimates of assets, liabilities and expenditure  requirements required or authorized to be made by this Section and by  Section 7-10 shall be made on the basis of information known to the board  at the time of the passage of the annual budget and are not invalidated or  otherwise subject to attack merely because after that time additional  information is known to or could be discovered by the board that would  require a different estimate or because the board might have amended these  estimates under Section 7-12.    (Source: P.A. 100-884, eff. 1-1-19.)