70 ILCS 3615/3B.10
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 3615/ - Regional Transportation Authority Act.|Article III-B - Commuter Rail Division

 (from Ch. 111 2/3, par. 703B.10)Sec. 3B.10. Budget and Program. The Commuter Rail Board, subject to  the powers of the Authority in Section 4.11, shall control the finances  of the Division. It shall by ordinance appropriate money to perform the  Division's purposes and provide for payment of debts and expenses of the  Division. Each year the Commuter Rail Board shall prepare and publish a  comprehensive annual budget and proposed five-year capital  program document, and a financial plan for  the two years thereafter describing the state of the Division and presenting  for the forthcoming fiscal year and the two following years the Commuter  Rail Board's plans for such operations and capital expenditures as the Commuter  Rail Board intends to undertake and the means by which it intends to finance  them.  The proposed budget,   financial plan, and five-year capital program shall be based on the Authority's  estimate of funds to be made available to the Commuter Rail Board by or through  the Authority and shall conform in all respects to the requirements established  by the Authority.  The proposed budget, financial plan, and five-year capital program shall contain a statement  of the funds estimated to be on hand at the beginning of the fiscal year,  the funds estimated to be received from all sources for such year and the  funds estimated to be on hand at the end of such year.    The fiscal year of the Division shall be the same as the fiscal  year of the Authority.  Before the proposed budget,   financial  plan, and five-year capital program are submitted to the Authority, the Commuter Rail Board shall hold  at least one public hearing thereon in each of the counties in the metropolitan  region in which the Division provides service.  The Commuter Rail Board  shall hold at least one meeting for consideration of the proposed budget, financial plan, and five-year capital plan with the county board of each of the several counties in the  metropolitan region in which the Division provides service.  After conducting  such hearings and holding such meetings and after making such changes in  the proposed budget, financial plan, and five-year capital plan  as the Commuter Rail Board deems appropriate,  the board shall adopt its annual budget ordinance at least by November 15 next  preceding  the beginning of each fiscal year.  The budget,   financial  plan, and five-year capital program  shall then be submitted to the Authority as provided in Section 4.11.  In the event that the Board of the Authority determines that the budget  and program, and financial plan do not meet the standards of Section 4.11,  the Commuter Rail Board shall make such changes as are necessary to meet  such requirements and adopt an amended budget ordinance.  The amended budget  ordinance shall be resubmitted to the Authority pursuant to Section 4.11.  The ordinance  shall appropriate such sums of money as are deemed necessary to defray all  necessary expenses and obligations of the Division, specifying purposes  and the objects or programs for which appropriations are made and the amount  appropriated for each object or program. Additional appropriations, transfers  between items and other changes in such ordinance which do not alter the  basis upon which the balanced budget determination was made by the Board  of the Authority may be made from time to time by the Commuter Rail Board.The budget shall:(i) show a balance between (A) anticipated revenues     from all sources including operating subsidies and (B) the costs of providing the services specified and of funding any operating deficits or encumbrances incurred in prior periods, including provision for payment when due of principal and interest on outstanding indebtedness;(ii) show cash balances including the proceeds of any     anticipated cash flow borrowing sufficient to pay with reasonable promptness all costs and expenses as incurred;(iii) provide for a level of fares or charges for the     public transportation provided by or subject to the jurisdiction of such Commuter Rail Board sufficient to allow the Commuter Rail Board to meet its required system generated revenue recovery ratio;(iv) be based upon and employ assumptions and     projections which the Board of the Authority finds to be reasonable and prudent;(v) have been prepared in accordance with sound     financial practices as determined by the Board of the Authority;(vi) meet such other uniform financial, budgetary, or     fiscal requirements that the Board of the Authority may by rule or regulation establish; and(vii) be consistent with the goals and objectives     adopted by the Regional Transportation Authority in the Strategic Plan. (Source: P.A. 95-708, eff. 1-18-08.)