70 ILCS 3615/3A.10
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 3615/ - Regional Transportation Authority Act.|Article III-A - Suburban Bus Division

 (from Ch. 111 2/3, par. 703A.10)Sec. 3A.10. Budget and Program. The Suburban Bus 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 Suburban Bus Board shall prepare and publish a comprehensive  annual budget and proposed five-year capital  program document, and a financial plan for the 2 years  thereafter describing the state of the Division and presenting for the forthcoming  fiscal year and the 2 following years the Suburban Bus Board's plans for  such operations and capital expenditures as it 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 Suburban Bus 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 Suburban Bus 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 Suburban Bus Board shall hold at least  one meeting for consideration of the proposed   budget, financial plan, and five-year capital program 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 program as the Suburban Bus Board deems appropriate, it shall  adopt an 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 financial plan do not meet the standards of Section 4.11, the Suburban  Bus 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 Suburban Bus 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 and     operating or administrative costs for the public transportation provided by or subject to the jurisdiction of the Suburban Bus Board sufficient to allow the Suburban Bus Board to meet its required system generated revenues recovery ratio and, beginning with the 2007 fiscal year, its system generated ADA paratransit services revenue recovery ratio;(iv) be based upon and employ assumptions and     projections which are 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. 94-370, eff. 7-29-05; 95-708, eff. 1-18-08.)