70 ILCS 3615/4.01
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 3615/ - Regional Transportation Authority Act.|Article IV - Finances

 (from Ch. 111 2/3, par. 704.01)Sec. 4.01. Budget and Program.(a) The Board shall control the finances  of the Authority. It shall by ordinance adopted by the affirmative vote of at least 12 of its then Directors (i) appropriate money to perform the  Authority's purposes and provide for payment of debts and expenses of  the Authority, (ii) take action with respect to the budget and two-year financial plan of each Service Board, as provided in Section 4.11, and (iii) adopt an Annual Budget and Two-Year Financial Plan for the Authority that includes the annual budget and two-year financial plan of each Service Board that has been approved by the Authority. The Annual Budget and Two-Year Financial Plan   shall contain a statement  of the funds estimated to be on hand for the Authority and each Service Board at the beginning of the fiscal  year, the funds estimated to be received from all sources for such year, the estimated expenses and obligations of the Authority and each Service Board for all purposes, including expenses for contributions to be made with respect to pension and other employee benefits,  and the funds estimated to be on hand at the end of such year. The fiscal year of the Authority and each Service Board shall  begin on January 1st and end on the succeeding December 31st.  By July 1st of each year the Director of the  Illinois  Governor's Office of Management and Budget (formerly Bureau of the  Budget) shall submit  to the Authority an estimate of revenues for the next fiscal year of the Authority to be  collected from the taxes imposed by the Authority and the amounts to be  available in the Public Transportation Fund and the Regional Transportation  Authority Occupation and Use Tax Replacement Fund and the amounts otherwise to be appropriated by the State to the Authority for its purposes. The Authority shall file a copy of its Annual Budget and Two-Year Financial Plan with   the  General Assembly and the Governor after its adoption.  Before the proposed Annual Budget and Two-Year Financial Plan   is adopted, the Authority  shall hold at least one public hearing thereon  in the metropolitan region, and shall meet   with the county board or its designee of  each of the several counties in the metropolitan region.  After conducting  such hearings and holding such meetings and after making such changes  in the proposed Annual Budget and Two-Year Financial Plan   as the Board deems appropriate, the  Board shall adopt its annual appropriation and Annual Budget and Two-Year Financial Plan   ordinance. The ordinance may be adopted  only upon the affirmative votes of 12   of its then Directors. The  ordinance shall appropriate such sums of money as are deemed necessary  to defray all necessary expenses and obligations of the Authority,  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 may be made from time to time by the Board upon the  affirmative votes of 12   of its then Directors.(b) The Annual Budget and Two-Year Financial Plan    shall show a balance between anticipated revenues from  all sources and anticipated expenses including funding of operating deficits  or the discharge of encumbrances incurred in prior periods and payment of  principal and interest when due, and shall show cash balances sufficient  to pay with reasonable promptness all obligations and expenses as incurred.The Annual Budget and Two-Year Financial Plan   must show:(i) that the level of fares and charges for mass     transportation provided by, or under grant or purchase of service contracts of, the Service Boards is sufficient to cause the aggregate of all projected fare revenues from such fares and charges received in each fiscal year to equal at least 50% of the aggregate costs of providing such public transportation in such fiscal year. However, due to the fiscal impacts of the COVID-19 pandemic, the aggregate of all projected fare revenues from such fares and charges received in fiscal years 2021, 2022, and 2023 may be less than 50% of the aggregate costs of providing such public transportation in those fiscal years.  "Fare revenues" include the proceeds of all fares and charges for services provided, contributions received in connection with public transportation from units of local government other than the Authority, except for contributions received by the Chicago Transit Authority from a real estate transfer tax imposed under subsection (i) of Section 8-3-19 of the Illinois Municipal Code, and from the State pursuant to subsection (i) of Section 2705-305 of the Department of Transportation Law