S-957 - 10/26/1999 - FINANCE - Ordinances ORDINANCE 19WFI-S-957 i!
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COMPREHENSIVE AMENDMENT TO AN ORDINANCE ESTABLISHING
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CERTAIN FINANCE, TAXATION AND BUDGET POLICIES
OF THE VILLAGE PRESIDENT AND BOARD OF TRUSTEES
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OF THE VILLAGE OF OAK BROOK
WHEREAS, on January 24, 1995, the Board adopted Ordinance 5-793 erred, 'An
Ordinance Establishing Certain Finance, Taxation and Budget Policies of the~Presiclert
and Board of Trustees of the Village of Oak Brook' ('Finance Policy O dinance'), as an
advisory statement concerning said policies and procedures; and j
WHEREAS, the Board desires to change certain policies and procedures concerning
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finance, taxation and budget which are in the Finance Policy Ordinance and include these
changes in this Comprehensive Amendment to the Finance Policy Ordinance;
NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF OAK BROOK, DU PAGE AND COOK COUNTIES,
ILLINOIS as follows:
ion 1. That the provisions of the preamble are hereby adopted as though fully set forth
herein.
coon 2: That the Viliagr will conduct a continuing and comprehensive program of
financial planning in all funds, encompassing bath operating and capitsl needs. The principal
objective of this program will be to identify
and address potential financial problems in advance. Ili
thereby avoiding financial difficulties before they arise.
i n That Village financial plans and budgets shall be based on reasonable
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assumptions which recognize the limitations on the revenues available to the VNlage and wh h
adhere to sound principles of municipal fund accounting and financial management.
i n 4: That the budgeting and management of the Village shall be based on a system
of goals and objectives, developed by the Village staff under the leadership and direction of the
Board and integrated into the annual Municipal Budget.
ign That it is the policy of the Board that the Board should at all timos encourage
and solicit public participation in the processes of setting goals sodnnua me ets, The an rum
proposed long-range financial plans, and reviewing propo
schedule for obtaining such formal public participation shall, Insofar as possible, be as
f o ves far
June of each year Village Board discussion o bjecfi I�
the coming year.
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Ordinance 1�
EdSWWft Firianoe,
Taxation and Budget
policies. Page 2
September of each year Village Board review of the proposed Five- i
Year Financial Plan,
November-December of Village Board review of the proposed
each year Municipal Budget and public hearing thereon.
fiction 6: That the Village's Five-Year Financial Co re ,e Annual Finanttisai R
prepared and presented on a cash basis and that Comprehensive
and consistent with
will be prepared on an accruel or modified accrue! basis, applicable Accour+
generally accepted accounting principles as promulgated to
policy of the Village Board that the Village strive annually
Standards Board. Further, it is the po y
receive the Government Finance Officers Association Certificate of Achievement for Ex
in Financial Repoating. �
ns
of the Board that the general operatio of Village
ion 7: That it is the policy general tax on real property
to be financed without the imposition of a
Section 8: That it is the policy of the Board that it will obligations of the ViN1age`which haw been
real proms within the Village only to meet financial obiigat
approved by the voters at retmndum. it
n g: That with respect to the imposition of a utility tax on natural gas and electxic#y
° the tax for periods not to exceed one year and, thereby,to
is tt�f the Board to impose
obligate the Board to consider the continuance of the tax at least annually,
'on 1 d: That it is the policy of the Board that enterprise and utility
funds shall be
financially self-supporting, Rates or other charges for services shall be established and
maintained at levels which produce revenues sufficient for services or bbenafits rece'h�ved
including reasonable reimbursements to other funds
Enterprise and utility funds shall not receive transfe nts authorized b funds Board.the form of
loans made pursuant to Section 15 hereof, or as gr
i n 11: That for the General Corporate Fund, it is the policy of the Board that every
effort be made to maintai►i the greater of:
a) an uncommitted cash balance equal tos a of bu six
dgeted capital ital projects; or
expenditures for the forthcoming fiscal year, e ru
equal to
I tot less than six months of projected
b) an uncommitted cash balance eq based on the average of the first threO years of the
expenditures, exclusive Of pital projects,
most recent Five Year Financial Plan adopted by the Village Boards
That investment of Idle funds will be guides by a comrrhe
ns
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InvesUrwnt
Policy, the principal objectives of which shall be to strive oforrafull investment t the best b
return, consistent with appropriate liquidity and security l) II
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Old* .. 1 R Y@
Estabt Finance,
Taxation and Budget
Policies, Page 3
IISection 13: That the Budget Officer, with the approval of the Village Manager, MY
authorize transfers of budgeted funds between accounts or between account categories with
a single budget program. I�
Section 14 That any transfer of budgeted funds from one budget program to anottw, any
increase in the total appropriation within any fund, or any expenditure from any budgeted
contingency amount shall be subject to the approval of the Board upon recommendation of the
Village Manager.
Section 15: That loans between funds made in order to transcend temporary operating
shortfalls or cash shortages and which can reasonably be expected to be repaid within the
fiscal year in which the loan is made, and in an aggregate amount not greater than$250,000,
may be authorized by the Village Manager ups recommendation of the Finance
Director/Treasurer and after appropriate notice to the Village Board. loans between funds in
an aggregate amount greater than $250,000, or in any amount if the loan is not expected to be
repaid during the fiscal year in which it is made, are subject to the specific approval of the
Village Board. All loans shall be documented in writing.
Section 16:16: That the validity of any action otherwise taken by the Board in accordance with
applicable State law shall not be invalidated,impaired or otherwise affected by noncomphwmi
with any part of the procedures or policy set forth in this ordinance.
Se *inn 17: That this ordinance supercedes Ordinance S-793 passed on January 24, 1995
and entitled"An Ordinance Establishing Certain Finance, Taxation and Budget Policies of the
Village President and Board of Trustees of the Village of Oak Brook".
coon 18: That all ordinances or resolutions or parts of ordinances and resolutions in
conflict with this ordinance are hereby repealed.
in full force and effect from and after and
Section 19: That this ordinance shalt be Pa
approval pursuant to law.
PASSED THIS 26th day of October, 1999.
Ayes: Trustees Butler, Caleel, Craig, Kenny, *t,:Inerney and Snvino
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Nays: None
Absent: None
Abstain: hone
APPROVED THIS 2601 day of October, 1999.
age President
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r""ofirfs, Pips 4
r o4,ir
ATTEST:'
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V' CIerk
Approved as to Form:
Village Attorney
Pubfthed
Date PAW
Not Puttied xx
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