The annual city budget contains the revenues, expenditures and liabilities of the City for the next fiscal year. Illinois law (Chapter 65 ILCS 5/8-2-1) requires that the City Council adopt their annual budget on or before December 31 of the previous year.
The Budget Process
Each year the City Council approves a corporate budget, formally known as the Annual Appropriation Ordinance. This document contains the expenditures and liabilities of the City and specifies the appropriations for the next fiscal year (Jan. 1 - Dec. 31).
Departments submit revenue and expenditure estimates to the Office of Budget and Management for preparation of the budget. Before August 1 of each year, the Budget Director files the next year’s Annual Financial Analysis Report with the City Clerk outlining the City’s fiscal projection (Mayoral Executive Order 2011-7). In accordance with Illinois law, the Mayor is required to submit his Executive Budget recommendations for City Council consideration (65 ILCS 5/8-2-2). Once introduced the budget is immediately sent to the City Council Committee on Budget and Government Operations for review. Prior to final consideration and under State law, the full City Council will hold at least one public hearing to give citizens’ an opportunity to speak on the proposed budget.
After considering any amendments or adjustments, the City Council must then vote to approve a final balanced budget no later than Dec. 31 of each year.