70 ILCS 3605/33.10

(70 ILCS 3605/33.10)

(This Section may contain text from a Public Act with a delayed effective date)

Sec. 33.10. Budget and program. The Authority, subject to the powers of the Northern Illinois Transit Authority, shall, by ordinance, appropriate money to perform the Authority's purposes and provide for payment of debts and expenses of the Authority. Each year, as part of the process set forth in Section 4.11 of the Northern Illinois Transit Authority Act, the Authority shall prepare and publish a comprehensive annual budget and proposed 5-Year Capital Program document, and a financial plan for the 2 years thereafter describing the state of the Authority and presenting for the forthcoming fiscal year and the 2 following years the Authority'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 5-Year Capital Program shall be based on the Northern Illinois Transit Authority's estimate of funds to be made available to the Board by or through the Authority and shall conform in all respects to the requirements established by the Northern Illinois Transit Authority. The proposed budget, financial plan, and 5-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 the year and the funds estimated to be on hand at the end of the year. The fiscal year of the Authority shall be the same as the fiscal year of the Northern Illinois Transit Authority. The proposed budget, financial plan, and 5-Year Capital Program shall be included in the Northern Illinois Transit Authority's public hearings under Section 4.11 of the Northern Illinois Transit Authority Act. The budget, financial plan, and 5-Year Capital Program shall then be finalized by the Northern Illinois Transit Authority as provided in Section 4.11. The ordinance adopted by the Northern Illinois Transit Authority as provided in Section 4.11 shall appropriate the 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 the ordinance that do not alter the basis upon which the balanced budget determination was made by the Board of the Northern Illinois Transit Authority may be made from time to time by the Authority. The Authority shall not (i) use any funds in its budget, or in reserves, allocated for operational expenses to fund capital projects or (ii) transfer moneys from any funds in its budget, or in reserves, allocated for operational expenses to an account primarily used to fund capital projects.

(Source: P.A. 104-457, eff. 6-1-26.)