Budget
Purpose
The overall goal of the budget process is to present the Village Board with a budget that best addresses the needs and desires of the Village of Montgomery most efficiently and effectively as possible. The budget process allows the Village to assess and evaluate how it commits its financial resources and makes decisions regarding their continued use. The process, if conducted effectively, will result in a spelled-out plan for the future of this organization and a general collective understanding of how and where limited financial resources will be directed.
The budget is a policy document, financial plan, operations guide, and communications device. As a policy document, it contains a statement of the Village's entity-wide financial policies and non-financial goals and objectives. As a financial plan, it serves as the Village’s primary instrument for promoting solvency, efficiency, and collective choices regarding the distribution and allocation of available resources. As an operations guide, it articulates the departmental action plans and how they will be accomplished. As a communications device, it contains information about the Village's critical issues, priorities for the coming year, accomplishments of prior years, and more.
Legal Requirements
State law requires that all general-purpose local governments pass an appropriation ordinance within the first quarter of each fiscal year, or the corporate authorities shall adopt an annual budget before the beginning of each fiscal year to which it applies. The Village has adopted sections 5/8-2-9.1 through and including sections 5/8-2-9.10 of Chapter 65 of the Illinois Compiled Statutes (Municipal Code), which provide for a municipality’s financial operation under an annual budget in lieu of an appropriation ordinance. The annual budget represents the most crucial policy adopted annually in any organization.
Annual Budgets
The Government Finance Officers Association of the United States and Canada (GFOA) awarded the Village of Montgomery a Distinguished Budget Presentation Award for its annual fiscal year, 2021. This was the sixth consecutive year the Village has received this prestigious award. To receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, an operations guide, a financial plan, and a communications device.
The Distinguished Budget Presentation Award is valid for one year only. We believe our current budget continues to conform to program requirements, and we are submitting it to GFOA to determine its eligibility for a seventh certificate.
The Village’s fiscal year runs from May 1 through April 30.
Recommended FY2024 Budget
- Budget Presentation - General Fund | March 13, 2023
- Budget Presentation - Special Revenue & Capital Funds | March 27, 2023
- Budget Presentation - Enterprise Fund | April 10, 2023