§ 5-508 — Adoption of budget

§ 5-508 Adoption of budget. l. The village clerk shall present the\ntentative budget to the board of trustees at a regular or special\nmeeting to be held on or before the thirty-first day of March or such\nother date as may be applicable pursuant to section 5-510 of this\narticle or section 17-1729 of article seventeen. At such meeting the\nboard of trustees shall review the tentative budget and make such\nchanges, alterations and revisions as it shall consider advisable,\nprovided that:\n a. The statement of the amount estimated for any object or purpose for\nwhich an appropriation is required to be made by law shall not be\nreduced below the minimum so required.\n b. The board of trustees shall enter in its minutes a statement of the\nbasis for any increase in or addition to any statement of estimated\nrevenues.\n 2. If the board of trustees shall make any changes in the tentative\nbudget, such adjustments shall be made which are necessary so that the\ntotal estimated revenues, appropriated fund balance and appropriated\nreserves together with the amount of taxes to be levied shall equal the\ntotal estimated expenditures.\n 3. A public hearing shall be held upon the tentative budget, as\nchanged, altered or revised, on or before the fifteenth day of April or\nsuch other date as may be applicable pursuant to section 5-510 of this\narticle or section 17-1729 of article seventeen. Notice of such public\nhearing shall be published at least once in the official newspaper and\nin such other newspapers and for such other additional times as the\nboard of trustees, by resolution, may direct. At least five days shall\nelapse between the date of the first publication of such notice in the\nofficial newspaper and the date specified for the hearing. The notice of\nhearing shall state the time when and place where such public hearing\nwill be held, the purpose thereof and that a copy of the tentative\nbudget is available at the office of the village clerk where it may be\ninspected by any interested person during office hours. The notice shall\nalso state the compensation proposed to be paid to each member of the\nboard of trustees. The hearing may be adjourned from day to day but not\nbeyond the twentieth day of April or such other date as may be\napplicable pursuant to section 5-510 of this article or section 17-1729\nof article seventeen.\n 4. After completion of the public hearing, the board of trustees may\nfurther change, alter and revise the tentative budget, subject, however,\nto the conditions and restrictions imposed by subdivision one of this\nsection. Such budget, as so revised, shall be adopted by resolution not\nlater than the first day of May, or such other date as may be applicable\npursuant to section 5-510 of this article or section 17-1729 of article\nseventeen and such adoption of appropriations and the means of financing\nthe same shall be indicated in each schedule and schedule in a column\nparallel to those required by section 5-506 of this article. Unless the\nresolution specifically sets forth the appropriations in greater detail,\nthe appropriations shall be deemed to have been made for each\nadministrative unit by the following objects of expenditure: personal\nservices, equipment, other expenses and special objects of expenditure\nas may be prescribed in a uniform system of accounts by the state\ncomptroller. Upon adoption of the resolution required by this section\nthe amounts proposed to be appropriated shall thereupon be appropriated\nand the wages and salaries shown in the schedule thereof shall be fixed\nat the amounts shown therein. In the event that the board of trustees\nshall fail to adopt a budget on or before the first day of May or such\nother date as may be applicable pursuant to section 5-510 of this\narticle or section 17-1729 of article seventeen, the tentative budget,\nwith such changes, alterations and revisions as shall have been made by\nresolution of the board of trustees, shall constitute the budget for the\nensuing fiscal year.\n