Illinois Compiled Statutes 110 ILCS 805/7-8 – Before or within the first quarter of each fiscal year, the board …
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Terms Used In Illinois Compiled Statutes 110 ILCS 805/7-8
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Before or within the first quarter of each fiscal year, the board shall adopt a budget and pass a resolution to be termed the “annual budget”, hereinafter called the “budget”, in and by which the board, subject to the limitations in Sections 7-9 through 7-13, shall appropriate such sums of money as may be required to defray all of its estimated expenses and liabilities to be paid or incurred during that fiscal year.