Division VII: Village Treasurer

1-2-71 ESTABLISHED. There is hereby established a department of the municipal government of the Village which shall be known as the Finance Department. It shall embrace the Committee on Finance of the Village Board and the Village Treasurer.

1-2-72 FINANCE COMMITTEE. The standing committee on Finance shall exercise a general supervision over the affairs of the Finance Department. It shall ascertain the condition and needs thereof; shall, from time to time, report the same to the Mayor and Village Board so that a full understanding thereof shall be had and generally, shall do all the acts necessary to promote the efficiency of the Department.

1-2-73 APPOINTED. The Treasurer shall be appointed for a two-year term with the advice and consent of the Village Board. He shall serve until his successor is appointed and qualified.

1-2-74 MONEY; WARRANTS; ACCOUNTS; PAYMENTS. The Village Treasurer shall receive all moneys belonging to this Village and shall pay all warrants signed by the Mayor and countersigned by the Village Clerk and not otherwise, and shall keep a separate account of each fund or appropriation and the debits and credits belonging thereto. He shall give to every person paying money into the Village Treasury a receipt therefore, specifying the date of payment, and upon what account paid, and he shall file copies of such receipts with the Clerk with his monthly reports. The Treasurer shall prepare daily an itemized list of all moneys received and shall deliver a copy of the same to the Village Board and shall also pay over to the Village Treasury all moneys received by him and take a receipt therefore. (Ill. Rev. Stat., Ch. 24; S3-10-2 and 8-1-8)

1-2-75 WARRANT REGISTER. The Treasurer shall keep a register of all warrants redeemed and paid by him, showing the number, date and amount of each, the fund from which paid, and the name of the person to whom and when paid, and he shall cancel all warrants as soon as redeemed by him. (Ill. Rev. Stat., Ch. 24; S8-1-8 and 8-1-9)

1-2-76 SEPARATION OF FUNDS. The Treasurer shall keep all moneys in his hands belonging to this Village separate and distinct from his own money, and he shall not use, either directly or indirectly, the Village moneys or warrants in his custody and keeping for his own use and benefit, or that of any other person. Any violation of this section shall subject him to removal from office by the Village Board. (Ill. Rev. Stat., Ch. 24; S3-10-4)

1-2-77 SPECIAL ASSESSMENTS. The Treasurer shall collect all payments on special assessments and shall see to it that the same are properly recorded and credited to the particular account entitled thereto.

1-2-78 BOOKKEEPING. The Treasurer shall keep his books and accounts in such a manner as to show with accuracy, all moneys received and disbursed by him for the Village, stating from whom and on what account received, and to whom and on what account paid out, and in such a way that the books and accounts may be readily investigated and understood, and the books and accounts and all files and papers of his office shall be, at all times, open to examination by the Mayor or the Finance Committee of the Board.

1-2-79 STATEMENTS. The Treasurer shall report to the corporate authorities at the regular monthly meeting, a full and detailed account of all receipts and expenditures of the municipality, as shown by his books up to the time of the report. (Ill. Rev. Stat., Ch. 24; S3-10-15)

1-2-80 YEAR-END REPORT. The Treasurer shall, annually, at the close of the fiscal year, make out and file with the Village Clerk a full and detailed report of all the receipts and expenditures of the corporation as shown by his books and of his transactions as such Treasurer, during the preceding fiscal year, and he shall show in such report the state of the Village Treasury at the close of the year, which report the Village Clerk shall publish as required by law. (Ill. Rev. Stat., Ch. 24; SS 3-10-2 to 3-10-6)

1-2-81 DEPOSIT OF FUNDS. (A) Designation by Board: The Treasurer is hereby required to keep all funds and moneys in his custody belonging to the Village in such places of deposit as have been designated by Section 1-2-83. When requested by the Treasurer, the corporate authorities shall designate a bank or banks in which may be kept the funds and moneys of the Village in the custody of the Treasurer. (B) Qualifications of Bank: Each Bank designated as a depository for such funds or moneys shall, while acting as such depository, furnish the corporate authorities with a copy of all statements or resources and liabilities which it is required to furnish to the auditor of public accounts or to the comptroller of currency. (C) Discharge of Liability: The Treasurer shall be discharged from liability for all funds or moneys which he deposits in a designated bank while the funds and moneys are so deposited. If the Village funds or moneys are deposited in a designated bank, however, the amount of such deposits shall not exceed 75% of the bank’s capital stock and surplus and the Treasurer shall be responsible for funds or moneys deposited in the bank in excess of this limitation. (Ill. Rev. Stat., Ch. 24; S 3-10-3)

1-2-82 INVESTMENTS. Refer to our adopted Investment Policy.

1-2-83 To 1-2-85 RESERVED.