Page 361 - Honorable Mayor and Members of the City Council

BUDGET GLOSSARY

INTERFUND TRANSFERS Amounts transferred from one fund to another.

INVENTORY A detailed listing of property currently held by the government that shows quantities,
descriptions, and values of the property as well as units of measure and unit price.

INVOICE A bill requesting payment for goods or services by a vendor or other governmental
unit.

LEVY To impose taxes, special assessments, or service charges for the support of City
activities.

LINE-ITEM BUDGET A budget that lists each expenditure category (salary, supplies, travel, repairs, etc.)
separately, along with the dollar amount budgeted for each specific category.

LONG-TERM DEBT Debt with a maturity of more than one year after the date of issuance.

MODIFIED ACCRUAL A basis of accounting in which expenditures are accrued but revenues are accounted
ACCOUNTING for on a cash basis. This accounting technique is a combination of cash and accrual
accounting since expenditures are immediately incurred as a liability while revenues
are not recorded until they are actually received.

OBJECT CODE An expenditure category, such as salaries, supplies, travel, electricity, or
communications equipment. Object codes are grouped together to form character
classifications.

OPERATING BUDGET The portion of the budget that pertains to daily operations that provide the basic
governmental services. The General Fund and the Debt Service Fund comprise the
City's operating budget.

CITY OF BENBROOK 2018-19 ANNUAL BUDGET
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