Page 393 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget
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Section 12 Appendix
Glossary of Terms
Bond Ordinance: A law major alterations, construction made readily available to
approving the sale of bonds of highways or utility lines, fixed finance current operations or to
that specifies how proceeds equipment, landscaping or pay current liabilities. Those
may be spent. similar expenditures. assets which will be used up or
converted into cash within one
Bond Funds: Resources derived Cash Basis: A basis of year. Some examples are cash,
from issuance of bonds for accounting under which temporary investments, and
financing capital transactions are recognized accounts receivable collected
improvements. when cash changes hand within one year.
Budget: The Town' s financial Certificates of Obligations Current Liabilities: Debt or other
plan for a specific fiscal year CO’s): Similar to general legal obligation arising out of
that contains an estimate of obligation bonds except transactions in the past which
proposed expenditures and the certificates require no voter must be liquidated, renewed,
proposed means of financing approval. or refunded within one year.
them.
Comprehensive Annual Debt Service Fund: A fund used
Budget Amendment: A revision Financial Report ( CAFR): This to account for the moneys set
of the adopted budget that, report summarizes financial aside for the payment of
when approved by the data for the previous fiscal year interest and principal to holders
Council, replaces the original in a standardized format. of the Town's general obligation
provision. and revenue bonds, the sale of
Contingency: A budgetary which finances long-term
Budget Calendar: Schedule of reserve set aside for capital improvements, such as
key dates which the Town emergencies or unforeseen facilities, streets and drainage,
follows in the preparation and expenditures not otherwise parks and water/ wastewater
adoption of the budget. budgeted. systems.
Budget Document: Instrument Contractual Services: The costs Deficit: The excess of
used by the budget- making related to services performed expenditures over revenues
authority to present a for the Town by individuals, during an accounting period;
comprehensive financial plan businesses, or utilities. or, in the case of proprietary
of operations to the Town funds, the excess of expense
Council. Cost: The amount of money or over income during an
other consideration exchanged accounting period.
Budgetary Control: The control for property or services. Cost
or management of the may be incurred before money Department: A major
organization in accordance is paid; that is, as soon as administrative division of the
with an approved budget for liability is incurred. Town that indicates overall
keeping expenditures within the management responsibility for
limitations of available Council: The Mayor and five an operation or a group of
appropriations and revenues. council members collectively related operations within a
acting as the legislative and functional area.
Capital Expenditures: Any policymaking body of the town
major non-recurring Depreciation: Change in the
expenditure or expenditure for Current Assets: Those assets value of assets ( equipment,
facilities, including additions or which are available or can be buildings, etc. with a useful life
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