Page 298 - Manfield FY21 Budget

Inventory A detailed listing of property currently held by the government.

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.

Liability Debt or other legal obligation arising out of transactions in the
past which must be liquidated, renewed, or refunded.

Line-Item Budget A budget that lists each expenditure category separately (salary,
materials, telephone service, travel, etc.), along with the dollar
amount budgeted for each specified category.

Maintenance The upkeep of physical properties in condition for use or
occupancy. Examples: inspection of equipment to detect defects
and the making of repairs.

Major Funds All funds including General, Enterprise, Special Revenue, and
Capital Funds.

Merit Incentive A salary or benefit adjustment based on an employee’s overall
job performance that would warrant a salary or benefit increase.

Modified Accrual A basis of accounting in which expenditures are accrued but
Accounting revenues are accounted for 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 or are
"measurable" and "available for expenditure." Since this type of
accounting basis is a conservative financial approach, it is
recommended as the standard for most governmental funds.

Non-Exempt Personnel eligible to receive overtime pay when work beyond
their normal schedule has been authorized or requested by the
supervisor.

Object Code An expenditure category, such as salaries, supplies, or vehicles.

Operating Budget The portion of the budget that pertains to daily operations that
provides basic governmental services. The operating budget
contains appropriations for such expenditures as personnel,
supplies, utilities, materials, travel and fuel.

Operating Fund A fund restricted to a fiscal budget year.

Ordinance A formal legislative enactment by the governing board of a
municipality. An ordinance requires more legal formality and
has a higher legal status than a resolution.

297