Page 287 - CityofMansfieldFY24Budget

Audit A comprehensive investigation of the manner in which the
government's resources were actually utilized. A financial audit
is a review of the accounting system and financial information to
determine how government funds were spent and whether
expenditures are in compliance with the legislative body's
appropriations. A performance audit consists of a review of
how well the government met its stated goals.

Balance Sheet A financial statement that discloses the assets, liabilities,
reserves and balances of a specific governmental fund as of a
specific date.

Balanced Budget Current appropriations in all funds are limited to the sum of
available unencumbered cash balances and revenues estimated
to be received in the current budget period.

Bond A written promise to pay a sum of money on a specific date at a
specified interest rate. The interest payments and the repayment
of the principal are detailed in a bond ordinance. The most
common types of bonds are general obligation and revenue
bonds. These are most frequently used for construction of large
capital projects, such as buildings, streets and bridges.

Budget A financial plan for a specified period of time (fiscal year) that
matches all planned revenues and expenditures with various
municipal services.

Budget Basis A basis of budgeting general government type funds prepared on
a modified accrual basis. The obligations of the City are
budgeted as expenditures, but revenues are recognized only
when they are measurable and available.

Budget Amendment A legal procedure utilized by the City staff and City Council to
revise a budget appropriation. The City of Mansfield's Charter
requires City Council approval through the adoption of a
supplemental appropriation ordinance (which specifies both the
source of revenue and the appropriate expenditures account) for
any inter-fund adjustments. City staff has the prerogative to
adjust expenditures within a departmental budget.

Budget Calendar The schedule of key dates or milestones which the City
departments follow in the preparation, adoption, and
administration of the budget.

Budget Document The instrument used by the budget-making authority to present a
comprehensive financial program to the City Council.

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