Page 346 - FY 2026-2027 Adopted Budget Book

almost always accompanied by a management letter which contains supplementary comments and
recommendations.

Available Funds: Balances in the various fund types that represent non-recurring revenue sources. As a
matter of sound practice, they are frequently appropriated to meet unforeseen expenses, for capital
expenditures or other one-time costs.

Balanced Budget: A budget adopted by the legislative body and authorized by ordnance where proposed
expenditures are equal to or less than the proposed revenues.

Balance Sheet: A statement that discloses the assets, liabilities, reserves and equities of a fund or
governmental unit at a specified date.

Bond: A means to raise money through the issuance of debt. A bond issuer/borrower promises in writing to
repay a specified sum of money, alternately referred to as face value, par value or bond principle, to the buyer
of the bond on a specified future date (maturity date), together with periodic interest at a specified rate. The
term of a bond is always greater than one year. (See Note)

Bond and Interest Record: (Bond Register) – The permanent and complete record maintained by a treasurer
for each bond issue. It shows the amount of interest and principal coming due each date and all other
pertinent information concerning the bond issue.

Bonds Authorized and Unissued: Balance of a bond authorization not yet sold. Upon completion or
abandonment of a project, any remaining balance of authorized and unissued bonds may not be used for
other purposes but must be rescinded by the community's legislative body to be removed from community's
books.

Bond Issue: Generally, the sale of a certain number of bonds at one time by a governmental unit.

Bond Rating (Municipal): A credit rating assigned to a municipality to help investors assess the future ability,
legal obligation, and willingness of the municipality (bond issuer) to make timely debt service payments. Stated
otherwise, a rating helps prospective investors determine the level of risk associated with a given fixed-income
investment. Rating agencies, such as Moody's and Standard and Poors, use rating systems, which designate
a letter or a combination of letters and numerals where AAA is the highest rating and C1 is a very low rating.

Budget: A plan for allocating resources to support particular services, purposes and functions over a specified
period of time. (See Performance Budget, Program Budget)

Budget Calendar: The schedule of dates and used as a guide to complete the various steps of the budget
preparation and adoption process.

Budgetary Basis: The City's accounting records for general governmental operations are maintained on a
modified accrual basis, with the revenues recognized when they become both available and measurable and
expenditures recognized when the services or goods are received and the liabilities are incurred.
Accounting records for the City's proprietary funds are maintained on an accrual basis.

Budgetary Control: The control of management of the organization in accordance with an approved budget
for the purposes of keeping expenditures within the limitations of available appropriations and revenues.

Budget Document: The compilation of the spending plans for the various funds, along with supporting
schedules, tables, and charts which, in total, comprises the annual revenue and expenditures plan.

Capital Assets: All real and tangible property used in the operation of government, which is not easily
converted into cash, and has an initial useful live extending beyond a single financial reporting period. Capital

FY 2026-2027 Adopted Budget Book · September 15, 2026 342