2018 Adopted Budget - Laserfiche WebLink

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BALANCED BUDGET: A budget in which estimated revenues, including operating transfers from other funds equals estimated expenditures, including operating transfers to other funds. A balanced budget would have no effect on fund balance/fund equity.. The Township's policies require the General Fund budget to be balanced. BOND: A written promise, generally under seal; to pay a specified sum of money, called the face value or principal amount, at a fixed time in the future, called the date of maturity, and carrying jnterest at: a.fixed rate, usually payable periodically. BONDED INDEBTEDNESS: Outstanding debt. by issues of bonds, which are repaid by ad valorem ❑r other revenue. BUDGET: A plan of financial operation embodying an estimate of proposed expenditures fora given period and the proposed means. of financing them. BUDGET DOCUMENT: The official written statement. prepared by the Cle (Treasurer and. Finance Officer of the Township Which presents the proposed budget to the Town Board, BUDGET BODY MESSAGE: A general.discussiari of the.proposed budget presented in writing as a part of the budget document. The budget message explains principal budget issues against.the background of financial experience in recent years and. presents recommendations made by the. Clerk/Treasurer. BUDGET CALENDAR: The schedule of key dates, which a government follows in the preparation and. adoption of the budget. BUDGETARY CONTROL: The control or management of a governmental unit or enterprise in accordance with an approved budget for the purpose of keeping expenditures within the limitation of available appropriations and available revenues, CAPITAL ASSETS: Assets with a value of $1,000 or more and a- useful life of 3 years .or longer. CAPITAL EXPENDITURE: Assets with an initial, individual cost of more than $1,000 and an estimated useful life in excess of three years, CAPITAL IMPROVEMENT BUDGET: A. plan of proposed capital expenditures and a means.of financing them. The capital budget is enacted as part of the complete annual. budget. CAPITAL PROGRAM: A plan for capital expenditures to be incurred each year over a fixed period of years to meet.capital needs arising from the long-term work program or.otherwise. It sets forth each project or other contemplated expenditure in. which the government is to have a part and specifies the full resources estimated to beavailable to finance the projected expenditures. CAPITAL PROJECTS.FUNDS: To account for financial resources to be used for the acquisition or construction of major capital facilities. CASH BASIS; The method of accounting under which revenues are recorded when received in cash and expenditures are recorded when paid.. CERTIFIED LEVY: Total tax levy of a jurisdiction, which.is certified to the Calanty.Auditor. CHARGES FOR SERVICES: Charges. far current. services rendered. 65