2018 Adopted Budget - Laserfiche WebLink

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CHART OF ACCOUNTS: The classification system used by a government entity to organize the accounting for various funds. CONSUMER PRICE INDEX (CPI): A.statisticai description of pride levels provided by the U.S. Department of Labor. The index is used as a measure of the Increase in the cost of living (Le.:, economic inflation). CONTINGENCY: Budget for expenditures which cannot,be placed in departmental budgets, primarily due to uncertainty about the level or.timing of expenditures when the budgets adopted, The contingency also serves: as a hedge against shortfalls in revenues.or unexpected expenditures, CURRENT: A term which, applied to budgeting and accounting, designates the. operations of the present fiscal. period as opposed to past or future periods. DEBT: An obligation resulting from the borrowing of money or from the. purchase of goods and services. DEIST LIMIT: The maximum. amount of gross or net debt, which is legally permitted. DEBT MARGIN: The amount of available debt, which may be issued by a governmental unit before reaching its debt limit. DEBT SERVICE FUNDS: To account for the accumulation of resources for payment of general long-term debt. DEPARTMENT- Basic organizational unit of government, responsible for carrying out related: functions - DEPRECIATION. Expiration .in the service life of capital assets attributable to wear and tear,. : deterioration; action of thephysical elements, Inadequacy or obsolescence. DISTINGUISHED BUDGET PRESENTATION AWARDS PROGRAM: A voluntary awards program administered by the Government Finance. Officers Associations. to encourage governments to prepare effective; budget documents. EFFECTIVE BUYING INCOME (EBl): A.statistical measure. of buying power of an area.or group of. individuals. ENTERPRISE. FUNDS: To account for operations that are financed and operated in a manner similar to.. a private business enterprises, where the intent of:the governing body is. that the cost of providing services are to be recovered primarily on a.user-charge basis to the general public. ESTIMATED MARKET VALUE: Represents the selling price of a property if it were on the market. Estimated market value is converted to tax capacity before property .taxes are levied. EXPENDITURE: Where accounts are kept on theaccrual or modified accrual basis of accounting, the cost of goods received -or services rendered whether cash payment have been made or not. Where accounts are kept on a`cash basis, expenditures are recognized only when the cash payments for the above purposes are made. FINES: Revenues from penalties imposed for violation of laws or regulations.