2017 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 b@lancelfund 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 interest at a fixed rate, usually payable periodically. BONDED.INDEBTEDNESS: Outstanding debt by issues of bonds, which are repaid by ad valorem or other revenue. BUDGET: A plan of financial operation .embodying anestimate of proposed expenditures. for a.given period and the proposed means of financing them. BUDGET DOCUMENT: The official written statement prepared by the Clerk/Treasurer and. Finance Officer of the Township which presents the proposed budget to the Town Board. BUDGET BODY MESSAGE: A general discussion of the proposed budget presented in writing .as a part of the budget document. The budget message explains principal. budget issues aga'inst.the background of financial experience in recent years and presents: recommendations made by the Clerk/Treasurer. BUDGET GALENDAR: 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. the limitation of available appropriations and available revenues. CAPITAL ASSETS: Assets with a value of $1,0W 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 be available 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 County Auditor, CHARGES FOR SERVICES:. Charges for current services rendered.. fi5