2016 Adopted Budget - Laserfiche WebLink

Home

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 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 an estimate of proposed.experiditures for a given period. and the proposed meansof financing them. BUDGET DQCUMENT: 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 against the background of financial experience in recent years and presents recommendations made by the ClerkfTreasurer. 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 rnore .than :$1,000 and an estimated useful life in excess of three.yeais. 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.fro.m the long-term work program or otherwise:. It sets forth each projector 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. GASH 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. 65