2020 Adopted Budget - Laserfiche WebLink

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GLOSSARY OF TERMS ACCOUNT: A term used to identify an individual asset,:.liadility; expenditure control,revenue: control, or fund balance. ACCOUNTS PAYABLE: Amounts owed to. others for goods or services received. ACCOUNTS RECEIVABLE- Amounts due from others for goods furnished or services. rendered, ACCOUNTING SYSTEM.: The total set of records and procedures. whchare.used to record, classify and report information on. fInandial status and operations of an entity. ACCRUAL BASIS OF ACCOUNTING: The method of accounting under which revenues are recorded when they are earned and expenditures are recorded when goods.and services are.received. ACTIVITY: A specific and distinguishableline of work performed by one or more ❑rgani±ational components of a governmental unit, for the purpose of. accomplishing a function. for which the governmental unit is responsible. For example "Code.Enforcement is. an activity.perforrned in the discharge of the ''Public Safety" function. ADOPTION: The formal action taken by the Town Board. to authorize or approve the budget, AD VALOREM: In proportion to value. A basis for levying taxes upon property. AGENCY FUND: A fund consisting of resources received and held by the governmental unit as an agent for others or other funds of the governmental unit. APPROPRIATION: An authorization granted by a legislative body to make expenditures and to incur obligations. for specific purposes. An appropriation is limited in amount to the..time it may be expended. ASSESSED VALUATION: Value placed upon real estate or other. property as a basis for levying taxes. ASSESSMENTS: Charges made to parties for.actual services or benefits received.. ASSETS: Property owned by a. governmental unit, which has a monetary value. AUDIT: The examination of documents, records, reports, systems of internal control, accounting and financial procedures, and other evidence forone or more. of the following. purposes: (a) To ascertain whether the statements prepared from the.accounts present fairly the financial.position and the results offfinancial opermions of the constituent funds and balanced account groups of the governmental unit in accordance with generally accepted accounting principals applicable to governmental units and on a basis consistent with that of the preceding year. (b) To determine the propriety, legality and mathematical accuracy of a. governmental units financial transactions, (c). To ascertain whether all financial transactions: have been properly recorded. (d) To ascertain the. stewardship of public officials who handle and are responsible for the financial resources of a governmental unit. 70