2020 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 an fund balance/fund equity. The Township's policies require the General Fund budget to be balanced. BOND: A written:pronnise, generally.under seal., to pay a specified sum of money,:called the face value or principal amount, at 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 expenditures for a given period and the proposed means of financing them. BUDGET DOCUMENT: The official writterl statement prepared by the C lerk(Treasu rer 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 rebornmendations made by the ClerklTreasurer. 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, individuai cost of mare 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 ions -terra work program or otherwise. It sets forth each project or other contemplated expenditure in which the government is to.have a part and speclfes the full resources estimated to be avaifable 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. 71