2020 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 statistical description of price ieveis.provided by the U.& Department of Labor_ The index is used as a.measure: of the increase in thecost 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 pastor future periods. DEBT: An obligation resulting from the borrowing of money or from the purchase of goods and services. DEBTLIMIT: 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. organ izationai unit of government, responsible for carrying out related functions_ DEPRECIATION: Expiration .in the service: life. of capital assets attributabie to wear and. tear,. deterioration, action of the physical elements,. inadequacy.or obsolescence. DISTINGUISHED BUDGET PRESENTATION AWARDS PROGRAM: A. voluntary awards program administered by the Government Finance Officers Association to encourage governments to prepare effective. b udget documents. EFFECTIVE BUYING. INCOME (EBI): A statistical measure of buying power of an area or group of individ uals. 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: Whereaccounts are kept on.the accrual 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. 72