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CHART OF ACCOUNTS: The classifcation system used by a goverrjment entity to organize the accounting for various funds. CONSUMER PRICE INDEX [CPQ; A statistical description of price levels provided by the U.S. Department of Labor.. The index is used as a measure of the increase in the cost of living (i.e., economic inflation). CONTINGENCY: Budget for expenditures: which. cannot be placed in departmental budgets, primarily due to uncertainty about the level or timing ofexpenditures when the budget is 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 past or future periods. DEBT: An obligation resulting from the borrowing of money or from the purchase o.f goods and services. DEBT LIMIT: 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 dekit. DEPARTMENT: Basic organizational unit of government, responsible for carrying out related functions. DEPRECIATION:. Expiration in. the service. life of capital assets attributable 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 budg.et.documents. EFFECTIVE BUYING INCOME (EBI): A statistical measure of buying power of an area or group of individuals. 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 capacitybefore property taxes are levied. EXPENDITURE: Where accounts 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. 65