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CHART OF ACCOUNTS: The classification system used by government entity to organize the <br />accounting for various funds. <br />CONSUMER PRICE INDEX (CPI): A statistical description of price levels provided by the U.S. <br />Department of Labor. The index is used. as a measure of the increase in the. cost. of living (i.e., economic <br />inflation). <br />CONTINGENCY: IBudget for expenditures which canno# be placed In departmental budgets, <br />primarily due to uncertainty about the level or timing of expenditures when the budget is adopted. The <br />contingency also serves as a hedge against shortfalls in revenges or unexpected expenditures. <br />CURRENT: A term which, applied to budgeting and accounting, designates the operations of the <br />present fiscal period as opposed to past: or future periods. <br />DEBT: An obligation resulting from the borrowing of,money or from the purchase of goods and services. <br />DEBT LIMIT:. The maximum amount of gross or net debt, which is legally permitted. <br />DEBT MARGIN: The .amount of available debt, which may be. issued by a governmental unit <br />before reaching its debt limit, <br />DEBT SERVICE FUNDS: To account for the accumulation ofresources for payment of. general <br />long-term debt. <br />DEPARTMENT: Basic organizational. unit <br />of government, responsible for carrying out related <br />functions. <br />DEPRECIATION: Expiration in the service life of capital assets attributable .to wear and tear, <br />deterioration, action of the physical elements, inadequacy or obsolescence. <br />DISTINGUISHED., BUDGET PRESENTATION. AWARDS PROGRAM: A voluntary awards program <br />administered by the Government Finance .OfiFcers Association to encourage governments to prepare <br />effective budget documents. <br />EFFECTIVE BUYING INCOME (EBB): A statistical measure of buying power of an area or group of <br />individuals. <br />(ENTERPRISE FUNDS: To accountfor operations that are financed and operated in a manner <br />similar to a private business enterprises, where the intent of the governing body is that the cost of <br />providing services are to be recovered primarily on a user -charge basis to the general public. <br />ESTIMATED MARKET VALUE: Represents the selling price of a property if it were .on the market. <br />Estimated market value is converted to tax capacity before property taxes are levied. <br />EXPENDITURE: Where..a..ccounts.are kept on the accrual or modified accrual basis of accounting, <br />the cost of goods received. or services rendered whether cash payment have been made or not.. Where <br />accounts are kept on a cash. basis, expenditures are recognized only when the cash pay[nents for the <br />above pu.rposes..are made. <br />FINES: Revenues from .penalties imposed for violation of laws or regulations. <br />72 <br />