2012 Budget - South Suburban Parks and Recreation

South Suburban Park and Recreation District
Glossary
2000 1 Mill – The 1 mill levy earmarked for park and open space acquisition and trail
development as approved by the District’s voters in 2000, which expired in 2010.
2010 1 Mill – The new mill levy earmarked for acquisition of parks, open space and natural
areas, acquisition and development of trails, and development and maintenance of open
space, parks, and trails (approved by voters in 2010, beginning in 2011 and continuing for ten
years).
1 Mill – see 2000 1 Mill and 2010 1 Mill
Accrual Basis of Accounting – Revenue is recorded when earned and expenses are recorded
when a liability is incurred, regardless of the timing of related cash flows.
ADA - Americans with Disabilities Act
Adopted Budget – The budget adopted by the Board of Directors by December 15 th . The
adopted budget becomes effective annually as of January 1 st and appropriations lapse at year
end.
Appeal - take a court case to a higher court for review.
Appropriation – Money set aside for a specific purpose.
Arapahoe County Open Space Grant – Grant funds approved by Arapahoe County
Commissioners and the Open Space and Trails Advisory Group for the preservation of open
space in Arapahoe County funded by a voter approved sales tax (1/4 of 1%) in Arapahoe
County.
Article X, Section 20 of the Constitution of the State of Colorado – See TABOR
Assessed Valuation – The value set by the County Assessor on real and personal property in
order to establish a basis for levying taxes.
Assets – Economic resources owned by a government.
Audit – A systematic collection of sufficient, competent evidential matter needed to attest to
the fairness of management’s assertions in the financial statements.
Balanced Budget - planned expenditures are equal to estimated net revenues and
appropriated fund balances.
Benefits – Benefits include social security, retirement, group health, dental insurance, life
insurance, workers’ compensation, and disability insurance, as well as other district benefits.
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