2012 Budget - South Suburban Parks and Recreation

South Suburban Park and Recreation District
Glossary
Bond – a written promise to pay a specific sum of money on a specific date at a specified
interest rate. Bonds are most frequently used to finance large capital projects.
Budget – a financial plan, which includes an estimate of expenditures for a given period or
purpose and proposed means of financing the estimated expenditures.
Budget Amendment - means an amendment to an adopted budget of the district, this action
requires board approval.
Budget Calendar – A schedule of key dates followed by the District in preparation, review,
and administration of the budget.
Budget Summary – The budget of the District in a summary format.
Budgetary Basis of Accounting – See Modified Accrual
Buildings and Improvements - Buildings and improvements includes the direct cost of
acquisition, engineering fees and structural elements including shells and components such as
heating, air conditioning and elevators.
Capital Expenditures - A capital expenditure is any physical resource that benefits a
department for more than three years and has a unit cost in excess of $5,000 for equipment
and $50,000 for improvements. Capital expenditures include funds expended for land, water
rights, building and improvements, improvements other than buildings, and equipment.
Capital Improvements – See Capital Projects.
Capital Projects – Expenditures that are non-operating in nature and are generally a major
improvement or acquisition of equipment or property. These projects may or may not meet
the capitalization policy of the District. See Capital Expenditures.
Certificates of Participation (COPs) – COPs are a method of financing large equipment or
capital expenditures. They are lease-purchase securities. The payment of the debt is made to
an escrow agent and is called a lease payment. The escrow agent acts as a lesser for the
property to be acquired or constructed with the proceeds of the COPs. The owners of the
COPs do not have an ownership interest in the property financed with the proceeds of the
COPs.
Certificates of Deposit - A certificate of deposit or CD is a time deposit, a financial product
commonly offered to consumers by banks.
Certification of mill levy - validating the authenticity of the mill levy.
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