2012-2013 Budget - City of Saginaw MI

GLOSSARY OF TERMSA –ACCRUAL BASIS – The method of accountingunder which revenues are recorded when they areearned (whether or not cash is received at thattime) and expenditures are recorded when goodsor services are received (whether or not cashdisbursements are made at that time.)ACTIVITIES – Specific services performed toaccomplish program objectives and goals.AGENCY FUND – Permanently establishedendowments where the annual income is used atthe discretion of the organization in pursuit of aparticular mandate.ALLOCATION – The assignment or distributionof available resources such as revenue, personnel,buildings, and equipment among various Citydepartments, bureaus, divisions, or offices.APPROPRIATION – An authorization made byCity Council, which permits the City to incurobligations and to make expenditures orresources.APPROVED (ADOPTED) BUDGET – Therevenue and expenditure plan for the City for thefiscal year as enacted by City Council.ARBITRAGE – Excess investment profits earnedon the investment of lower-cost, tax-exempt bondproceeds.ASSESSED VALUATION – The value placedupon real and personal property by the County taxassessor/appraiser as the basis for levying taxes.ASSET – Property owned by the City which hasmonetary value.AUDIT – Prepared by an independent certifiedpublic accounting firm, the primary objective ofan audit is to determine if the City’s generalpurpose financial statements present fairly theCity’s financial position and results of operationsin conformity with the generally acceptedaccounting principles.B –BALANCED BUDGET – Proposed revenuesand other resources equal proposedappropriations.BOND – A long-term promise to repay aspecified amount of money (the face valueamount of the bond) on a particular date (maturitydate). Bonds are primarily used to finance capitalprojects.BUDGET – A plan of financial operationcompromised of an estimate of proposedexpenditures for a fiscal year and the proposedmeans of financing those expenditures to fundCity services in accordance with adopted policy.BUDGET CALENDAR – The schedule of keydates or milestones that the City follows in thepreparation and adoption of the budget.BUDGET DOCUMENT – A compilation of thespending and funding plans for the various funds,along with supporting narrative, schedules, tables,and charts which, in total, comprises the annualresource allocation plan.BUDGET ORDINANCE – An ordinanceconsidered and adopted by City Council toformally enact the proposed budget as amended.BUDGET TRANSFER - Adjustment made tothe budget during the fiscal year to properlyaccount for unanticipated changes which occur inrevenues and/or expenditures and for programinitiatives approved during the fiscal year.BUREAU – The largest organizationalcomponent within a department which design istied to service output or function.443