2013â2014 BIENNIAL BUDGET - the City of Tukwila

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2013-2014 Biennial Budget City of Tukwila, WashingtonGLOSSARY OF TERMSACCOUNT. A classification established for the purpose of recording revenues and expenditures.ACCOUNTING SYSTEM. The methods and records established to identify, assemble, analyze, classify,record and report a government's transactions and to maintain accountability for the related assets andliabilities.ACCRUAL BASIS. The recording of the financial effects on a government of transactions and otherevents and circumstances that have cash consequences for the government in the periods in which thosetransactions, events, and circumstances occur, rather than only in the periods in which cash is receivedor paid by the government.ANNUAL BUDGET. A budget applicable to a single fiscal year.APPROPRIATED BUDGET. The expenditure authority created by the appropriation bills orordinances, which are signed into law, and the related estimated revenues. The appropriated budgetwould include all reserves, transfers, allocations, supplemental appropriations and other legallyauthorized legislative and executive changes.APPROPRIATION. A legal authorization granted by a legislative body to make expenditures and toincur obligations for specific purposes. An appropriation usually is limited in amount and time it maybe expended.ASSESSED VALUATION. A valuation set upon real estate or other property by a government as abasis for levying taxes.BALANCED BUDGET. A budget with revenues equal to expenditures. Total Revenues are equal to orgreater than Total Expenses.BARS. Budgeting, Accounting & Reporting System. Refers to the accounting rules established by theWashington State Auditor's Office, including a prescribed chart of accounts.BASIS OF ACCOUNTING. A term used in reference to when revenues, expenditures, expenses andtransfers-and the related assets and liabilities-are recognized in the accounts and reported in the financialstatements. Specifically, it relates to the timing of the measurements made, regardless of the nature ofthe measurement, on either the accrual method for proprietary funds or modified accrual method forgovernmental funds.BENEFITS. Costs paid by the City on behalf of its employees. Examples include: medical and dentalinsurance, retirement, deferred compensation, life insurance and worker's compensation.BIENNIAL BUDGET. A budget applicable to a two-year period.BUDGET. A plan of financial operation embodying an estimate of proposed expenditures for a givenperiod and the proposed means of financing them. Used without any modifier, the term usuallyindicates a financial plan for a single fiscal year.BUDGET AMENDMENT. The method used to make revisions to the adopted budget. Adjustments aremade through an ordinance approved by the City Council.Page 377
2013-2014 Biennial Budget City of Tukwila, WashingtonBUDGET CALENDAR. The schedule of events that need to occur and the date or period of time foreach to occur in the preparation, review and adoption of a budget.BUDGET DOCUMENT. The instrument used to present a comprehensive financial program to theappropriating governing body. The budget document usually consists of three parts. The first partcontains a message from the budget-making authority, together with a summary of the proposedexpenditures and the means of financing them. The second consists of schedules supporting thesummary. These schedules show in detail the past years' actual revenues, expenditures and other dataused in making the estimates. The third part is composed of drafts of the appropriation, revenue andborrowing measures necessary to put the budget into effect.BUDGET MESSAGE. A general discussion of the proposed budget as presented in writing by thebudget-making authority to the legislative body. The budget message should contain an explanation ofthe principal budget items, an outline of the government's actual financial experience during the pastperiod and its financial status at the time of the message, and recommendations regarding the financialpolicy for the coming period.BUDGETARY CONTROL. The control or management of a government or enterprise in accordancewith an approved budget to keep expenditures within the limitations of available appropriations andavailable revenues.CAPITAL ASSETS. Long term assets such as land, improvements to land, easements, buildings andrelated improvements, vehicles, machinery and equipment, infrastructure, and all other tangible orintangible assets that are used in operations and that have initial useful lives extending beyond a singlereporting period. See also Fixed Assets.CAPITAL EXPENDITURES. Expenditures of current financial resources for constructing or purchasingcapital assets. Under the modified accrual basis of accounting these acquired assets appear asexpenditures in the fund statements, however under the current reporting model these acquired assetsare recognized as assets in the basic financial statements.CAPITAL IMPROVEMENT PROGRAM. A program for capital expenditures to be incurred each yearover a fixed period of years to meet capital needs arising from the long-term work program or othercapital needs. It sets forth each project or other contemplated expenditure in which the government is tohave a part and specifies the resources estimated to be available to finance the projected expenditures.CAPITAL PROJECT FUND. A fund created to account for financial resources to be used for theacquisition or construction of major capital facilities.CAPITALIZATION THRESHOLD. Dollar value at which a government elects to capitalize tangible orintangible assets that are used in operations and that have initial useful lives extending beyond a singlereporting period. The City’s capitalization threshold is established at a cost of $5,000.00, or greater.CONTINGENCY FUND. An account set aside for emergencies or other unanticipated needs nototherwise included as part of the budget.DEBT. An obligation resulting from the borrowing of money or from the purchase of goods andservices. Debts of governments include bonds, time warrants and notes.Page 378
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2013â2014 BIENNIAL BUDGET - the City of Tukwila

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2013â2014 BIENNIAL BUDGET - the City of Tukwila