Page 161 - Town of Bedford FY 2018-2019 Budget.pdf

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Interfund Transfers: Monies transferred from one fund to another. Such money is transferred to finance
the operations of another fund or to reimburse the fund for certain expenditures/expenses. This type of
transfer must be approved by Town Council.

Landfill Financial Assurance: Required documentation submission to Department Environmental Quality
(DEQ) on landfill engineering studies and future closure costs.

Materials, Supplies, and Services: Expenditures/expenses for materials, supplies, and services which are
ordinarily consumed within a fiscal year and which are not included in departmental inventories.

Modified Accrual Accounting: Is commonly used by government agencies that combine accrual-basis
accounting with cash-basis accounting. Method under which revenues are recognized in the period they
become available and measurable & expenditures are recognized in the period the associated liability
(expense) is incurred.

Munis Financial Management Software by Tyler Technologies: An integrated enterprise resource
planning (ERP) system that manages all core functions, including financials, budgeting, capital
improvement program (CIP) and human resources functions of the Town.

Object Code: Six-digit numbers that are used to categorize actual expenses, budgeted amounts for
expenses, and encumbrances, into categories that describe the nature of the goods or services
purchased within the Munis Financial Management System.

Objectives: The expected results or achievements of a budget activity.

Operating Budget: Annual appropriation of funds for on-going program costs, including salaries and
benefits, services and supplies, debt service, capital outlay and capital improvements.

Ordinance: A formal legislative enactment by the Town Council. It has the full force and effect of law
within Town boundaries unless preempted by a higher form of law. An ordinance has a higher legal
standing than a resolution.

Performance Measures: A performance measure is a public oriented measure which, whether stated in
terms of effectiveness or efficiency, quantitatively describes how well a service is being performed.

Perpetual Care Fund: Funds held in trust the income of which is to be expended in keeping up forever
the necessary care of the individual lots and graves for the Town’s municipal cemetery.

Prior Year Reserves: Budget line that uses fund balance to cover rollovers from the previous fiscal year.

Procurement: The action of obtaining or purchasing goods or services in the operations of the Town.

Property Tax: Property tax is imposed on real property (land and permanently attached improvements,
such as building) and tangible personal property located within the Town.

Proprietary Fund Types: Enterprise and Internal Service fund types are used to account for ongoing
activities which are financed and operated in a manner similar to those found in the private sector. The

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