Operating Budget 2025-2026

GLOSSARY OF TERMS ( continued )

Materials and Supplies

Expendable materials and operating supplies necessary to conduct departmental operations. A basis of accounting where revenue is recorded when available and measurable (reasonably estimated) within a designated availability period. Similar to full accrual basis, expenditures are recorded in the period they are incurred, but with a few exceptions related to inventories and prepaid items. The presentation of dollar amounts not adjusted for inflation. Adjusting for inflation would be done to reflect the real purchasing power of money today. Expenditures for current services including personnel and related benefit costs, supplies, and contractual services. It does not include debt service or capital improvements. A category of expenditures which primarily covers wages, salaries, overtime, and benefit costs paid to or on behalf of Town employees. A group of duties and responsibilities, as prescribed by an office or agency, to be performed by a person on a full-time, part-time or seasonal basis. Funds that focus on the determination of operating income, changes in net position (or cost recovery), financial position, and cash flows (i.e., Enterprise and Internal Services Funds). Real estate, including land and improvements (buildings, fences, pavements, etc.) classified for purposes of assessment. An account used either to set aside budgeted revenues that are not required for expenditure in the current budget year or to earmark revenues for a specific future purpose. Receipts received for various services delivered, taxes levied, licenses or permits, intergovernmental revenue, rents and service charges, and other miscellaneous sources. A fund type used where legal or contractual requirements restrict the use of resources to specific purposes. The Town has Special Revenue Funds for its federal CDBG Entitlement revenue and expenditures, its federal HOME Consortium revenue and expenditures, its Midtown Special Service District, and its Affordable Housing Development Fund.

Modified Accrual Basis

Nominal Dollars

Operating Expenditures

Personnel Services

Position

Proprietary Fund

Real-Property

Reserve

Revenues

Special Revenue Fund

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