Town of Blacksburg Adopted Operating Budget FY 2027

GLOSSARY OF TERMS ( continued )

Intergovernmental Revenues

Revenues from other governments, such as the State and Federal government in the form of grants, entitlements, shared revenues or payments in lieu of taxes. Services established to finance and account for services furnished by a designated Town department to other departments. The Equipment Operations Fund is an example of a department, Public Works, which operates under this fund and charges other departments for services rendered. A specific expenditure category within a department budget, e.g., travel, postage, printing or office supplies. Usually general obligation debt issued by the Town for a period of twenty years to finance capital improvements. A fund is considered “major” if it meets certain financial ratio criteria or if governmental officials designate a fund to be a major fund. The General Fund is always considered a major fund. This designation as “major” requires certain financial statement reporting whereby users can more easily assess accountability. 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. 208

Internal Services Fund

Line Item

Long-term Debt

Major Fund

Materials and Supplies

Modified Accrual Basis

Nominal Dollars

Operating Expenditures

Personnel Services

Position