2009 Annual Operating and Capital Budget - Village of Huntley

Budgetary Control
Budgeting Basis
Capital Budget
Capital Improvement
Capitalization Policy
Capital Outlay
Cash Basis
Contractual Services
Deficit
Departmental
Classification
The control or management of a government or enterprise in
accordance with an approved budget to keep expenditures within the
limitations of an available appropriations and available revenues.
The basis of accounting used in the preparation of the budget – i.e.,
cash, accrual or modified accrual. The Village of Huntley prepares its
budgets on the cash basis.
A plan of proposed capital outlays and the means of financing them.
Any major project requiring the expenditure of public funds (over and
above operating expenditures) for the construction, reconstruction,
or replacement of physical assets in the community.
The criteria used by a government to determine which outlays should
be reported as fixed assets. The Village of Huntley’s accounting
policies define a capital expenditure as the purchase or acquisition of
an asset with an estimated useful life of two or more years and a cost
of at least $25,000.
The purchase of land, buildings, machinery, and those equipment items
which have an estimated useful life of one year or more and belong to
the classes of property commonly considered as fixed assets.
A basis of accounting under which transactions are recognized only
when cash is received or disbursed.
Expenditures for services which are obtained by an express or implied
contract.
The excess of the liabilities of a fund over its assets or the excess of
expenditures over revenues during a single accounting period.
Expenditure classification according to the principal purposes for
which expenditures are made (e.g., public works).
Enterprise Fund
Equity Funding
A fund which accounts for an operation which is financed from user
charges and whose operation is similar to a private business
enterprise.
Funding is accomplished with available resources, and does not include
leveraged resources. Project funding is dictated by the availability of
cash.
141