2009 Annual Operating and Capital Budget - Village of Huntley

Fund
Fund Balance
General Fund
General Obligation
Bonds
Goal
Government Funds
Fiscal and accounting tool with a self-balancing set of accounts to
record revenue and expenditures.
The Difference between fund assets and fund liabilities of
governmental and similar trust funds.
General operating fund of the Village. It is used to account for all
financial resources except those required to be accounted for in
another fund.
Bonds where the Village pledges its full faith and credit to the
repayment of the bonds. These bonds are secured by the General
Fund of the Village.
A statement of broad direction, purpose or intent based on the needs
of the community.
General, Special Revenue, Debt Service, and Capital Projects funds.
Illinois Municipal
Retirement Fund
(IMRF)
Infrastructure
Intergovernmental
Revenue
Legal Level of
Budgetary Control
Levy
Line-item budget
MAP
This retirement fund, established under statutes adopted by the Illinois
General Assembly, provides employees of local governments and
school districts in Illinois with a system for the payment of retirement
annuities, disability, and death benefits. IMRF is a defined benefit
pension plan.
Public domain fixed assets such as roads, bridges, curbs and gutters,
streets and sidewalks, drainage systems, lighting systems and similar
assets that are immovable and of value only to the Village.
Funds received from federal, state and other government sources in
the form of grants, shared revenues and payments in lieu of taxes.
The level at which spending in excess of budgeted amounts would be a
violation of law.
The imposing and collecting of a tax.
A form of budget which allocates money for expenditures to specific
items or objects of cost. The Village of Huntley is a line-item budget.
Metropolitan Alliance of Police. This is the bargaining unit that
represents Village of Huntley police officers.
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