FINANCIAL SECTION - School District U-46

BUDGET. The budget is a plan of financial operation embodying an estimate of
proposed expenditures for a given period or purpose, and the proposed means of
financing those expenditures. The budget is a legal document once it has been
approved by the Board of Education.
BUDGETARY CONTROL. Budgetary control is the management of the
business affairs of the District in accordance with an approved budget, with the
responsibility to keep expenditures within the authorized amounts.
BUILDINGS. Facilities permanently affixed to the land, including their associated
heating and air conditioning systems, electrical and sound systems, plumbing
and sewer systems, elevators, and other fixed equipment.
CASH. Cash is money or its equivalent, usually ready money. Money in hand,
either in currency, coin, or other legal tender, or in bank bills or checks paid and
received, deposits and NOW accounts, bank notes or sight drafts, bank
certificates of deposit, municipal orders, warrants, or scrip.
CASH BASIS. A basis of accounting under which transactions are recognized
only when cash is received or disbursed.
CHART OF ACCOUNTS. A chart of accounts is a list of all accounts generally
used in an accounting system. In addition to account title, the chart includes an
account number which has been assigned to each account. Accounts in the
chart are arranged with accounts of a similar nature; for example, assets and
liabilities.
CONTINGENT LIABILITIES. Liabilities which are not now fixed and absolute but
which will become so in case of the occurrence of some future and uncertain
event.
CONTRACTED SERVICES. Labor, materials and other costs for services
rendered by personnel who are not on the payroll of the District.
CORPORATE PERSONAL PROPERTY REPLACEMENT TAX. The corporate
personal property replacement tax is collected by the Illinois Department of
Revenue as a replacement for the personal property tax.
COST BENEFIT. Cost benefit analyses are those studies which provide the
means for comparing the resources to be allocated to a specific program with the
results likely to be obtained from it, or analyses which provide the means for
comparing the results likely to be obtained from the allocation of certain
resources toward the achievement of alternate or competing objectives.
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