School Board Adopted FY 2013 Budget - Fluvanna County Public ...

Appendix D
Glossary of Terms
This glossary includes definitions of terms used in this budget document and other terms as seem
necessary for an understanding of financial accounting procedures for Fluvanna County Public Schools.
Adequate Yearly Progress (AYP)-A measurement defined by the federal No Child Left Behind Act that allows
the U.S. Department of Education to determine how every public school and school district in the country is
performing academically according to results on standardized tests.
Advanced Placement (AP) Program—An intensive program of college-level curricula and examinations that
provides high school students with an opportunity to earn advanced placement, college credit, or both, at
universities and colleges across the country.
American Recovery and Reinvestment Act (ARRA)—Federal funding intended to mitigate the impact of the
economic crisis. This funding comes with significant restrictions, reporting requirements, and audits.
Appropriation—An authorization granted by a legislative body to make expenditures and to incur
obligations for specific purposes. An appropriation is usually limited in amount and as to the time when it
may be expended.
Appropriation Act—This is non-codified legislation passed by the Virginia General Assembly annually to
provide for the operation of the state government and the distribution of funds to localities, school divisions,
and regional bodies.
Average Daily Membership (ADM)—The aggregate membership of a school division divided by the number
of days school is in session. ADM is a factor in the state funding formula.
Bond—Bonds for school purposes are either General Obligation Bonds or Virginia Public School Authority
Bonds.
Budget—A plan of financial operation embodying an estimate of proposed expenditures for a given period
or purpose and the proposed financing sources.
Capital Budget—A plan of proposed capital outlays and the means of financing them for the current fiscal
period.
Capital Improvement Plan—The five – year plan for County and Schools construction projects and
acquisitions in excess of $20,000, such as school buses.
Conference Committee—The General Assembly’s joint body established to resolve differences, if any, in the
proposed budget originating in the House of Delegates and Senate. The membership consists of the House
Appropriations Committee and Senate Finance Committee.
Debt Service Fund—A fund established to account for the accumulation of resources for, and the payment
of, general long-term debt principal and interest. In Fluvanna, the County pays Debt Service on capital
acquisitions, but the School Division is currently paying for two Literary Fund Loan notes.
Expenditures—Total charges incurred, whether paid or unpaid, for current costs.
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