Glossary of Terms and Acronyms
Glossary of Terms and Acronyms used in budget documents, listed in alphabetical order
The definitions provided below come from several sources, including the Newton Public School District Business & Finance Department, the Massachusetts Department of Revenue Municipal Knowledge Base (www.mass.gov), the Massachusetts Executive Office for Administration and Finance Budget Terminology (https://www.mass.gov/info- details/budget-terminology), the General Court of the Commonwealth of Massachusetts (www.malegislature.gov), and the Massachusetts Department of Elementary and Secondary Education (www.doe.mass.edu). An authorization granted by a town meeting, city council, or other legislative body to expend money and incur obligations for specific public purposes. An appropriation is usually limited in amount and as to the time period within which it may be expended An examination of a community’s financial systems, procedures, and data by a certified public accountant (independent auditor) resulting in a report on the fairness of financial statements and local compliance with statutes and regulations. The audit serves as a valuable management tool for evaluating a community’s fiscal performance Prepared by an independent auditor, an audit report includes: (a) a statement of the audit’s scope; (b) explanatory comments as to the application of auditing procedures; (c) findings and opinions; (d) financial statements and schedules; and (e) supplementary comments, recommendations, and statistical tables. It is very often accompanied by a management letter. Balances in the various fund types that represent nonrecurring revenue sources. As a matter of sound practice, they are frequently appropriated for unforeseen expenses, capital expenditures, or other one-time costs. Examples of available funds include free cash, stabilization funds, overlay surplus, water surplus, and retained earnings.
Appropriation
Audit
Audit Report
Available Funds
Balance Sheet
A statement that discloses the assets, liabilities, reserves, and equities of a fund of governmental unit as of a specified date.
Block Grant
A federal grant of money awarded by formula under very general guidelines that allow grantees broad latitude in spending activities.
-320-
Made with FlippingBook interactive PDF creator