Free Cash
Remaining, unrestricted funds from operations of the previous fiscal year, including unexpended free cash from the previous year, actual receipts in excess of revenue estimated on the tax recapitulation sheet, and unspent amounts in budget line items. Unpaid property taxes and certain deficits reduce the amount that can be certified as free cash. 8 Municipal Finance Glossary Department of Revenue/ Division of Local Services The calculation of free cash is based on the June 30 balance sheet, which is submitted by the community's auditor, accountant, or comptroller. Free cash is not available for appropriation until certified by the Director of Accounts. (See Available Funds) The ratio of the total number of paid hours during a period by the number of working hours in that pay period. Each employee's group schedule determines the total number of hours worked in a pay period. An accounting entity with a self-balancing set of accounts that is segregated for the purpose of carrying on identified activities or attaining certain objectives in accordance with specific regulations, restrictions, or limitations. Within a fund, financial resources, and activity (assets, liabilities, fund balances, revenues, and expenditures) are accounted for independently. Examples of funds include the general fund and enterprise funds. Organizing the financial records of a municipality into multiple, segregated locations for money. Communities whose accounts are organized according to the Uniform Municipal Accounting System (UMAS) use multiple funds. The difference between assets and liabilities reported in a governmental fund. Also known as fund equity. The fund used to account for most financial resources and activities governed by the normal town meeting or city council appropriation process. The accountant's record of original entry, a general ledger is a set of numbered accounts used to track financial transactions and prepare financial reports. Each account is a distinct record summarizing each type of asset, liability, equity, revenue and expense. A chart of accounts lists all the accounts in the general ledger. When referring to a Collective Bargaining Agreement, this refers to a job grade. Job grades are structured around certain minimum requirements such as education level or years of experience. Related: Collective Bargaining Agreements, Steps
Full-Time Equivalent (FTE)
Fund
Fund Accounting
Fund Balance
General Fund
General Ledger (GL)
Grade
-324-
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