WASHINGTON COUNTY APPROVED BUDGET
FY 2026
Glossary of Terms
Accrual Basis of Accounting:
Method of accounting that recognizes the financial effect of transactions when they occur regardless of the timing of related cash flows. An authorization granted by the County Commissioners to make expenditures and to incur obligations for purposes specified in the appropriation resolution. The total value of real and personal property in the County for the purposes of taxation. The State Department of Assessments and Taxation determines assessable base. The valuation established for individual real estate or other property by the State for purposes of taxation. The assessment for real property is currently established at 100% of market value.
Appropriation:
Assessable Base:
Assessed Value:
Assessment :
The process of making the official valuation of property for purposes of taxation.
Assigned Fund Balance:
A classification of fund balance in governmental-type funds to indicate net resources of the fund that the government intends for a specific purpose. Assigned resources differ from committed in that constraints imposed on assigned resources are more easily modified or removed. For governmental funds other than the General Fund, this is the category for all (positive) residual fund balances. An annual examination of all County financial documents, records, and reports along with a review of all accounting practices and procedures by an independent auditing firm.
Audit:
Balanced Budget:
A budget in which all expenditures are equaled by all revenues. By State Law, the County’s budget must be balanced.
Bond:
A written promise to pay a specified sum of money (called the face value or principal amount) at a specified date or dates in the future (called the maturity date), together with periodic interest at a specific rate.
2026 Budget Document
268
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