Wellesley Public Schools: Fiscal Year 2026 Budget
Function The activity for which a service or material is acquired. The functions in which school districts are required to maintain and report financial data shall be identified and described in guidelines for reporting student and financial data published by the Department. (MA DESE) Fund 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. Fund Accounting Organizing the financial records of a municipality into multiple, segregated locations for money. A fund is a distinct entity within the municipal government in which financial resources and activity (assets, liabilities, fund balances, revenues, and expenditures) are accounted for independently in accordance with specific regulations, restrictions, or limitations. Examples of funds include the general fund and enterprise funds. Communities whose accounting records are organized according to the Uniform Municipal Accounting System (UMAS) use multiple funds. Fund Balance The difference between assets and liabilities reported in a governmental fund. Also known as fund equity. General Fund The fund used to account for most financial resources and activities governed by the normal town meeting/city council appropriation process. General Ledger The accountant's record of original entry, which is instrumental in forming a paper trail of all government financial activity.
General Obligation Bonds
Bonds issued by a municipality for purposes allowed by statute that are backed by the full faith and credit of its taxing authority.
Governmental Funds Funds generally used to account for tax-supported activities. There are five distinct types of governmental funds: the general fund, special revenue funds, capital projects funds, debt service funds, and permanent funds.
Housing Status See McKinney-Vento Services.
Housing Status Student Transportation
Transportation of a homeless student to and from the student's school of origin that is located outside of the boundaries of the school district in which the homeless student temporarily resides. For purposes of homeless student transportation, school of origin shall mean the school where the homeless student was last enrolled, or the school attended when the student was permanently housed. (MA DESE)
Inside Debt Municipal debt incurred for purposes enumerated in MGL c. 44, § 7 and within the community's debt limit, which is an amount no higher than five percent of the community’s equalized valuation. Because this type of borrowing is below the debt limit, it is referred to as inside debt. (See Outside Debt)
Page 325 of 410
Made with FlippingBook Digital Proposal Creator