For the purpose of this subchapter the following definitions shall apply unless the context clearly indicates or requires a different meaning.
BUDGET. A plan of financial operation embodying an estimate of proposed expenditures for a given period, and the proposed means of financing them.
CHIEF EXECUTIVE. The Mayor.
ENCUMBRANCES. Obligations in the form of purchase orders or contracts that are chargeable to an appropriation. An obligation ceases to be an encumbrance when paid or when the actual liability is recorded. (KRS 91A.010(3))
FISCAL YEAR. The accounting period for the administration of fiscal operations. (KRS 91A.010(5))
FUND. An independent fiscal and accounting entity with a self-balancing set of account recording revenues or other resources, together with all related liabilities, obligations, reserves, and equities which are segregated for the purpose of carrying on specific activities or attaining certain objectives.
GENERALLY ACCEPTED GOVERNMENTAL AUDITING STANDARDS. Those standards for audit of governmental organizations, programs, activities and functions issued by the Comptroller General of the United States.
GENERALLY-ACCEPTED PRINCIPLES OF GOVERNMENTAL ACCOUNTING. Those standards and procedures promulgated and recognized by the Governmental Accounting Standards Board. (KRS 91A.010(6))
LEGISLATIVE BODY. The City Council.
MODIFIED ACCRUAL BASIS. The basis of accounting under which expenditures other than accrued interest or general long-term debts are recorded at the time liabilities are incurred and revenues are recorded when received in cash, except for material or available revenues which should be accrued to reflect properly the taxes levied and revenue earned.
('83 Code, § 34.02) (Ord. O-7-82, passed 3-15-82)