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2017 - 2018 Biennial Budget City of Tukwila, Washington <br />GLOSSARY OF TERMS <br />ACCOUNT. A classification established for the purpose of recording revenues and expenditures. <br />ACCOUNTING SYSTEM. The methods and records established to identify,aaoennb|a.onalyze.daeaifv. <br />record and report a government's transactions and to maintain accountability for the related assets and <br />liabilities. <br />ACCRUAL BASIS. The recording of the financial effects on a government of transactions and other <br />events and circumstances that have cash consequences for the government in the periods in which those <br />transactions, events, and circumstances occur, rather than only in the periods in which cash is received <br />or paid by the government. <br />ANNUAL BUDGET. A budget applicable to a single fiscal year. <br />APPROPRIATED BUDGET. The expenditure acreated by the appropriation bills or ordinances, <br />which are signed into lawand the related estimated revenues. The appropriated budget would include <br />all reoervgs, inanofena, aUooationo, supplemental appropriations and other legally authorized legislative <br />and executive changes. <br />APPROPRIATION. A legal authorization granted by a legislative body to make expendituresandto|nour <br />obligations for specific purposes. An appropriation usually is limited in amount and time it may be <br />expended. <br />ASSESSED VALUATION. A valuation set upon real estate or other property by a government as a basis <br />for levying taxes. <br />BALANCED BUDGET. A budget with revenues equal to expenditures. Total Revenues are equal to or <br />greater than Total Expenses. <br />BARS. Budgeting, Accounting & Reporting System. Refers to the accounting rules established by the <br />Washington State Auditor's Office, including a prescribed chart of accounts. <br />BASIS OF ACCOUNTING. A term used in reference to when revenuee, expenditures, expenses and <br />transfers -and the related assets and liabilities -are recognized in the accounts and reported in the financial <br />statements. GpecUioo|/y, it relates to the timing of the measurements rnmde, regardless of the nature of <br />the nneoeurernont, on either the accrual method for proprietary funds or modified accrual method for <br />governmental funds. <br />BENEFITS. Costs paid by the City on behalf of its employees. Examples include: medical and dental <br />insurance, retirement, deferred compensation, life insurance and worker's compensation. <br />BIENNIAL BUDGET. A budget applicable to a two-year period. <br />BUDGET. A plan of financial operation embodying an estimate of proposed expenditures for a given <br />period and the proposed means of financing them. Used without any modifier, the term usually indicates <br />a financial plan for a single fiscal year. <br />BUDGET AMENDMENT. The method used to make revisions to the adopted budget. Adjustments are <br />403 <br />11 <br />