Actuals: As opposed to budgets, the actual expenditures or receipts recorded year-to-date on the city's general ledger.
Encumbrances: When a purchase order is issued, funds are encumbered, meaning they have not yet been spent but will be once the product or service is received, invoiced, and paid. Encumbrances can roll forward from one fiscal year to the next.
Expenditures: Posted payments through the selected reporting period.
Fiscal Year: The city’s fiscal year begins July 1 and ends June 30.
Fund: A level of detail in the city’s financial structure where revenues and expenditures are recorded for related purposes. Most city operations are conducted out of the General Fund.
General Ledger: The main accounting record to which transactions are posted.
Object (Account): A level of detail in the city’s financial structure referring to budgeted accounts. Examples include Full-Time Employee Salaries, Education & Training, and General Supplies.
Org (Department): A level of detail in the city’s financial structure referring to budgeted divisions. Examples include Administration, Library, and Water Distribution.
Period (Month): The first twelve reporting periods coincide with the fiscal year months, beginning with July and ending with June. Period 13 is used for accounting purposes, to record final entries to close the fiscal year and any entries related to the financial audit.
Revenues: Posted income through the selected reporting period.
Revised Budget: The revised budget may differ from the adopted budget due to budgetary transfers or the rolling forward of encumbered funds from one fiscal year to the next. Since the revised budget is a truer picture of revenues and expenditures in a given fiscal year, it is used in place of the adopted budget.
YTD: Short for year-to-date, coinciding with our fiscal year start on July 1.