Government budgets can be tough to understand, but now Charlottesville, Virginia is providing the next generation of accessibility in financial information that allows citizens to view, engage with, and discuss.
Adopted BudgetThe budget as formally approved by the City Council for the upcoming fiscal year.
Balanced BudgetWhen a government's total revenues (money that it receives from taxes, fees, intergovernmental sources, etc.) equals its total expenditures (spending) in a fiscal year. The State Code of Virginia requires that all local governments adopt balanced budgets.
Debt Service Paymentof principal and interest related to the City's long-term borrowing, according to a predetermined payment schedule.
Expenditures/ExpensesThe cost of goods delivered or services rendered by the City.
Fiscal Year (FY) A twelve-month period during which the annual operating budget applies. In the City of Charlottesville, the fiscal year is July 1 through June 30.
FundAn accounting term to describe the City's major financial accounts: general fund, utilities, and capital improvements fund.
General FundA fund used to account for all revenue and expenditures applicable to general operations of City departments and other agencies, not properly accounted for in another fund.
Intergovernmental RevenueRevenue collected by one government and distributed in the form of grants, shared revenues, or payments in lieu of taxes.
Operating BudgetA financial plan that represents proposed expenditures for a given period and estimates of revenue to finance them. Excludes expenditures for capital assets, such as capital improvements, equipment replacement, and facility repair.
Proposed BudgetThe budget formally submitted by the City Manager to the City Council for its consideration.
Revenue The yield from various sources of income, such as taxes and permits, that the City collects and receives into the treasury for public use.
Revenue SharingThe process by which one unit of government levies revenue and shares it with another unit of government. In this case, Albemarle County shares some of its revenue with the City of Charlottesville.
Transfers to Other FundsAn allocation of appropriations used to reimburse a fund for expenses it incurred on behalf of the transferring fund or to record the transfer of revenue from one fund to assist in funding the operation of another. In the recipient fund, a matching amount is reflected in estimated revenues under the title of "Transfer From Other Funds".