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Aud it Tra i I <br />Documentation which permits the sequence of financial transactions to be followed. <br />Authorized Positions <br />Those ongoing positions approved in the final budget of the preceding year. <br />Average Cost <br />Total of all costs for all units bought (or produced) divided by the number of units acquired <br />(or produced). <br />Balance Available <br />The amount of money available for appropriation or encumbrance. It is the excess of cash <br />and near- cash assets of a fund over its liabilities and reserves; or commonly called surplus <br />available for appropriation. It is also the unobligated balance of an appropriation which may <br />be encumbered for the purposes of the specific appropriation. <br />Balanced Budget <br />When there is neither a budget deficit nor a budget surplus -when revenues equal <br />expenditure. <br />Baseline Budget <br />A baseline budget reflects the anticipated costs of carrying out the current level of service <br />or activities as authorized by the City Council in the current budget. It includes an <br />adjustment for cost increases but does not include changes in service or authorized <br />positions over that authorized by the City Council. <br />Bond <br />A municipal bond is a written promise from a local government to repay a sum of money on <br />a specific date at a specified interest rate. Bonds are most frequently used to finance capital <br />improvement projects such as buildings, streets and bridges. <br />Budget <br />A plan of financial operation, for a set time period, which identifies specific types and levels <br />of services to be provided, proposed appropriations or expenses and the recommended <br />means of financing them. <br />Budget Amendments <br />The Council has the sole responsibility for adopting the City's budget and may amend or <br />supplement the budget at any time after adoption by majority vote. The City Manager has <br />the authority to approve line item budgetary transfers between expenditure objects of the <br />budget as long as it is in the same fund. <br />Budget Calendar <br />The schedule of key dates which City departments follow in the preparation, revision, <br />adoption, and administration of the budget. <br />Budget Detail <br />A support document to the published budget that details the line -item expenditures. <br />Budget Year <br />The fiscal year for which the budget is being considered; fiscal year following the current <br />yea r. <br />198 <br />