Government budgets can be tough to understand, but now Lexington, Virginia is providing the next generation of accessibility in financial information that allows citizens to view, engage with, and discuss.
AppropriationA legal authorization where a sum of money can be allocated for specific purposes granted by the City Council to a specified unit of City Government. An appropriation is limited in dollar amount and when it may be spent, usually expiring at the end of the fiscal year.
BudgetA specific plan of operations for the fiscal year that states the expenditures required to meet that plan of operations, and identifies the revenue necessary to finance the plan. The annual City budget is established (adopted) by the City Council.
ExpenditureThe act of spending funds towards the transfer of property or services for the purpose of acquiring an asset or service, or for settling a loss.
Fiscal YearA 12-month period designated as the operating year for accounting and budgetary purposes. The City’s fiscal year runs from July 1st to June 30th.
Non-DepartmentalNon-Departmental funds includes transfers to other funds including contingencies, debt service and other budgeted items that may be expended, but which are attributable to multiple City departments.
Operating ExpendituresThe cost for personnel, materials, and equipment required by a department in order to function.
Operating RevenueFunds that the government receives as income to pay for ongoing operations, including such items as taxes, fees from services, intergovernmental revenues, and grant revenues. Operating revenues are used to pay for day-to-day services.
RevenueIncome generated by taxes, notes, bonds, investments, income, land rental, fees, user charges, and federal and state grants.
Revenue SharingAn agreement between the County of Rockbridge and the City of Lexington, where the County contributes to the City a portion of its real property tax bases and certain other revenues on an annual basis in exchange for an agreement not to annex County land.
The General FundThis fund accounts for all revenues and expenditures involved in daily operations of the City that are not accounted for in other funds. The General Fund is the primary operating account of the City, as well as the largest. This fund include most traditional local government programs such as police, libraries, parks, human services, etc. The General Fund also includes transfer payments to the School, City debt service, and capital improvement funds. The General Fund also includes transfer payments to the School, debt service, and capital improvement funds.
GrowthIn the tablular view of this site "Growth" means increase over last fiscal year
ImpactThe total percent a particular category may have on the total budget revenue or expense