These funds use the modified accrual basis of accounting. Expenditures are recognized when the related liability is incurred. A special fund used as a clearing house for monies being transferred from other funds into capital project accounts. Account in which funds are set aside for emergency and exceptional expenditures which may become necessary during the year and which have not been provided for in the context of the annual operating budget. Payment of long term debt principal, interest, and related costs.
Debt service is budgeted and accounted for in the fund in which it is incurred.
In addition to Town contributions, each employee has the option of making additional pre-tax contributions as well. A major administrative division of the Town which indicates overall management responsibility for an operation or a group of related operations within a functional area. A department usually has more than one program and may include activities or divisions which are accounted for in different funds. A special case in which the Town reimburses the developer's contribution for a particular construction project, such as waterline oversizings. In the reverse of this situation, the developer may have to reimburse the Town.