The official written statement prepared by the Town staff reflecting the decisions made by the Council in their budget deliberations. A general discussion of the budget which provides the Town Council and the public with a general summary of the most important aspects of the budget, changes from previous fiscal years, and the views and recommendations of the Town Manager. The schedule of revenues and expenditures for the upcoming fiscal year by fund which is adopted by the Town Council each year. Major construction, repair of or addition to buildings, parks, streets, bridges and other Town facilities. The schedule of project expenditures for the acquisition and construction of capital assets for the current fiscal year.
Examples are fire stations, streets, water and sewer lines, etc.
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.