There are many different types of bonds such as general obligation bonds, special obligation bonds, revenue bonds, conduit debt and moral obligation debt. Budgetary basis of accounting recognizes revenue when the cash is received and, generally, recognizes expenditures when the cash is paid. Compensated absences are vacation and sick pay earned by State employees but not taken. They represent a future obligation of the State. SAMS is the Statewide Accounting Management System which keeps track of the State's receipts and payments Fiscal year denotes the period July 1 - June 30 which is the State's operating cycle.
Fund is a segregation of resources .
It accounts for money the General Assembly has set aside for a specific purpose. Funds can be treasury held or locally held. They can also be shared or non-shared. General Funds are those funds that finance most of the activities associated with State government such as education, prisons, and welfare. The largest and most well known of the General Funds is the General Revenue Fund.