The 2001 Township of Upper St. Clair Budget provides budgets for twelve separate funds. The accounts of the Township are organized on the basis of funds or groups of accounts, each of which is considered to be a separate accounting entity. The compartmentalization of resources, transactions and statements is known as fund accounting. Fund accounting is adapted to the control needed to assure that specific revenue sources will be used to finance specific activities. The operations of each Fund are accounted for by providing a separate set of self-balancing accounts, which comprise its assets, liabilities, fund equity, revenues and expenditures.
Funds can have transactions with other funds within the governmental unit.
Funds are created by state constitution, state statute, local charter, administrative staff or local ordinance. Funds can be continuous or funds can be closed out after their special purpose has been served. Revenues and appropriations are included in funds. Revenues represent the amount of tax and non-tax income that the Township estimates it will collect. Appropriations are budgeted expenditures.