Presentation on theme: "Introduction to Governmental Accounting"— Presentation transcript:
1Introduction to Governmental Accounting Presented byLeanne T. Cross, CPA
2Governmental Acronyms FASB – Financial Accounting Standards BoardGAAP – Generally Accepted Accounting PrinciplesGASB – Governmental Accounting Standards BoardRSI – Required Supplementary InformationSLG – State and Local Government
3Characteristics of Government Absence of profit motiveOwned by constituents – no stockContributors of resources do not receive proportional share of benefitsDecisions made – directly or indirectly – by votersPopular election of governing boardMeetings where decisions are made open to the publicPower to enact and enforce a tax levyAbility to issue tax-exempt debt
4Similarities to the Private Sector Operate in same economy and compete for same resources: financial, capital, and humanAcquire and convert resources into goods and servicesUse of accounting and other information systemsNeed to operate economically, effectively, and efficiently
5Differences from Private Sector Organizational objectivesPrivate Sector – maximize income from resourcesGovernment Sector – maximize services from resourcesSources of financial resourcesPrivate Sector – raise resources from sales, capital stock, and debt transactionsGovernment sector – raise resources from taxes, state appropriations, grants, and feesMethods of evaluating performance and operating results
6Differences from Private Sector (cont’d) Methods of evaluating performance and operating resultsPrivate Sector – continuing a product or service is determined by success in the marketplaceGovernment Sector –Profit is not a motiveServices are usually not found elsewhere so there is no competitionFace rules and regulations not found in private sector
7Typical Activities of SLG Governmental Activities – unique to SLGsPolice and fire protectionEducationSocial servicesCourtsBusiness-type Activities – similar to private sectorUtilitiesGolf coursesAirports
8Governmental Activities Purpose is to provide goods and services that all constituents need regardless of ability to pay for goods and services.Sources of Financial ResourcesTaxes – property, sales, and incomeIntergovernmental revenues – grants, revenue sharingLicenses and permitsFines and forfeituresDebt proceeds (typically not used for operations)
9Business-type Activities Purpose is to provide same types of services found in private sector.Source of Financial ResourcesCharge fee for services receivedSeparate, self-sufficient operations
10Financial Report Users CitizensLegislative and oversight bodiesInvestors and creditors
11Financial Report Uses Comparing results with legally adopted budgets Assessing financial condition and results of operationsAssisting in determining compliance with finance-related laws, rules, and regulationsAssisting in evaluating efficiency and effectiveness
12Fundamentals of SLG Accounting and Financial Reporting GAAP and legal complianceFund accountingFund categoriesTypes of fundsComparative financial statement formats among governmentsAnnual financial reporting
13GAAP Reporting and Legal Compliance Ensures that all financial reports of all SLGs contain the same types of financial statements and disclosures for the same types of funds and activitiesTrying to assure comparability among and between governmentsRequires “full” disclosureMaintaining budgetary accounting control during the year.
14SLG GAAP HierarchyGASB Statements and Interpretations, which are periodically incorporated into the CodificationGASB Technical Bulletins and AICPA Audit Guides and SOPs if made applicable to SLG’s and cleared by GASBAICPA Practice Bulletins if made applicable to SLGs and cleared by GASBGASB staff Implementation Guides (Q&As)
15Fund AccountingMust understand fund structure, fund model, and interrelationships between fundsUse of fund accounting allows forProper accounting controlsDemonstrating compliance
16Definition of a FundIndependent accounting entity with a self-balancing set of accountsA fund captures all reported attributes of a portion of the government’s activities and resources accounted for in that fund
18Proprietary Funds Similar to accounting for businesses Accounting measures net position, changes in net position, and cash flows
19Types of Proprietary Funds Enterprise Funds – used to report activity for which a fee is charged to external users for goods and services. Customers are usually the general public, as well as businesses and other entities besides the government’s own department or agenciesActivities required to reported in an enterprise fund if any one of the criteria on the following page are met:
20Types of Proprietary Funds (cont’d) Activity is financed with debt that is secured solely by a pledge of the net revenues from fees and charges of the activity.Laws or regulations that the activity’s costs of providing services, including capital costs, be recovered with fees and chargesThe pricing policies of the activity establish fees and charges designed to recover its costs, including capital costs.
21Types of Proprietary Funds (cont’d) Internal Service Funds – used to report any activity that provides goods or services to other funds, departments, or agencies of the primary government and its component units, or to other governments, on a cost-reimbursement basis. These funds should be used only if the reporting government is the predominant participant in the activity.Facilitate greater economy, efficiency, and effectiveness.Facilitate the equitable sharing of costs among departments.
22Proprietary Funds Measurement Focus Basis of Accounting Economic resourcesFinancial statement recognition of all assets (current and noncurrent) and all liabilities (current and noncurrent)Basis of AccountingAccrualRecognize revenues when earned and expenses when incurred, regardless of the timing of related cash flows
23Proprietary Funds – Accounting Equation Current assets +Noncurrent assets +Deferred outflowsMinusCurrent liabilitiesLong-term liabilitiesDeferred inflowsEquals Net Position
24Statement of Revenue, Expenses, and Changes in Fund Net Position Operating revenues, net of uncollectible amounts - Operating expenses = Operating income (loss) + or – Nonoperating revenues and expenses = Income (loss) before other rev, exp, and transfers + Capital contributions + Additions to permanent and term endowments + or - Special items + or - Extraordinary items + or - Transfers = Net increase (decrease) in fund net position + Fund net position – beginning of period = Fund net position – end of period
25Statement of Cash Flows Several differences from private sectorDirect method required (FASB allows either method)Report all cash flows and balances – restricted and unrestricted cash and cash equivalentsNoncash transactions reported on face of statement (FASB allows it to be reported in notes)Cash flows from operating activitiesReflects only activities affecting operating income (FASB includes all transactions affecting net income)Excludes interest revenue and expense
26Statement of Cash Flows (cont’d) Cash Flows from Noncapital Financing ActivitiesDebt issued to finance operationsTransfers not related to capital acquisitionsCash Flows from Capital and Related Financing ActivitiesAcquisition and sale of capital assetsIssuance and repayment of debt, including interest, issued to acquire capital assetsTransfers from other funds related to capital asset acquisitions
27Statement of Cash Flows (cont’d) Cash Flows from Investing ActivitiesAcquisition and sale of investmentsInterest and dividends receivedMaking and collecting loans (except operating loans)Noncash transactionsSigning a capital leaseDonated capital assetsUnrealized gains/losses on investments
28Governmental FundsUsed to account for sources, uses, and balances of general government resources
29Types of Governmental Funds General Fund – used to account and report all financial resources not accounted for and reported in other funds. Only fund for a general-purpose government.Special Revenue Funds – used to account for the proceeds of specific revenue sources that are restricted or committed to expenditures for specified purposes.Debt Service Funds – used to account for and report financial resources that are restricted, committed, or assigned to expenditure for principal and interest.
30Types of Governmental Funds (cont’d) Capital Projects Funds – used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities or other capital assetsPermanent Funds – used to account for resources that are legally restricted to the extent that only earnings, and not principal, may be used for purposes that support the reporting government’s programs – that is for the benefit of the government or its citizens.
31Governmental Funds Measurement Focus Basis of Accounting Current financial resourcesFinancial statement recognition of current assets and current liabilitiesBasis of AccountingModified accrual basisRevenues earned during or levied for the period, and are both measurable and available (usually within 60 days)Expenditures generally are recorded when a liability is incurred, as under accrual accounting, except for debt service expenditures, compensated absences, and claims and judgments which are recorded when due.
32Governmental Funds Accounting Equation Current assets+Deferred outflowsMinusCurrent liabilitiesDeferred inflowsEquals fund balance
33Statement of Revenues, Expenditures, and Changes in Fund Balance Revenues - Expenditures = Excess (deficiency) of revenues over (under) expenditures + Other financing sources (uses) + or - Special and extraordinary items = Net change in fund balance + Fund balance – beginning of period = Fund balance – end of period
34Fiduciary FundsAccounts for assets held by a government in a trustee or agency capacity for othersUsed to report assets that are not being held for the government’s own use
35Types of Fiduciary Funds Pension (and other employee benefit) Trust Funds – established to account for resources that are required to be held in trust for the members and beneficiaries of defined benefit pension plans, defined contribution plans, other post-employment benefit plans, etc.Investment Trust Funds – used to account for the external portion of investment pools held by the sponsoring government.
36Types of Fiduciary Funds (cont’d) Private-Purpose Trust Funds – used to account for all other trust arrangements under which principal and/or income benefit individuals or groups outside the government.Agency Funds – established to account for resources held in a purely custodial capacity for others.Only has assets and liabilitiesNo additions or deductions
37Fiduciary Fund Measurement Focus Basis of Accounting Economic resourcesFinancial statement recognition of all assets (current and noncurrent) and all liabilities (current and noncurrent)Basis of AccountingAccrualRecognize additions (not revenues) when earned and deductions (not expenses) when incurred, regardless of the timing of related cash flows
38Fiduciary Fund Accounting Equation Assets+Deferred outflowsMinusLiabilitiesDeferred inflowsEquals net position
39Statement of Fiduciary Net Position Additions - Deductions = Change in net position + Net position – beginning of year = Net position – end of year
40QuestionsIn accounting for state and local governments, the modified accrual basis is required for: A. Proprietary and fiduciary funds. B. Governmental funds only. C. Proprietary funds only. D. All funds.
41QuestionsWhich of the following funds is a governmental fund-type? A. Private-purpose trust fund. B. Internal service fund. C. Permanent fund. D. Enterprise fund.
42QuestionsWhich of the following is a fiduciary fund? A. Investment trust fund. B. Special revenue fund. C. Debt service fund. D. Enterprise fund.
43QuestionsWhich of the following funds would be most appropriate for accounting for an activity that provides goods or services to the public for a fee that is intended to make the activity self-supporting? A. Investment trust fund. B. Enterprise fund. C. Internal service fund. D. Special revenue fund.
44QuestionsWhich of the following funds would be used to account for an activity that provides centralized purchasing and sales of goods or services to other departments or agencies of the governmental, or to other governments, on a cost-reimbursement basis? A. Enterprise fund. B. Fiduciary fund. C. Internal service fund. D. Permanent fund.
49Annual Financial Reporting (cont’d) Minimum Reporting RequirementsManagement’s Discussion and AnalysisBasic Financial StatementsGovernment-wide financial statementsFund financial statementsNotes to the financial statementsRequired Supplementary Information other than MD&A
50Annual Financial Reporting (cont’d) Primary GovernmentComponent UnitsOrganizations for which the PG is financially accountableOther organizations whose omission would cause financial statements to be misleading.
51Annual Financial Reporting (cont’d) Government-wide Financial StatementsIncludes separate columns for governmental activities, business-type activities, total column for primary government, and discretely presented component unitsFund Financial StatementsIncludes major funds individually and nonmajor funds in the aggregate
52Annual Financial Reporting (cont’d) Government-wide Financial StatementsStatement of Net PositionStatement of Activities
53Annual Financial Reporting (cont’d) Governmental Fund StatementsBalance SheetStatement of Revenues, Expenditures, and Changes in Fund BalanceStatement of Revenues, Expenditures, and Changes in Fund Balance – Budget to Actual (may be either basic financial statement or RSI) If RSI, it is called a schedule, not a statement.Required for General Fund and major special revenues funds with a legally adopted budget.
54Annual Financial Reporting (cont’d) Proprietary Fund Financial StatementsStatement of Net PositionStatement of Revenues, Expenses, and Changes in Net PositionStatement of Cash Flows
55Annual Financial Reporting (cont’d) Fiduciary Fund StatementsStatement of Fiduciary Fund Net PositionStatement of Changes in Fiduciary Fund Net Position
56Measurement Focus and Basis of Accounting MeasurementBasis ofFocusAccountingGovernment-wideEconomicAccrualstatementsresourcesGovernmental fundCurrent financialModified accrualProprietary fundFiduciary fund
57Major Fund Reporting Governmental Funds Separate column for General Fund – always a major fundEach major fundAggregate column for all nonmajor fundsTotal column requiredReconciliations required (see sample)
58Major Fund Reporting (cont’d) Proprietary FundsSeparate column forEach major Enterprise FundAggregate column for all nonmajor Enterprise FundsEnterprise Funds total columnSingle column for all Internal Service Funds – no major fund calculation for these type funds.
59Major Fund Reporting (cont’d) There is no major fund calculation for fiduciary funds.Fiduciary funds are reported in the aggregate by type (pension trust, investment trust, private-purpose trust, agency).Example – government has three pension trust funds and two private-purpose trust funds.There are only two columns in the basic financial statements – one column for pension trust funds, one column for private-purpose trust funds, and a total column.
60Major Fund Determination All funds meeting the following criteria in the governmental and enterprise funds must be reported as a major fund (see sample)Total assets + deferred outflows or liabilities + deferred inflows or revenues or expenditures/expenses are at least 10% of the corresponding total for all funds of that category or typeThe same element that met the 10% test above is at least 5% of the corresponding element total for all governmental and enterprise funds combined.Other funds not passing the test can be reported as major funds at the option of the government (specific interest)
62Expenditure/Expense Comparison ExpendituresExpenses(net financial assets expended)(cost of goods or services used)OperatingSalaries, supplies, utilities, etc.Capital outlayAcquisitionDepreciationDebt servicePrincipal and interestInterest
63Reporting Capital Assets Distinguish general capital assets from proprietary and fiduciary capital assetsGeneral capital assetsReported only in governmental activities of government-wide financial statementsProprietary capital assetsReported in both proprietary fund financial statements and government-wide financial statementsFiduciary capital assetsReported in fiduciary fund financial statements
64Reporting Capital Assets Valuation of Capital AssetsHistorical cost if purchasedEstimated fair value for donated assetsDepreciated over estimated useful livesLandConstruction in progressCertain collectionsInfrastructure reported using the modified approach
65Reporting Capital Assets Recording capital assetsModified accrualDebit capital expendituresCredit cash/APAccrualDebit property, plant, and equipmentDebit depreciation expenseCredit accumulated depreciation
66Reporting Capital Assets Sale of capital assetsModified accrualDebit cashCredit other financing source – proceeds from sale of capital assetsFull accrualDebit accumulated depreciationCredit capital assetDebit (Loss) or Credit (Gain) on sale of capital assets
67Recording Long-term Debt Issuance of debtModified accrualDebit cashDebit bond issue costs (expenditure)Debit (other financing use – discount on issuance of debt) or credit (other financing source – premium on issuance of debt)Credit other financing sources – debt issuedAccrualDebit bond issue costs (expense) (post GASB 65)Credit long-term debt payable (liability)
69Modified Accrual Revenue Recognition Recognize only revenues susceptible to accrual – others on a cash basis.Requirements for susceptible to accrualObjectively measurableAvailable – collected in current period or soon enough thereafter to be used to pay liabilities of the current period.Legally usable to finance current period expenditures
70Establishing Legal Claim to Revenues Charges for services – performing the serviceTaxes – levy establishes claims to resourcesSales taxes – business making a taxable saleIncome taxes – taxpayer earning taxable wages
71Revenue Recognition Issue Asset recorded before meeting criteria to recognize revenue – must report either:Liability for unearned revenueDeferred inflow of resourcesNot available – not collected by year-end or soon enough thereafter.An imposed tax revenue levied (or otherwise imposed) to finance operations of a future yearCollected in advance, and there is no performance obligation to earn the revenue.
72Nonexchange Transactions Derived tax revenues – Income and sales taxesAssets recognized when transaction occurs or resources are received, whichever is firstAccrual – revenue recognized when the underlying exchange transaction occursModified accrual – same as above, but also when resources are availableImposed nonexchange revenues - Property taxes and fines and penaltiesAssets recognized when government has an enforceable legal claim or resources are received, whichever is firstAccrual – in the period when use is required or first permitted by time requirements.Modified accrual – same as above, but also when resources are available.
73Nonexchange Transactions Government-mandated nonexchange transactions- services funded by higher level governmentVoluntary nonexchange transactions -grants/entitlements from higher level government & certain private donationsAssets – when all applicable eligibility requirements are met or resources are received, whichever is firstAccrual – when all applicable eligibility requirements are met.Modified accrual – same as above, but when resources are available.
74Nonexchange Transactions Timing requirements - specify the period when resources are required to be used or when use may begin – affect when revenue is recognized.Purpose requirements – specify purpose for which resources are required to be used – do not affect timing of recognition“Reimbursement-type” and “expenditure-driven” grants are eligibility requirements – affects timing of recognition. There is no award until the recipient has met the requirements by incurring costs in accordance with provider’s program.
75Grant Received Before Earned Debit cashCredit unearned revenueQualifying expendituresExpendituresCash/APRecognize revenue (for amount expended)Debit unearned revenueCredit revenue
76Grant Earned Before Received Before Earned Qualifying ExpendituresDebit expendituresCredit Cash/APRecognize revenue (equal to amount expended)Debit due from grantorCredit revenues
78Nonspendable Fund Balance Represents amounts that cannot be spentNot in spendable formInventory and prepaid itemsLong-term receivables and loansProperty acquired for saleLegally or contractually required to be maintained intact – as in the principal of a Permanent FundAmount in this classification should be determined before other classifications – may limit reporting in other classifications
79Restricted Fund Balance Constraints placed on the use of amounts are either:Externally imposed by creditors such as through debt covenants, grantors, contributors, or laws or regulations of other governmentsImposed by law through constitutional provisions or enabling legislation
80Committed Fund Balance Amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the government’s highest level of decision-making authority should be reported as committed fund balance.Funds cannot be used for any other purpose unless the government removes or changes the commitment by taking the same action it employed to impose the commitment.
81Assigned Fund BalanceAmounts that are intended by the government to be used for a particular purpose, but are neither restricted nor committed, should be reported as assigned fund balance.Intent should be expressed by governing body or a high-level body or official possessing the authority to assign resources to be used for specific purposes in accordance with policy established by the governing body.
82Assigned Fund Balance (cont’d) Residual category of fund balance for classification for any governmental fund other than the General Fund.Use in the General Fund indicates intent to use resources in manner that is narrower than general purpose of the government – cannot cause a deficit in the unassigned category.
83Unassigned Fund Balance Residual classification of the General FundOnly fund to report positive amounts is the General Fund.Negative amounts can be reported in other funds, but only after assigned amounts have been eliminated
84Fund Balance Classifications In General Fund, Unassigned may only be negative if Assigned is first eliminated.
85Net Position Classifications Net investment in capital assetsConsists of capital assets, net of accumulated depreciation, reduced by the outstanding balances of any borrowings used for the acquisition, construction, or improvement of those assets.Excludes unspent debt proceeds.Restricted Net PositionWhen there are limitations imposed on use of funds either through enabling legislation or through external restrictions imposed by creditors, grantors, laws, or regulations.Unrestricted Net Position – everything else
86Other Financing Sources/Uses Debt issuedPremiums on debt issuedInterfund transfersSale of capital assetsInsurance recoveriesOther Financing UsesPayments to refunding bond escrow agentDiscounts on debt issued
87Other Financing Sources (cont’d) Interfund transfersTransferring fundDebit other financing use – transfer outCredit cashReceiving fundDebit cashCredit other financing source – transfer in
90Interfund Reimbursements Underlying event:Transaction initially recorded in one fundShould have been accounted for and reported in a different fundMay also be used to distribute costs from one to othersAccountingRemove expenditure/expense from the accounts of the fund in which it was initially recorded and record expenditure/expense in the reimbursing fund.
91Interfund TransfersUsually involves moving assets from one fund to another fundNo expectation of repaymentAccountingRecord transfer in in one fund and record transfer out in another fund
92Interfund ServicesSales and purchases of goods and services between funds for a price approximating fair valueAccountingSeller fund sells goods or services (recognizes revenues)Buyer fund purchases goods or services (recognizes expenditures/expenses)
93Interfund Loan One fund loans cash to another fund Transaction does not change fund balance/net position.AccountingLender recognizes a receivableReceiving fund recognizes a liability
94Interfund Loans (cont’d) Lender FundShort-term loan – Due from other fundLong-term loan – Advance to other fund (will require separate reporting in fund balance)Receiving FundShort-term loan – Due to other fundLong-term loan – Advance from other fund
95Extraordinary and Special Items Extraordinary ItemUsed by FASB and GASBEvent is not under control of management and is both (1) unusual in nature and (2) infrequent in occurrenceSpecial ItemUnique to GASBEvent is under control of management and is either unusual or infrequent
96Characteristics of Special Assessments Capital improvement financed by local governmentSometimes long-term debt is issued to finance constructionSpecial assessment pay principal and interest on bond issueDebt service funds used only if government is obligated in some manner on the debtIf not obligated, government serves as conduit for payment, debt is not on government’s books, and Agency Fund is used for collection and subsequent payments
97Characteristics of Special Assessments (cont’d) Government plays two roles:General contractor to over see projectFinancing agent to provide interim financing for project and make collections for repayment of debtMost of receivables are noncurrent – come due in annual installmentsLevy is only for benefitted properties for special assessment work
98Characteristics of Special Assessments (cont’d) Revenue accounting follows same principles as fund levying assessmentProprietary fund – accrue receivable and revenue when final assessment is madeGovernmental fund – accrue receivable and deferred inflowAs payments are made –Proprietary fund – debit cash/credit receivableGovernmental fund – debit cash/credit receivable and debit deferred inflow/credit revenue
99Retiring Bonds Callable bonds Provision in outstanding bonds to retire them earlyTypically pay a premium to call bonds in addition to accrued interest and principalRefunding – using new bonds to substitute for old bonds
100Reasons for Advance Refunding Lower effective interest ratesExtend maturity datesRevise payment schedulesRemove or modify restrictions
101GASB Defines “Refunding” Issuing new debt whose proceeds are used to repay previously issued (“old”) debtCurrent refunding – new debt proceeds used to repay old debt immediatelyAdvance refunding – new debt proceeds placed with escrow agent in an irrevocable trust and invested until used to pay old debt principal and interest in the futureDefeased debt is removed from the government’s accounts and records and is no longer reported in the financial statements
102Defeasance - Transactions Modified AccrualRecord refunding debt issueRecord payment to refunded bond escrow agentDebit other financing use – payment to refunded bond escrow agentCredit cashAccrualDebit debt payableDebit (deferred outflow) or credit (deferred inflow) on refunding debt.
104Intergovernmental Grants Capital grants restricted to construction, acquisition, or improvement of capital assetsReported on operating statement as capital contributions.Reported on cash flow as capital and related financing activitiesOperating grants are all other grantsReported on operating statement as nonoperating revenues.Reported on cash flow as noncapital financing activities
105Donations from Developers Occurs when a developer contributes infrastructure such as streets, water/sewer lines, etc.Accounting TransactionDebit Capital AssetCredit Capital Contributions
106Unbilled RevenuesRepresents revenues earned but not billed as part of the normal billing process – electricity sold, water used, etc.Accounting transactionsDebit unbilled accounts receivableCredit operating revenues
107Bad Debts Bad debt expense is not recorded in proprietary funds. Accounting TransactionDebit operating revenueCredit allowance for uncollectible accounts
108Internal Service Funds - Billings Accounting transactionsIn the Internal Service FundDebit due from General FundDebit due from Enterprise FundCredit revenues – billings to departmentsIn the General FundDebit operating expenditureCredit due to Internal Service FundIn the Enterprise FundDebit operating expense
109Internal Service FundNet activity at year-end can be closed into governmental activities and/or business-type activities.
110Self Insurance FundsGovernments have three options for reporting risk financing activitiesGeneral FundSpecial Revenue FundInternal Service Fund
111Risk Financing Reported in General Fund or Special Revenue Fund All claims and judgments recorded in General Fund/Special Revenue Fund when due.Remainder of claims reported in government-wide statements.Amounts charged to other funds recorded as reduction of expenditures – reimbursements, not revenues
112Risk Financing Reported in Internal Service Funds All claims and judgments recorded in Internal Service Fund when incurred – may be current or long-term liabilityAmounts charged to other funds recorded as revenuesCharges should be reasonable and equitable – preferably actuarially based – so that revenues and expenses are approximately equal.
114Budgets TRIM guidelines must be followed Usually approved by ordinance or resolution – refer to charter and/or code.Must be a balanced budget – beginning fund balance + estimated revenues + other financing sources – appropriations – other financing uses should be greater than or equal to $0.Per Florida Statute, expenditures should not exceed appropriations.Not required for all funds – statutory requirements.
115Budgets Should be tied to strategic plan Different types OperatingCapitalCapital improvement planCashBudget document serves as a financial plan, policy document, operations guide, and communication device.
116Budgets Level of budgetary control Budgetary basis of accounting Legal level of budgetary control (fund, department, object)Administrative level of budgetary controlBudgetary basis of accountingExpenditures onlyExpenditures and encumbrancesExpenditures, encumbrances, and other basis
117Budgets Encumbrances Budgetary tool to control spending Purchase commitmentsLapse vs. re-appropriation