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Description
City of Boston Operating Budget document sample
Document Sample
Budget Organization
and Glossary of Terms
Introduction
This chapter is a guide to the organization of The structure of the Mayor’s cabinet is illustrated
Boston city government and the FY10 Operating in the citywide organizational chart displayed on
Budget. the next page. A description of the members of
the Mayor’s cabinet and the City departments for
The City of Boston, incorporated as a town in 1630
which each has authority follows.
and as a City in 1822, now exists under Chapter
486 of the Acts of 1909 and Chapter 452 of the Acts
Director of Administration & Finance
of 1948 of the Commonwealth which, as amended,
The Director of Administration & Finance, who
constitute the City’s Charter. The chief executive
also serves as Collector-Treasurer, oversees all
officer of the City is the Mayor. Reelected in
City financial matters, including the functions of
November 2005, Mayor Thomas M. Menino is
the Treasury, Assessing, Auditing, and Purchasing
serving a four-year term ending in January 2010.
Departments, as well as the Office of Budget
The Mayor has general supervision of and control
Management (OBM), and the State-Boston
over the City’s boards, commissions, officers, and
Retirement Board. The Retirement Board, an
departments. The portion of the budget covering
independent board under Chapter 306 of the Acts
appropriations for all departments and operations
of 1996, is funded through investment earnings,
of the City, except the School Department, is
but remains part of the Administration & Finance
prepared under the direction of the Mayor.
Cabinet.
The legislative body of the City is the Boston City
The Director of Administration & Finance also
Council, which consists of thirteen members
oversees Human Resources (including Workers’
serving two-year terms. Four councilors are
Compensation, Health Insurance, the Workers’
elected at-large and nine are elected from
Compensation Fund, and Unemployment
geographic districts. The City Council may enact
Compensation), Graphic Arts, the Boston Public
ordinances and adopt orders that the Mayor may
Library, Registry Division, and the Office of Labor
either approve or veto. Ordinances and orders,
Relations.
except for orders for the borrowing or
appropriation of money, may be enacted by the The Director of Administration & Finance reports
City Council over the Mayor’s veto by a two-thirds directly to the Mayor.
vote. The City Council may reject or reduce a
budget submitted to it by the Mayor, but may not Chief Information Officer
increase it. The Chief Information Officer oversees the
Management and Information Services (MIS)
Organization of City Government: The Department. The CIO is responsible for leveraging
Mayor’s Cabinet the use of technology and information, as well as
Mayor Menino established a cabinet form of working to improve business practices and service
government to recognize the major functional delivery.
responsibilities of City government, to facilitate
improvements in the conduct of the executive and
administrative business of the City, and to
eliminate duplication and waste.
B u d g e t O r g a n i z a t i o n a n d G l o s s a r y 1 6 7
ORGANIZATION OF CITY GOVERNMENT
CITIZENS OF BOSTON
Non- Mayoral
Mayor City Clerk
Office of the Mayor (appointed by City Council)
Chief of Staff (1)
Corporation Counsel (1) City Council
Office of Emergency Preparedness (1) (elected position)
Chief of Policy and Planning (1)
Intergovernmental Relations Finance Commission
Neighborhood Services (appointed by Governor)
New Bostonians
Public Information Licensing Board
(appointed by Governor)
Director of Administration & Finance
Assessing Human Resources Boston Public Library
Auditing Labor Relations Registry Division Chief Information Officer
Budget Retirement Board* Graphic Arts Management Information Services
Treasury Purchasing
Housing &
Economic Public Works & Boston Housing Environment and Public Health
Education Public Safety Public Property Human Services Neighborhood
Development Transportation Authority* Energy Commission (2)
Development
Boston Property & Boston Centers for
Boston Public Fire Redevelopment Public Works Environment Neighborhood
Construction Youth & Families
Schools Authority/Economic Development
Management
Development
Industrial Open Space Planning Elderly Commission
Police Commission * Transportation (3)
Parks & Recreation
Boston Residents Inspectional Civil Rights
Job Policy Office Consumer Affairs & Services
Licensing
Emergency Shelter
Small & Local
Business Enterprise Arts, Tourism &
Office Special Events
Veterans' Services
Voter Mobilization
Women's
* Not In Operating Budget Commission
(1) Has cabinet rank.
(2) The Boston Public Health Commission is an independent authority created in June 1996.
(3) Programmatically within this cabinet; financially in Parks & Recreation
Youth Fund
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Superintendent of the Boston Public
Schools Chief Economic Development Officer
The Education Cabinet is responsible for The Chief Economic Development Officer is
managing the Boston Public Schools. The accountable for the planning and development
Superintendent is appointed by the Boston School functions of the City. The Director of the Boston
Committee and serves as the chief executive Redevelopment Authority (BRA) serves as the
officer of the Boston Public Schools. The cabinet chief. The Economic Development
Superintendent is responsible for the development Cabinet is composed of the Boston Redevelopment
of a plan for schools and other City and non-City Authority/Economic Development and Industrial
agencies to develop cooperative programs to Corporation (BRA/EDIC), the Small & Local
guarantee that Boston’s children succeed in Business Enterprise Office, and the Boston
meeting high standards of performance in school. Residents Jobs Policy Office.
Commissioners of Public Safety Chief of Public Property
The City’s Police and Fire Departments provide The Public Property Cabinet provides
and promote public safety and protection services, administrative functions and maintenance of
firefighting, and fire prevention services. The physical assets and is comprised of the Parks and
Police Commissioner and Fire Commissioner both Recreation Department, Property & Construction
serve on the Mayor’s cabinet. Management, Consumer Affairs & Licensing, the
Office of Arts, Tourism & Special Events, and the
Administrator of the Boston Housing Department of Voter Mobilization (formerly known
Authority as the Election Department). The cabinet is a key
The Administrator of the Boston Housing participant in supporting cross-departmental and
Authority (BHA) serves on the Mayor’s cabinet as citywide inter-agency coordinated efforts,
the Chief of Public Housing. The BHA is an including major event production, seasonal clean-
independent authority overseeing public housing ups, and neighborhood enhancement initiatives.
developments and senior housing locations
throughout the City. Chief of Environment and Energy
The Environment and Energy Cabinet is made up
Chief of Public Health of the Environment Department and the
The executive director of the Boston Public Health Inspectional Services Department. Other
Commission (BPHC) oversees the delivery of programs in the cabinet include the recycling
services that impact public health. The BPHC program of the Public Works Department as well
serves as the board of health of the City. BPHC as the Open Space Planning and Olmsted Park
collaborates with area hospitals, community Revitalization programs of the Parks and
health centers, and community-based Recreation Department. The Chief of
organizations to ensure the availability and Environment and Energy oversees the City’s
accessibility of community-based health care, relationships with the federal Environmental
disease and injury prevention, health promotion, Protection Agency, the state Executive Office of
and health education services. The BPHC Environmental Affairs, the Metropolitan Area
provides emergency medical services for the City. Planning Commission, the Massachusetts Bay
Transportation Authority (MBTA), and the Boston
Water and Sewer Commission.
Chief of Public Works & Transportation
This cabinet includes the Public Works
Department, the Transportation Department, Chief of Human Services
Central Fleet Maintenance, and Snow Removal. The Human Services Cabinet includes Boston
Centers for Youth & Families, the Elderly
Commission, the Emergency Shelter Commission,
the Women’s Commission, Veteran’s Services, the
Youth Fund, and the Office of Civil Rights.
B u d g e t O r g a n i z a t i o n a n d G l o s s a r y 1 6 9
capital budget funds new construction or
renovations to existing city-owned facilities (e.g.,
Chief of Housing and Neighborhood police and fire stations, and schools),
Development infrastructure improvements (e.g., roads,
The Chief of the Housing and Neighborhood sidewalks, and lights), and major equipment
Development Cabinet oversees the Department of purchases such as fire-fighting apparatus. The
Neighborhood Development (DND). Through its external funds budget describes the projects and
diverse programs, the department invests public programs that departments will be undertaking in
resources strategically to strengthen the City’s the next fiscal year with funding received from the
neighborhoods. Programs aim to develop and state, federal, or other non-general fund sources.
preserve local businesses and improve housing
stock and housing investment. In addition, the
Organization of the Budget
department assists people seeking housing and
The City of Boston’s program budget provides a
assists tenants with problem resolution and
wealth of information related to City services and
mediation with landlords.
their associated costs. The operating and capital
budgets present the recommended resource
Corporation Counsel allocations in terms of personnel, facilities, goods,
The Corporation Counsel supervises all City and services. The budget document also describes
attorneys and legal affairs and represents the City the services provided by each City department and
of Boston in litigation. The Law Department the performance targets that have been set for
provides an array of legal services, including FY10.
formal and informal opinions and advice to the
Mayor, the City Council, the Boston School
The Operating and Capital Budget
Committee, and other officials in matters relating
Document: Organization of the Volumes
to their official duties. The department also
Volume I provides information on the FY10 budget
represents the same parties in litigation, reviews
and the context in which it is prepared. Sections
all City contracts, pursues claims on behalf of the
include:
City through affirmative litigation, and initiates
foreclosure proceedings on tax delinquent • Mayoral Transmittal Letters
property. • Executive Summary
• Summary Budget
Mayor’s Chief of Staff • City Council Orders
The Mayor’s Chief of Staff is the chair of the • Revenue Estimates and Analysis
Mayor’s cabinet. The Chief of Staff oversees the • Innovations in Education
day-to-day operations of the Mayor’s Office and • Boston About Results – Performance Goals
responds to requests and critical issues efficiently • Financial Management
and effectively. The Mayor’s Office includes the • Capital Planning
Office of the Mayor, the Offices of Emergency • Statutes and Ordinances
Preparedness, Neighborhood Services, Public • Boston’s People and Economy
Information, Intergovernmental Relations, and • Budget Organization and Glossary
New Bostonians. In Volumes II and III, cabinet and departmental
budgets are presented by cabinet. The cabinet
An All-Funds Budget presentation includes cabinet mission and
The City of Boston presents a fully integrated initiatives, followed by a table displaying total
budget - including capital, operating, and external operating, external and capital budgets. The
funds - to show the total funding available to budget presents FY07 actual results through the
departments to fulfill their missions. FY10 budgets.
The operating budget funds personnel and non-
personnel expenses so City departments can
provide goods and services to the public. The
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Departmental Operating Budgets Authorizing Statutes: This section lists statutes and
Activities and services of the City are grouped into ordinances that create departments as well as
programs for budgeting and management endow them with legal powers.
purposes. The operating budget for each
Operating Budget: The operating budget
department is presented by program.
presentation includes a table displaying total
A “program” is defined as an organized group of operating and external budgets by program
activities directed toward attaining one or more beginning with FY07 actual expenses through the
related objectives, and the resources to execute FY10 budget.
them.
A program can consist of direct services to the Program Level
public and neighborhoods of the City (e.g. police Program Description: This section presents a
patrol or tree maintenance), or traditional city general overview of the program, including its
staff functions (e.g. administrative services or responsibilities and major services provided.
engineering and design). Program Strategies: Each program identifies its
Some city activities may not be defined as separate strategies to further the department’s mission.
programs even though they may be self-contained Performance Measures: Performance measures
operations. For example, a fire station is not a demonstrate a program’s progress in implementing
separate program, although for accounting their strategies. Performance measures may
purposes it is a cost center within the Fire gauge workload, effectiveness, efficiency or
Department’s Fire Suppression program. productivity. Some performance measures also
Program budgets serve as the basic building blocks show the changing context in which programs are
of the budget. There are three additional working.
organizational levels above the program level in
the budget. The three levels are: Financial Data
The financial data tables identify the major groups
• The Division Level for units within some
and expenditure account codes (for example,
departments.
Personnel Services/Overtime, Supplies and
• The Department Level, which includes
Materials/Office Supplies), historical expenditures
departments, commissions, and other offices.
in each, and the proposed appropriations in each
• The Cabinet Level, which includes functionally-
group and account in FY10.
related departments.
Two financial data sheets are provided for the
Description of Organization and Definition FY10 operating budget: Department History and
of Categories Department Personnel.
This section outlines the information reported
within each department and program in the Department History
budget. Expenditure account codes are listed within six
expenditure groups. Dollar amounts are shown
Department or Division Level for:
Department Mission: The mission statement is a • FY07 actual expenditures,
fundamental statement of purpose. • FY08 actual expenditures,
Performance Strategies: These strategies reflect • FY09 appropriations,
stated goals for which the department or division • FY10 recommended budgets, and
is held accountable. • The difference between the FY09 appropriation
and the FY10 recommended appropriation.
Description of Services: The description of services
provides a general overview of the department and
Department Personnel Data
its responsibilities, and lists examples of major
Personnel data shows funding for permanent
services provided.
positions, including existing and proposed
positions. All permanent positions are listed by
B u d g e t O r g a n i z a t i o n a n d G l o s s a r y 1 7 1
union and salary grade within the department or listed by union and grade within the department
division. The total salary request is listed for these or division. The total salary request is listed for
positions. these positions by job title. The External Funds
Projects page lists a description of each project’s
For each position shown, the following information
mission.
is provided:
Title: The civil service/personnel system job title Capital Budget
for the position. The capital budget section provides an overview of
Union Code and Grade: The union code (including projects and major initiatives for departments
exempt and CDH for department head) and code charged with managing facilities and major
for the salary grade of the position. equipment assets. Dollar amounts are shown for:
Position and Salary Requirement: These columns • FY06 actual capital expenditures,
show the number of permanent positions for which • FY07 actual capital expenditures,
funding is available and the total funding provided • FY08 estimated capital expenditures,
for that title for the upcoming fiscal year. • FY09 projected capital expenditures
Total Funding: The total funding for permanent Following this overview are capital project
employees, shown at the bottom right of the profiles, including descriptions of each project
personnel sheet, reflects the amount of funding mission, the department managing the project,
required to support personnel prior to and the status and location of each project. A
adjustments. This figure may be adjusted by table summarizes the total capital funds
differential payments, other payments, authorized for projected expenditures in FY10 and
chargebacks, and salary savings. for future years, as well as whether the source is
City authorization or other funding such as federal
Differential Payments: Employees who are serving
and state infrastructure grants or trust funds. A
temporary job titles or who are entitled to
listing of actual and planned capital expenditures
additional payments based on the shifts they work
in comparison to authorized dollars is also
receive differential payments (e.g., night shifts).
provided.
This figure is added to the permanent employee
line.
Glossary of Terms
Other: The permanent employee line contains Account: A classification of appropriation by type
other payments such as sick leave and vacation of expenditure.
buybacks.
Account Number: The number by which the Auditor
Chargebacks: Some personnel costs are charged to categorizes an appropriation. For budget
another fund or appropriation. These costs or purposes, this is also known as appropriation code.
reimbursements are included in the permanent
Accrual Basis: The basis of accounting under which
employees line.
transactions are recognized when they occur,
Salary Savings: This figure reflects savings due to regardless of the timing of related cash flows.
vacancies. The amount is estimated based on
Allotment: The amount that can be expended
experience in prior fiscal years and subtracted
quarterly for personnel as submitted to the City
from the total salary requirements.
Auditor at the beginning of each fiscal year.
External Funds Appropriation: The legal authorization to expend
The financial data identify the major groups and funds during a specific period, usually one fiscal
expenditure account codes for external funds year. In the City of Boston, the City Council is the
expenditures. Historical expenditures and the appropriating authority.
proposed appropriations in these accounts in FY10 Authorization: The legal consent to expend funds.
personnel data show permanent positions,
including existing and proposed positions, funded
with external funds. All permanent positions are
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Level-Service Budget: A budget that describes the units (unions) regarding the salary and fringe
funding required for maintaining current levels of benefits of city employees.
service or activity.
Commission: An appointed policy-setting body.
Bond: An interest-bearing promise to pay, with a
Community Development Block Grant (CDBG): A
specific maturity.
federal entitlement program that provides
Bonds Authorized and Unissued: The portion of community development funds based on a formula.
approved bond authorizations or loan orders that
Credit Balance: Account or departmental deficit.
has not yet been borrowed for or issued as bonds.
See departmental deficit.
Budget: A formal estimate of expenditures and
Credit Rating: A formal evaluation of credit history
revenues for a defined period, usually for one year.
and capability of repaying obligations. The bond
Budget Amendment: A change from originally ratings assigned by Moody’s Investors Service and
budgeted quotas requested by departments to the Standard & Poor’s.
Human Resources Department and the Office of
Credit Transfer: The transfer of appropriations from
Budget Management who authorize these changes.
one expenditure account code to another within a
Capital Budget: A plan for capital expenditures for department.
projects to be included during the first year of the
Debit Transfer: The transfer of actual expenditures
capital program.
from one expenditure account code to another
Capital Plan: A multi-year plan of proposed outlays within or between departments.
for acquiring long-term assets and the means for
Debt Limit: The maximum amount of debt that a
financing those acquisitions, usually by long-term
governmental unit may incur under constitutional,
debt.
statutory, or charter requirements. The limitation
Capital Improvement: An expenditure that adds to is usually a percentage of assessed valuation and
the useful life of the City’s fixed assets. may be fixed upon either gross or net debt.
Capital Improvement Program: A multi-year plan for Debt Outstanding: The general obligation bonds that
capital expenditures to be incurred each year over have been sold to cover the costs of the City’s
a fixed period of years to meet capital needs. capital outlay expenditures from bond funds.
Cash basis: A basis of accounting under which Debt Service: The annual amount of money
transactions are recognized only when cash necessary to pay the interest and principal on
changes hands. outstanding debt.
Chapter 90 Funds: A state-funded program for Department: A major service-providing entity of city
payments to cities and towns for 100% of the costs government.
of construction, reconstruction, and improvements
Departmental Deficit: A condition that exists when
to public ways.
departmental expenditures exceed departmental
Chargeback: A method of billing departments for appropriations.
costs incurred by them for which they are not
Departmental Income: Income generated by a
billed directly (e.g., telephone, postage, and
specific city department, usually as a result of user
printing). This method can also be used for
revenues applied for services rendered. Parking
departmental expenditures that are paid for with
meter charges, building permit fees, and traffic
external or capital funds.
fines are examples of departmental income.
Cherry Sheet: Originally printed on a cherry-colored
Division: A budgeted sub-unit of a department.
form, this document reflects all Commonwealth
charges, distributions and reimbursements to a DNR: Did not report.
city or town as certified by the state Director of
Encumbrance: Funds set aside from an
the Bureau of Accounts.
appropriation to pay a known future liability.
Collective Bargaining: The process of negotiations
between the City administration and bargaining
B u d g e t O r g a n i z a t i o n a n d G l o s s a r y 1 7 3
Excise: A tax applying to a specific industry or General Fund: The fund into which the general
good. The jet fuel tax and the hotel/motel (non-earmarked) revenues of the municipality are
occupancy tax are examples of excises. deposited and from which money is appropriated
to pay the general expenses of the municipality.
Expenditure Account Code: An expenditure
classification according to the type of item General Obligation (G.O.) Bonds: Bonds for whose
purchased or service obtained, for example, payment, the full faith and credit of the issuer has
emergency employees, communications, food been pledged. More commonly, but not
supplies, and automotive equipment. necessarily, general obligation bonds are payable
from property taxes and other general revenues.
Expenditure: An actual payment for goods or
services received. Goal: A statement, in general terms, of a desired
condition, state of affairs or situation. Goals are
External Fund: Money that is not generated from
long-term and not usually directly measurable
city general fund sources, but is received by an
without objectives. By establishing goals,
agency, such as grants or trusts.
departments can define their missions and the
Fiscal Year: The twelve-month financial period methods for achieving those goals.
used by the City beginning July 1 and ending June
Grant Year: The grant accounting period designated
30 of the following calendar year. The City’s fiscal
by the requirements of a specific grant.
year is numbered according to the year in which it
ends. Headcount: The actual number of full-time or full-
time equivalent employees in a department at any
Fixed Debt: Long-term obligations other than
given time.
bonds, such as judgments, mortgages, and long-
term notes or certificates of indebtedness. Interest: Compensation paid or to be paid for the
use of money, including interest payable at
Full Faith and Credit: A pledge of the general taxing
periodic intervals or discount at the time a loan is
powers for the payment of governmental
made.
obligations. Bonds carrying such pledges are
usually referred to as general obligation or full Interest Rate: The interest payable, expressed as a
faith and credit bonds. percentage of the principal available for use
during a specified period of time.
Full-time Equivalent Position or FTE: A concept used
to group together part-time positions into full-time Line item: See Expenditure Account Code.
units.
Massachusetts Water Pollution Abatement Trust
Fund: An independent fiscal and accounting entity (MWPAT): A statewide revolving fund that
with a self-balancing set of accounts recording commenced operations in 1990 to address
cash and/or other resources with all related necessary environmental actions outlined in the
liabilities, obligations, reserves, and equities that Federal Clean Water Act.
are segregated for specific activities or objectives.
Mayoral Reallocation: A transfer of appropriations
Among the fund types used by the City are
of up to $3 million that may be authorized by the
General, Special Revenue, Capital Projects, Trust,
Mayor until April 15 in a given fiscal year to relieve
and Enterprise.
departmental deficits or address unanticipated
GAAP: Generally Accepted Accounting Principles. financial problems.
The basic principles of accounting and reporting
Mission: A general overview of the purposes and
applicable to state and local governments,
major activities of a department or program.
including the use of the modified accrual or
accrual basis of accounting, as appropriate, for Modified Accrual Basis: The accrual basis of
measuring financial position and operating results. accounting adapted to the governmental fund
These principles must be observed to provide a type, wherein only current assets and current
basis of comparison for governmental units. liabilities are generally reported on fund balance
sheets and the fund operating statements present
financial flow information (revenues and
1 7 4 B u d g e t O r g a n i z a t i o n a n d G l o s s a r y
expenditures). Revenues are recognized when The City must provide the full funding for the
they become both measurable and available to project until the reimbursement is received.
finance expenditures of the current period.
Reserve Fund: An appropriation for contingencies.
Expenditures are recognized when the related
fund liability is incurred except for a few specific Revenue: Income received by the City.
exceptions. All governmental funds and
Salary Savings: For budget purposes, savings that
expendable trust funds are accounted for using
accrue due to employee turnover or unfilled
the modified accrual basis of accounting.
budgeted positions in a department.
Official Statement: The municipal equivalent of a
Special Appropriation: An authorization to expend
bond prospectus.
funds for a specific project not encompassed by
Operating Budget: A legally adopted plan for normal operating categories.
anticipated expenditures for personnel,
Special Revenue Fund: Used to account for the
contractual services, supplies, current charges,
proceeds of specific revenue sources (other than
and equipment in one fiscal year.
special assessments, expendable trusts, or sources
Payments-In-Lieu-of-Taxes: Income to replace the for major capital projects) that are legally
loss of tax revenue resulting from property restricted to expenditures for specific purposes. A
exempted from taxation. special revenue fund is accounted for in the same
manner as a General Fund.
Performance Measure: An indicator of progress
toward a strategy. Measures can be defined for STAT: Statutory accounting and reporting adopted
identifying output, work or service quality, by a legislative body of a governmental entity. The
efficiency, effectiveness, and productivity. method of recording and reporting actual
expenditures and revenues within a plan of
Principal: The face amount of a bond, exclusive of
financial operations that establishes a basis for the
accrued interest.
control and evaluation of activities financed
Program: An organized group of activities and the through the General Fund. When the budget basis
resources to execute them. and basis of accounting are different, a
governmental unit usually maintains its records on
Program Evaluation: The process of comparing
a budget basis.
actual service levels achieved with promised levels
of service with the purpose of improving the way a State Distributions: All City revenue flowing from
program operates. the state. Major categories include educational
distributions and reimbursements, direct
Proposition 2 1/2: A statewide ballot initiative
education expenditures, general government
limiting the property tax levy in cities and towns in
reimbursements, and other distributions.
the Commonwealth to 2 1/2 percent of the full and
fair cash valuation of the taxable real and personal Supplementary/Supplemental Appropriation: An
property in that city or town. The statute also appropriation that is submitted to the City Council
places an annual growth cap of 2 1/2 percent on after the operating budget has been approved.
the increase in the property tax levy. Such appropriations must specify a revenue
source.
Quota: The planned number of positions that can
be filled by a department, subject to the Tax Exempt Bonds: Bonds exempt from federal
availability of funds. The quota can refer either to income, state income, or state or local personal
specific titles or to the number of personnel in the property taxes.
entire department. The quota of positions may
TBR: To be reported.
change by means of a budget amendment. The
actual number of personnel working in a Third Party Payment: Medical payments, usually
department at any given time may differ from the from an insurance carrier to a health care provider
quota. on behalf of an injured or infirm party.
Reimbursement Grant: A federal or state grant that Trust Funds: Funds held by the City in a fiduciary
is paid to the City once a project is completed and role, to be expended for the purposes specified by
inspected for conformance to the grant contract. the donor.
B u d g e t O r g a n i z a t i o n a n d G l o s s a r y 1 7 5
Unliquidated Reserve: A fund established at year-
end, used to pay for goods and services received
this year, but not billed until next year.
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