Budget and Finance Terms
Review the terms in this glossary to help recall important concepts in the course.
You can print the whole glossary to keep as a resource for board meetings and meetings with local government officials.
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | ALL
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capital improvement fundMCA 7-6-616. Capital improvement funds refers to local governments and their capital improvement funds. Libraries may fall under this law OR they may have a library depreciation fund. Library depreciation funds do not have the same $5,000.00 and 5-year limit rules as capital improvement funds. 7-6-616. Capital improvement funds. (1) A county, municipal, or special district governing body may establish a capital improvement fund for the replacement, improvement, and acquisition of property, facilities, or equipment that costs in excess of $5,000 and that has a life expectancy of 5 years or more. (2) A capital improvement plan for the fund must be formally adopted by the county, municipal, or special district governing body. (3) The capital improvement fund may receive money from any source, including funds that have been allocated in any year but have not been expended or encumbered by the end of the fiscal year. (4) Money in the capital improvement fund must be invested as provided by law, and interest and income from the investment of the capital improvement fund must be credited to the fund. | |
capital outlayThis expenditure category is used if the library needs
major building work such as all new windows or a complete renovation. Think of items in this category as lasting
longer than 5 years or costing more than $5,000. This is where major work on
the library or large equipment purchases need to go when budgeting for the
library. | |
cash reservesCarry the correct percentage of funds in your cash
reserves – 33 1/3% for counties; 50% for cities. This information
can be found in MCA 7-6-4034.
Determination of fund requirements – property tax levy | |
Coal Severance TaxSee MCA 15-35-108 Disposal of severance taxes (3) The amount of 0.90% in fiscal year 2020 and 0.93% in fiscal year 2021 and in each fiscal year thereafter must be allocated for provision of basic library services for the residents of all counties through library federations and for payment of the costs of participating in regional and national networking and must be deposited in the basic library services account established in 22-1-202 | ||