Financial Definitions

Appropriation: A law that authorizes the spending of money.
Bank Reconciliation: A summary of banking and business activity that reconciles an entity’s bank account with its financial records.
Capital Funds: Sum of money established to finance the acquisition of fixed assets, such as buildings or equipment.
Cleared Payment: A transfer of money to a vendor that has been processed by the banking entity.
Cleared Receipts: a sum of money that that has been received and has been processed by a banking entity.
Debt Service Funds: A sum of money that is set aside to pay a debt.
Financial Statement: a report stating the financial condition of a government or corporation.
Fund: Accounts in which records are kept for separate revenue and expenditure streams.
Fund Balance: the net worth of an organization; total assets minus total liabilities.
General Funds: In governmental accounting, a sum of money set aside for day-to-day expense and not for special purposes.
Income Tax: Taxes generated on a person’s individual income from wages and salary. Current Village Income Tax rate is 1.7%.
Millage: The tax rate used to calculate local property taxes. The millage rate represents the amount per every $1,000 of a property’s assessed value.
Outstanding Payment: A transfer of money to a vendor that has not been processed by a banking entity.
Payment: A transfer of money, goods, or services in exchange for goods and services in acceptable proportions that have been previously agreed upon by all parties involved.
Property Tax: A tax generated on the value of a person’s real property.
Receipts: a document that represents proof of money received.
Restricted Funds: Funds that can only be used for specific purposes.
Revenue: the inflow of assets to the Village in form of money. Revenue can be generated through the receipt of tax funds, donations, grants, and the selling of assets.
Special Revenue Funds: Funds in governmental accounting set aside for specific purposes, unlike a general fund.
Unrestricted Funds: Funds free from any restriction and available for general use.


FCC Offers Affordable Connectivity Program

GOLF MANOR (5/19/2023) – The Affordable Connectivity Program is an FCC program that helps connect families and households struggling to ...
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Trees Available Through “Mayor’s Tree Program”

Upcoming Village Events GOLF MANOR (5/11/2023) –Mayor Stefan Densmore has announced a program available to Village residents for procuring and ...
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Golf Manor Residents Get to Know Neighbors Through Classes

Post By hollisbass  (4/10/2023) - Earlier this year, the Golf Manor WeTHRIVE! team hosted Ohio State University (OSU) Extension-Hamilton County healthy cooking classes ...
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DEA National Rx TakeBack Day Sat. April 22, 2023 10 am – 2 PM in Golf Manor

GOLF MANOR (4/19/2023) – The Village of Golf Manor will participate in the National Prescription Drug Take Back Day on ...
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