Chapter 13 Flashcards

0
Q

FOPP CH13:

What is the level of funding to maintain all services at current levels, including adjustments for predictable cost changes?

A

Base budget

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1
Q

FOPP CH13:

What is an itemized summary of estimated or intended revenues and expenditures, generally for one year?

A

Budget

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2
Q

FOPP CH13:

What is the standard setting agency for governmental accounting?

A

Government Accounting Standards Board (GASB)

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3
Q

FOPP CH13:

Fire Dept expenditures are broken down into 3 areas.

A

Personnel costs - salaries
Operating costs - fuel
Capital expenditures - new stations

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4
Q

FOPP CH13:

More than _____% of the annual budget is spent on personnel costs? Some departments spend as much as ____% on salary & benefits.

A

90%

97%

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5
Q

FOPP CH13:

What budget covers the basic expenditures that support the day to day delivery of municipal services?

A

Operating budget

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6
Q

FOPP CH13:

When a budget needs to be trimmed down, where is usually the first area to be considered?

A

Operating budget

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7
Q

FOPP CH13:

This refers to the purchase of durable items that cost more than a threshold amount and will last for more than one budget year.

A

Capital Expenditures

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