N.Y. Village Law § 5-500: Definitions

§ 5-500 Definitions. For the purposes of this article the following

terms shall be defined as follows: l. "Administrative unit" shall mean

an office, department, division, bureau, board, commission or other

agency or specific activity of village government.

2. "Budget officer" shall mean the mayor or, in a village which has

adopted the village manager plan, the village manager. The mayor or

village manager, as the case may be, may designate any other village

officer or employee to be budget officer, to serve at his pleasure.

3. "Character of expenditure" shall mean the classification of an

expenditure as to periods of benefit as follows: a. current expenses, b.

debt retirement or c. capital projects.

4. "Fiscal year" shall mean the period commencing on the first day of

June in one calendar year and ending on the thirty-first day of May in

the following calendar year, unless the board of trustees shall have

established a different fiscal year pursuant to the provisions of former

section one hundred seventeen of the village law as enacted by section

fourteen of chapter eight hundred nine of the laws of nineteen hundred

fifty-four or pursuant to section 5-510 of this article or section

17-1729 of article seventeen.

5. "Fund" shall mean a group of accounts set aside for the purpose of

accounting for moneys or other resources of general functions or

specific activities of water supply, capital projects or other

activities of a village in accordance with a system of accounts.

6. "System of accounts" shall mean a system prescribed by the state

comptroller. In the case of water utilities it shall also mean a system

recommended by the public service commission or a system generally

recognized as a national standard and provided either such alternate

system has been approved by the state comptroller following receipt of

an application and a certified copy of a resolution adopted by the board

of trustees of a village authorizing the maintenance of such alternate

accounting records for a water utility.

7. "Object of expenditure" shall mean the classification of an

expenditure as to types of articles purchased or services rendered.

8. "Unappropriated unreserved fund balance" shall mean the difference

between the total assets for a fund and the total liabilities, deferred

revenues, encumbered appropriations, amounts appropriated for the

ensuing fiscal year's budget, and amounts reserved for stated purposes

pursuant to law, including reserve funds established pursuant to the

general municipal law for the fund, as determined through application of

the system of accounts prescribed by the state comptroller pursuant to

section thirty-six of the general municipal law.