Fiscal Basics
This term refers to anything related to government revenues, expenditures, debt, and taxation.
What is Fiscal?
This is the annual ordinance adopted by the Board of Aldermen authorizing revenues and expenditures.
What is the Annual Operating Budget?
Before making a purchase, you must first determine this about your line item.
Do we have the budget?
In this type of bid, submissions can be mailed, emailed, or delivered in person.
What is an Informal Bid?
Who are the Town Manager and Town Clerk?
What is the Town of Landis?
This state agency monitors fiscal health and approves debt issuance for local governments.
What is the North Carolina Local Government Commission?
Each department must separately budget and account for these.
What are Funds?
Purchases under this dollar amount require Department Head approval only.
What is under $1,000?
This type of bid requires sealed bids only.
What is a Formal Bid?
This form must be active and on file before paying a vendor.
What is a W-9?
This tool is used by the state to prioritize staff resources and strengthen fiscal oversight.
What is the Unit Assistance List?
Moving money from one line item to another within the same department is called this.
What is a Line Item Transfer?
Purchases over $1,000 but under $15,000 require this to be entered into the system.
What is a Purchase Order?
A minimum of this many bids must be received to continue the process.
What is Three?
Before payment, the Finance Director performs this step to verify the invoice.
What is a Preaudit?
This department handles accounting, payroll, budget, debt management, and grant management.
What is the Finance Department?
Changing the budget ordinance to increase or decrease revenues or expenses is called this.
What is a Budget Amendment?
Above this amount, the RFP/RFQ process begins.
What is $30,000?
This person certifies all bids before review.
Who is the Town Clerk?
After checks are approved, they are scanned and uploaded into this system.
What is the Digital Filing System?
Budgets are adopted each fiscal year beginning on this date.
What is July 1st?
This ordinance is used to authorize funding for multi-year capital projects.
What is a Capital Project Ordinance (CPO)?
Projects above this amount require a formal bid process.
What is $90,000?
After Board approval, these two officials negotiate and execute the contract.
Who are the Town Manager and Town Clerk?
This banking security measure is created and uploaded before checks are finalized.
What is a Positive Pay file?