§ 601. Fiscal year and tax year and definitions.

(a)

Fiscal year and tax year: Unless and until changed in accordance with the provisions of law, the fiscal or budget year and the tax year of the County shall begin on the first day of July and shall end on the thirtieth day of June of the succeeding year.

(b)

Definitions.

(1)

The term "budget" when used herein shall be used to denote that package of materials consisting of the current expense budget, operating expense program, the capital budget and capital program, and the budget message. It is to be distinguished from the term "budget ordinance" which shall consist of the current expense budget and the capital budget.

(2)

The term "budget ordinance" when used herein shall consist of the current expense budget and the capital budget.

(3)

The term "capital budget" shall mean the plan of the County to receive and expend funds for capital projects during the first fiscal year of their inclusion in the capital program and shall include a narrative description of each capital project.

(4)

The term "capital program" shall mean the plan of the County to receive and expend funds for capital projects during the first fiscal year covered by the capital budget and the next succeeding five fiscal years.

(5)

The term "capital project" shall mean each of the following:

(i)

Any physical public betterment or improvement and any preliminary studies and surveys relative thereto;

(ii)

The acquisition of property of a permanent nature for public use;

(iii)

The purchase of equipment for any public betterment or improvement when first constructed;

(iv)

The purchase of equipment having a probable useful life exceeding three years, provided that the term of any bonds issued to fund the purchase shall not exceed the probable useful life of the equipment.

(6)

The term "current expense budget" shall mean the plan of the County to receive and expend funds for charges incurred for operation, maintenance, interest and other charges for the ensuing fiscal year.

(7)

The term "estimated surplus" shall mean the amount included as surplus revenue in the current expense budget for the ensuing fiscal year.

(8)

The term "excess surplus" shall mean the amount by which the sum of the estimated surplus and the unbudgeted surplus exceeds the amount which is required to be appropriated to the budget stabilization account under Section 615A of this Charter.

(9)

The term "operating expense program" shall mean a summary projection of receipts and operating expenses for the fiscal year covered by the current expense budget and the next succeeding five fiscal years.

(10)

The term "total general fund expenditures" shall mean the total of all expenditures from the general fund, including operating transfers to the Board of Education, the Howard Community College, and other funds, but not including the amount of any excess surplus used for the restricted purposes listed in Section 615B of this Charter.

(11)

The term "unbudgeted surplus" means the amount, determined by audit for the last complete fiscal year, by which the actual general fund surplus exceeds the amount of estimated surplus for that same fiscal year.

Editor's note

An amendment proposed by Res. No. 117, 1996 was approved at an election held Nov. 5, 1996, and became effective Dec. 5, 1996. An amendment to § 601(b) proposed by Res. No. 100, 2012 was approved at an election held on Nov. 6, 2012, and became effective on Dec. 6, 2012.