§ 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.