Actuarial Accrued Liability (re: retirement) - The amount of pension plan benefits and expenses which are not provided for.

Actuarial Assumptions (re: retirement) - Assumptions as to the occurrence of future events and characteristics of future entrants and other relevant items used to determine the Actuarial Value of Assets;

Annualization -The computation of costs or revenues for a full year applied when calculating the full year cost of a program that was funded for a partial year.

Appropriation - Legal authorization granted by the Legislature to make expenditures.

Appropriations Base - An agency's previous year appropriation reduced by one-time appropriations.

Board of Equalization - is made up of the Governor, Lieutenant Governor, State Treasurer, State Auditor and Inspector, Attorney General, Superintendent of Public Instruction, and President of the State Board of Agriculture. The Board annually certifies the amount of state funds available for appropriation.

Budget Request - A detailed outline of an agency's financial needs for the next fiscal year.

Budget Work Program - An outline of detailed planned expenditures for the ensuing or current fiscal year, which takes into consideration funds appropriated by the Legislature and other funds available to the agency, and any expenditure limitations or directives expressed in legislation.

Capital Expenditure / Outlay - Expenditures made for securing capital assets. Capital assets are significant, tangible assets with a value greater than $25 thousand that have a life greater than one year.

Carryover - This term refers to unobligated monies available to fund operations in succeeding fiscal years. Generally, carryover monies are considered non-recurring in nature.

Cash-flow Reserve Fund - This fund is used to make cash available for the July allocation of General Revenue funds to state agencies and to provide for monthly cash allocations in those months in which receipts are below needed levels.

Constitutional Reserve Fund (CRF) - This fund was created to cushion against downturns in the State economy. It is popularly known as the "Rainy Day Fund." All General Revenue Fund receipts collected in excess of the certified estimate are deposited in this fund.

Three eighths (37.5%) of the balance may be appropriated in the event that revenues in the current fiscal year fall short of the appropriated level. Another three eighths (37.5%) may be appropriated in the event that the forthcoming fiscal year’s official estimate of General Revenue is lower than the previous fiscal year’s estimate. One fourth (25%) of the balance can be appropriated when the Governor declares an emergency with approval of two thirds (66%) of both legislative houses; or, without the Governor declaring an emergency, with approval of three fourths (75%) of both houses of the legislature.

Expenditure - The payment of money from a state fund for the purchase of goods and services.

Fiduciary Funds – Funds representing assets held for the benefit of others which therefore cannot be used to support the government’s own programs. Oklahoma’s fiduciary funds include pension as well as other employee benefit funds, trust funds and agency funds.

Fiscal Year - The 12-month period beginning July 1 and ending June 30 used by the state government for accounting purposes. Fiscal year designation is based on the year in which it ends [e.g., fiscal year 2005 (FY-2005) runs from July 1, 2004 to June 30, 2005].

Fund - A legal accounting entity with a self-balancing set of accounts. Expenditures from a fund may be restricted to specified purposes.

General Revenue Fund - This fund is the principal funding source for state government operations. State taxes, fees and charges, and proceeds from investments make up the revenue to the General Revenue Fund. The fund's resources can be used for any purpose specified by Legislative appropriation. All monies collected that are not dedicated to another fund are deposited in the General Revenue Fund.

Longevity Pay – Yearly bonus pay for state employees which is calculated based on years of service and paid in the employee’s anniversary month.

Nonappropriated Funds - A term sometimes used to refer to agency revolving funds. Since such funds have statutorily established revenue sources and uses, there is no need for the Legislature to appropriate them annually. Nonappropriated funds are also called "continuing appropriations."

One-time - Budget items that receive funding for one fiscal year (for example, funding for a feasibility study, funding for the replacement of major equipment items, funding for the purchase of furniture for a new facility, etc.).

Program Budgeting - A tool to organize budget data by program, rather than item of expenditure or organizational location (generally an agency or division). Program budgeting seeks to link the expenditure of resources with the original mission or purpose of the appropriation of tax dollars.

Revolving Fund - A fund created to finance and account for a particular department or division. Fees received, transfers of appropriations, or other fund transfers support expenditures paid from revolving funds. Revolving funds are continuing funds and are not subject to fiscal year limitations. Agencies generally exercise greater control over the expenditure of revolving funds than they may over appropriated dollars.

Supplemental Appropriation - This refers to a subsequent appropriation made to an agency in addition to the agency's initial annual appropriation. Supplemental appropriations are to deal with current year funding issues and may be made for a variety of reasons such as to offset a revenue shortfall or to offset insufficient funds to operate a program effectively.