A Balanced Budget is a financial plan where total revenues are equal to or greater than total expenditures, ensuring no deficits incurred during a particular accounting period.
The debt limit refers to the maximum amount of debt that a municipality or other applicable entity can incur. It is a critical financial constraint that ensures entities do not exceed prudent borrowing levels.
The General Fund represents the primary operating accounts of a nonprofit entity, such as a government or government agency. It is used to finance regular activities and essential services.
