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Session #1

Horizontales
A reservation of funds to cover an obligation arising from a purchase order, contract, or salary commitment chargeable to, but not yet paid from, a specific appropriation account.
A reduction in a tax owed - issued by the committing body
An authorization granted by a town meeting, city council or other legislative body to expend money and incur obligations for specific public purposes.
Remaining, unrestricted funds from operations of the previous fiscal year, including unexpended free cash from the previous year, actual receipts in excess of revenue estimated on the tax recapitulation sheet, and unspent amounts in budget line items.
The document a city or town submits to DLS to set a property tax rate.
A separate accounting and financial reporting mechanism for municipal services for which a fee is charged in exchange for goods or services.
An action taken by a community through a referendum vote to raise the funds necessary to pay debt service costs for a particular project from the property tax levy but outside of the limits under Proposition 2½.
The amount a community raises through the property tax.
A fund designed to accumulate amounts for capital and other future spending purposes, although it may be appropriated for any lawful purpose (MGL c. 40 § 5B).
The additional tax revenue generated by new construction, renovations and other increases in the property tax base during a calendar year. It does not include value increases caused by normal market forces or revaluations.
– An account that funds anticipated property tax abatements, exemptions, and uncollected taxes.
a fund for money donated or transferred to a municipality with specific instructions on its use.
– A vote by a community at an election to permanently increase the levy limit.
Movable items not permanently affixed to, or part of, the real estate. It is assessed separately from real estate to certain businesses, public utilities, and owners of homes that are not their primary residences.
Verticales
Monies in the various government funds as of June 30 that are neither encumbered nor reserved and are therefore available for expenditure once certified as part of free cash.
Named for the colored paper on which they were originally printed, it is the official notification to cities, towns, and regional school districts of the next fiscal year’s state aid and assessments. The aid is in the form of
State funds derived from periodic transportation bond authorizations and apportioned to communities for highway projects
The fund used to account for most financial resources and activities governed by the normal town meeting or city council appropriation process.
– Locally generated revenues other than real and personal property taxes. Examples include motor vehicle excise, investment income, hotel/motel tax, fees, rentals, and charges
A form completed by municipal departments that accompanies the physical transfer of departmental revenues (or bank deposit slips reflecting revenues) to the treasurer.
A collection procedure that secures a municipality’s lien on real property and protects its right to payment of overdue property taxes.