§ 115C-423. Definitions. - North Carolina Statutes

§ 115C‑423. Definitions.

The words and phrases definedin this section have the meanings indicated when used in this Article, unlessthe context clearly requires another meaning:

(1)        "Budget"is a plan proposed by a board of education for raising and spending money forspecified school programs, functions, activities, or objectives during a fiscalyear.

(2)        "Budgetresolution" is a resolution adopted by a board of education thatappropriates revenues for specified school programs, functions, activities, orobjectives during a fiscal year.

(3)        "Budgetyear" is the fiscal year for which a budget is proposed and a budgetresolution is adopted.

(4)        "Fiscalyear" is the annual period for the compilation of fiscal operations. Thefiscal year begins on July 1 and ends on June 30.

(5)        "Fund" isan independent fiscal and accounting entity consisting of cash and otherresources together with all related liabilities, obligations, reserves, andequities which are segregated by appropriate accounting techniques for the purposeof carrying on specific activities or attaining certain objectives inaccordance with established legal regulations, restrictions or limitations.

(6)        "Vendingfacilities" has the same meaning as it does in G.S. 111‑42(d), butalso means any mechanical or electronic device dispensing items or something ofvalue or entertainment or services for a fee, regardless of the method ofactivation, and regardless of the means of payment, whether by coin, currency,tokens, or other means. (1975, c. 437, s. 1; 1981, c. 423, s. 1; 1983 (Reg. Sess., 1984), c.1034, s. 167; 2006‑203, s. 34.)