Balanced budget: A budget in which receipts equal outlays.
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) “Department” means the department of finance and administration; and(2) “Division” means the department’s division of budget.(b)(1) The division shall include in the proposed state budget for each fiscal year:
(A) The likely changes in returns or likely defaults from state lending and state credit support programs from the previous fiscal year as either new expenses or new revenues;(B) The changes in expenses or revenues from state lending programs and state credit support programs from the previous fiscal year as expenses or revenues for the purpose of calculating a balanced budget; and(C) An estimate by the comptroller of the treasury of the likely cost of defaults to the state from all state lending programs and state credit support programs created during the fiscal year, calculated using generally accepted accounting principles, as expenses for the purpose of calculating a balanced budget.(2) The department may use the information provided by the comptroller of the treasury’s report to determine the information described in subdivision (b)(1).
