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What do the financial terms mean?

Submitted by David Birdwell on Tue, 2016-01-05 16:30

Agency Special Accounts: Specialized funds typically spent by an agency not for core operations but for other costs associated with carrying out their mission.

OHLAP Fund: The Oklahoma Higher Learning Access Program (OHLAP), also known as Oklahoma’s Promise, is a financial aid program originally created by the Oklahoma Legislature in 1992. The program is administered by the Oklahoma State Regents for Higher Education, and the fund receives a portion of income tax revenues allocated by the State Board of Equalization, pursuant to Section 34.87 of Title 62 of the Oklahoma State Statutes.

Appropriated Funds: Funds an agency receives annually from the legislature.

Budget: A plan outlining how available funding will be used to provide goods and services in order to fulfill assigned responsibilities.

Disbursing Funds: Fund that contains a mix of the types of funds listed above (appropriated, revolving and/or federal).

Expenses: Monies which have been spent by an agency.

Federal Funds: Resources received from the federal government for an agency’s use.

Fiscal Year: For Oklahoma, the fiscal year begins July 1st and ends June 30th.

Revolving Funds: Monies an agency collects outside the normal appropriation process from revenue sources as authorized by law, such as fees and fines.