b'The basis of budgeting is the same as the basis of accounting that isused in Beaufort County\'s audited nancial statements. The Countybudgets for Governmental Funds using the current nancial resource measurement focus and the modied accrual basis of accounting. Thecurrent nancial resource management includes only current assets and liabilities;Long term assets and liabilities are reported separately.Under the modied accrual basis of accounting, revenues are recognized when susceptible to accrual, meaning when they are measurable andavailable. When a revenue is "measurable,"the amount of the transaction can be determined. An "available" revenue means that the amount iscollectible within the current period or soon enough thereafter to pay expenses of the current period; Beaufort County considers revenuesavailable if collected within sixty (60) days after the end of the scal year. Expenditures are recorded when the liability is incurred except forcertain compensated absences, and claims and judgements that are recorded whenthe obligations are expected to be liquidated with currentnancial resources.The County budgets for Proprietary Funds using theeconomic resources measurement focus and the accrual basis of accounting. Theeconomic resources measurement focus includes current and long term assets and liabilities. Under the accrual basis of accounting, revenuesare recorded when earned and expenses are recorded when liabilities are incurred. The County departs from the above basis of accounting forbudgeting capital expenses and depreciation. Tobetter manage spending, capital items are budgeted as expenses. Though depreciation is anon-cash expense and only aects the Investment in Fixed Assets portion of fund balance as opposed to theSpendable portion fund balance, itis budgeted as a means to set aside funds for future capital replacement.BALANCED BUDGETThe County prepares and presents a balanced budget to County Councileach year. The County does not appropriateexpenditures unlessadequate funds are available via revenues, transfers in or through the use of fund balance. Operating expenditures are sustained throughprudent nancial management; The County does not supplement the operating activitiesby borrowing funds and/or obligating future resources.Nov 18, 2022CIP PlanningFeb 8, 2023Kick off with DepartmentsFeb 27, 2023Budget DevelopingMay 8, 2023Presentation of Proposed BudgetJun 12, 2023ApprovalOct 30, 2023External AuditBeaufort County, SC | Budget Book 2024 Page 23'