From the OMB Glossary of Key Budget Terms 
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Agency Generally a state department, but for budgeting purposes the Legislature, Court System and University are also considered Agencies.
Allocation A subunit of appropriations in appropriation bills. Allocations are expenditure
guidelines for a stated purpose or program.
Appropriation Statutory authorization to spend a specific amount of money for a stated
purpose. Appropriations are often subdivided into allocations in the appropriations bill. Funds
may not be spent without an appropriation made by law.
Budget A plan for allocating financial resources.
Budget Amendment A proposal to change the dollar amount or scope of an activity or project
after the budget has already been submitted to the Legislature.
Designated Program Receipts Funds received by the state from a source other than the state or federal government that are restricted to a specific use by the terms of a gift, grant, bequest or contract.
Expenditure Cash paid or to be paid for the purchase of an item or for a service performed.
Federal Receipts Funds received from the federal government to support state programs or projects. The Legislature appropriates federal funds along with other state funds.
Fiscal Year The period of time over which the state budgets and accounts for funds. The state fiscal year begins on July 1 each year and ends on June 30 of the following year.
General Fund The general fund is the state’s primary operating fund. It is used to account for all financial resources except those required to be accounted for in another fund.
Miscellaneous (and Debt Service) The line item used for expenditures that are not specifically covered by other line items. This includes state debt service payments and unallocated reductions or additions.
Office of Management and Budget (OMB) The division within the Office of the Governor responsible for preparing the Governor’s budget.
Operating Budget A plan for the yearly distribution of state resources for the ongoing operations of state programs. Operating budget appropriations are made for one fiscal year and any unexpended or unobligated funds lapse, i.e., revert to the fund from which they were appropriated, at the end of the fiscal year.
Project An activity with a specific purpose to be accomplished or built within a specific time period. There are projects in both the operating and capital budgets.
Program Receipts Fees, charges, income earned on assets, and other state money received by a state agency in connection with the performance of specific functions, such as licensing fees. Unless otherwise provided by statute, program receipts are accounted for within, and appropriated from, the general fund.
Restricted Revenue Anticipated state revenue that has been appropriated by the Legislature to pay for the same program that generated the revenue.
State Funds All non-federal funds except the Permanent Fund and the Fish and Game Fund (which is dedicated within the limits set by Article IX, Section 7, of the Constitution). State funds encompass all general funds, including Mental Health Trust funds and program receipts, as well as funds established by statute.
Unrestricted Revenue Revenue accruing to the state which has not been appropriated by the Legislature for a specific program. The revenue is credited to a fund and may be used for any purpose permitted by the fund.