"Modified accrual" means the basis of accounting under which:

1. (a) Revenues are recognized in the accounting period during which they become available and measurable; and
2. (b) Expenditures are recognized in the accounting period in which the fund liability is incurred, if measurable, except for unmatured interest on general long-term debt.

Source. #5072, eff 2-21-91, EXPIRED 2-21-97 New. #6476, eff 3-26-97; ss and moved by #8306, eff 3-22-05 (from Rev 1101.15); ss by #10304, eff 3-22-13; ss by #13503, eff 12-9-22