Probable future sacrifices of economic benefits arising from present obligations of a municipality to transfer assets or provide services to other entities in the future as a result of past transactions or events shall be classified as follows:

1. (a) Account 2020, “Warrants and Accounts Payable,” shall be for balances owed to others for:

   1. (1) Goods;
   2. (2) Supplies,
   3. (3) Services purchased on open accounts;
   4. (4) Payroll; and
   5. (5) Deductions payable;

2. (b) Account 2030, “Compensated Absences Payable,” shall be for balances arising through accounting recognition of unpaid costs that come into existence in the current period which will be discharged at a future time, such as but not limited to, earned time for:

   1. (1) Vacation;
   2. (2) Illness; and
   3. (3) Holidays;
3. (c) Account 2050, “Contracts Payable,” shall be for amounts due on contracts for goods and services, including retainage, furnished to a government;

4. (d) Account 2070, “Due to Other Governments,” shall be for amounts owed by the municipality to another government, such as:

   1. (1) Goods and services;
   2. (2) Loans and intergovernmental grants;
   3. (3) Entitlements;
   4. (4) Shared revenues; or
   5. (5) Payments in lieu of taxes;
5. (e) Account 2075, “Due to School Districts,” shall be for amounts owed by the municipality to a school district;

6. (f) Account 2080, “Due to Other Funds,” shall be for amounts owed by one municipal fund to another municipal fund representing charges for:

   1. (1) Goods and services, and
   2. (2) Interfund advances from another fund;
7. (g) Account 2220, “Deferred Revenue,” shall be for amounts for which asset recognition requirements have been met, but for which revenue recognition criteria have not yet been met, in accordance with Rev 1702.02(a)(1), or Rev 1702.02(b)(1);

8. (h) Account 2230, “Notes Payable - Current,” shall be for the face value of notes due within one year, including:

   1. (1) Tax anticipation notes payable; and
   2. (2) Revenue anticipation notes payable;
9. (i) Account 2250, “Bonds Payable - Current,” shall be for the face value of bonds due within one year;
10. (j) Account 2260, “Capital Leases Payable - Current,” shall be for the current portion of the discounted present value of total future stipulated payments on any lease-purchase agreements; and
11. (k) Account 2270, “Other Payables,” shall be for liabilities, not otherwise classified in (a) through (j) above, which shall require the sacrifice of economic benefits within one accounting cycle.

Source. #4940, eff 9-25-90; ss by #6335, eff 9-24-96 (from Rev 1708); ss by #8179, eff 9-24-04; ss by #10214, eff 10-24-12; ss by #13489, eff 11-15-22 (see Revision Note at chapter heading for Rev 1700)