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

1. (a) Account 2020, warrants and accounts payable, classification 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, classification 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) Sick leave; and
   3. (3) Holidays;
3. (c) Account 2050, contracts payable, classification 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, classification shall be for amounts owed by the village district 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 2080, due to other funds, classification shall be for amounts owed by one village district fund to another village district fund representing charges for:

   1. (1) Goods and services; and
   2. (2) Interfund advances from another fund;

6. (f) Account 2230, notes payable-current, classification shall be for the face value of notes generally due within one year, including all:

   1. (1) Tax anticipation notes payable; and
   2. (2) Revenue anticipation notes payable;
7. (g) Account 2250, bonds payable-current, classification shall be for the face value of bonds due within one year;
8. (h) Account 2260, capital leases payable-current, classification shall be for the current portion of the discounted present value of total future stipulated payments in any lease purchase agreement;
9. (i) Account 2270, other payables, classification shall be for liabilities, requiring the sacrifice of economic benefits within one accounting cycle, not included elsewhere;
10. (j) Account 2310, notes and bonds payable long-term, classification shall be for amounts owed by the village district on notes and bonds not due within one year;
11. (k) Account 2370, capital leases payable, classification shall be for the non-current portion of the discounted present value of total future stipulated payments in any lease purchase agreement; and
12. (l) Account 2390, other long-term liabilities, classification shall be for liabilities requiring the sacrifice of economic benefits at some future time beyond the next accounting cycle.

Source. #5454, eff 8-28-92; ss by #6809, eff 7-21-98; ss by #8686, eff 7-21-06; ss by #10675, eff 9-24-14 (from Rev 2007.02); ss by #14072, eff 9-10-24