“Modified accrual basis of accounting” means the method under which:

1. (a) Revenues are recognized in the accounting period in which they become available and measurable; and
2. (b) Expenditures, rather than expenses 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. #6808, eff 7-21-98; ss by #8687, eff 7-21-06; ss by #10652, eff 8-8-14 (from Rev 2201.12); ss by #14027, eff 7-16-24