Adopted Budget – The budget adopted by the Board of Commissioners used by the County. It may vary from the recommended budget. The Board typically adopts the budget for the upcoming fiscal year in June.
EMT – An abbreviation for Extended Management Team. In Wake County, this includes the County Manager, the Deputy County Managers, department heads, division directors, managers and supervisors.
Fiscal Year (FY) – In Wake County the fiscal year is a 12-month budget cycle that begins on July 1 and ends on June 30.
FTE – An abbreviation for Full Time Employee, used in some Wake County budget documents.
Gap – The budgetary difference between revenues and expenditures. This estimated amount can be positive or negative. When the budget is adopted the gap must be zero, because unlike the State and Federal Governments, Wake County is required to balance its budget each year. When the gap is positive, extra money is transferred to the reserve fund, which is a type of savings account. When the gap is negative, the County must increase revenue, reduce expenses or raise taxes.
Job Vacancy List – A document that lists all the full-time and part-time positions currently vacant within Wake County government. The list is updated weekly and published on WakeEmployees.com/budget. If the adopted budget requires staff to be reassigned as part of a RIF, the Job Vacancy List will be used to offer new assignments to affected employees.
PTE – An abbreviation for Part Time Employee, used in some Wake County budget documents.
Recession – A reduction of a country's gross domestic product (GDP) for at least two quarters. Webster’s Dictionary defines recession as, "a period of reduced economic activity," or a business cycle contraction. In Wake County, like many parts of the United States, the first indication of the current recession was a decrease in new building permits.
Recommended Budget – The budget that the County Manager prepares and presents to the Board of Commissioners for their consideration is usually presented in mid-May.
Regular Board Meeting –Regularly scheduled Board of Commissioners meetings are usually the first and third Monday of the month at 2 p.m. in Room 2700 of the Wake County Justice Center. A public comment period is held at or just after 3 p.m. during every meeting. The meetings can be watched on WakeGOV.com. Meetings can be viewed live and are usually available in archives within a few hours of the end of the meeting.
SMT – An abbreviation for Senior Management Team. In Wake County, this includes the County Manager, the Deputy County Managers and department heads.