balanced budget: noun. A budget is balanced when current expenditures are equal to receipts
-- Dictionary.com
balanced budget: Government budget where the current expenditure equals current revenue.
-- BusinessDictionary.com
balanced budget: A budget for which expenditures are equal to income. Sometimes a budget for which expenditures are less than income is also considered balanced.
-- InvestorWords.com
There you have it. A general-purpose dictionary, a business dictionary and an investment dictionary all agree. So, when I looked at Richardson's proposed 2011-2012 budget, saw that expenditures ($188.6 million) exceeded revenues ($186.9 million), and pronounced it "not balanced," it seemed to be an easy call for me. I couldn't understand why the city insisted the budget was balanced. I did have my theories:
"Maybe there's a state legal requirement that city budgets be balanced, meaning there's a legal definition of what "balanced" means that doesn't exactly match the dictionary definition. As long as the city meets the legal definition, their budget is in (legal) balance, even if the numbers show a teensy-tiny (dictionary) deficit."
After the jump, Bill McCalpin fleshes out that theory.