(1) In these rules, unless the context otherwise requires,-
(a) "Act" means the Karnataka Local Fund Authorities Fiscal Responsibility Act, 2003 (Karnataka Act 41 of 2003);
(b) “Accounting Standard” means such accounting standards issued by the Institute of Chartered Accountants of India, as may be decided by the Chief Commissioner to be applicable to the BBMP;
(c) "BBMP" means the Bruhat Bengaluru Mahanagara Palike;
(d) “BBMP fund” means the Local Fund of the BBMP comprising of all moneys received by or on behalf of the corporation, all taxes, tolls and other imposts, fines, fees, penalties paid to or levied by it under the said law, all proceeds of land or other property sold by the corporation and all rents accruing from its land or property and all interests, profits and other moneys accruing by gifts or transfers from the Government or private individuals shall constitute the BBMP fund and shall be held, applied and disposed of in accordance with the provisions of the said law, the rules and the regulations made there under or any other law for the time being in force;
(e) "Budget Year" means the year for which the Budget and Medium Term Fiscal Plan (MTFP) are being prepared or presented;
(f) "CAGR" means Compound Annual Growth Rate calculated as follows:
CAGR= End year means Previous year 1/n -1 Start year revenue receipts End year means Previous year Start year means fifth year preceding to previous year „n‟ is number periods.
(g) "Committed Expenditure" means any expenditure for which BBMP is bound to honour the bill for payment when presented;
(h) "Extraordinary receipts" means any receipt received on account Of one time change in law or provision not likely to be received every year. For example:- amount received from one time amnesty schemes.
(i) "Form" means a form appended to these rules;
(j) "Fund authority" means the Bruhat Bengaluru Mahanagara Palike which administers the BBMP fund;
(k) "Operating expenditure" means the expenditure required for administration and maintenance of BBMP staff, offices and assets;
(l) "Revenue deficit” means the excess of revenue expenditure over revenue receipts;
(m) "Revenue receipt” means the revenue received as specified in rule 4; and
(n) “Revenue surplus” means the excess of revenue receipts over revenue expenditure.
(2) Words and expressions used in these rules and not defined shall have the same meanings assigned to them in the Karnataka Local Fund Authorities Fiscal Responsibility Act, 2003 (Karnataka Act 41 of 2003).