Accounting of the budget will be prepared on a modified accrual basis, which is described as: revenues being recognized when cash is received, including the school district, state and federal grants, which shall be recognized whether received or not, and expenditures being recognized as soon as they result in liabilities for benefits received. [Ord. 81-20-O, 1981; Ord. 71-5-O , 1971; prior code Ch. 7 subch. 1 §4. Formerly §3.04.040].