Summary Definition. Define Balanced Budget: Balanced budget means a financial planâs cash inflows and outlays are equal and will not cause the entity to go into debt.
Portsmouth, Virginia. Portsmouth is an independent city in the Commonwealth of Virginia. As of the 2010 census, the population was 95,535.[3] It is part of the Hampton Roads metropolitan area.
It is part of the Hampton Roads metropolitan area. The Norfolk Naval Shipyard, often called the Norfolk Navy Yard, is a historic and active U.S. Navy facility that is actually located in Portsmouth rather than Norfolk; the original name Gosport was changed to Norfolk to reflect its location in Norfolk County, VA.irectly opposite Norfolk, the city of Portsmouth also has miles of waterfront land on the Elizabeth River as part of the harbor of Hampton Roads. There is a ferry boat that takes riders back and forth across the water between Downtown Norfolk and Olde Towne Portsmouth.