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.
Portsmouth became the county seat and a major area of commerce, along with Norfolk. Smaller towns were formed at Berkley and South Norfolk. In 1871, Portsmouth and Norfolk became independent cities, a jurisdiction in Virginia, and separated from Norfolk County, though Portsmouth remained the county seat.