GAAP - Generally Accepted
Accounting Principles
. Uniform minimum standards for
financial accounting and recording, encompassing the conventions, rules, and
procedures that define accepted accounting principles.
Goal - A statement of broad
direction, purpose or intent based on the needs of the community. A goal is general and timeless.
Grant - A contribution by a
government or other organization to support a particular function.
Infrastructure - Basic installations and
facilities upon which the continuance and growth of a community depend;
examples are roads and public utilities.
Interfund Transfer - A transfer of resources
from one accounting fund to another accounting fund. For example, an interfund transfer might be made from the General
Fund to offset a deficit in the Coliseum Fund for stadium operations.
Levy - To impose taxes for the
support of government activities.
Line Item Budget - A budget that lists each expenditure category (salary, supplies,
services, etc.) separately, along with the dollar amount budgeted for each
specified category.
Mill - The property tax rate
which is based on the valuation of property.
A tax rate of one mill produces one dollar of taxes on each $1,000 of
assessed property valuation.
Millage Rate - The tax rate on real
property based on $1.00 per $1,000 of assessed property value.
Modified Accrual Basis - Under the modified accrual basis of accounting, recommended for
use by governmental funds, revenues are recognized in the period in which they
become available and measurable, and expenditures are recognized at the time a
liability is incurred pursuant to appropriation authority.
Objective - Something to be
accomplished in specific, well-defined, and measurable terms and that is
achievable within a specific time frame.
Operating Budget - The portion of the budget
pertaining to daily operations that provide basic governmental services. The operating budget contains appropriations
for such expenditures as personal services, fringe benefits, commodities,
services and capital outlay.
Operating Cost - All costs (excluding
Personnel cost) associated with the operation of a particular department or
function. These costs include supplies,
services, minor repairs, and improvements, minor equipment acquisitions and
travel and training expenses.
Performance Measure - Special quantitative and
qualitative measure of work performed as an objective of a department.
Personnel Cost - Total expenditures for
hourly, daily, monthly, seasonal salaries, overtime, incentive pay, on-call
pay, and employee benefits including
social security, employment taxes, health insurance and pension contributions.
Revenues - Sources of income received
during a fiscal year including resources forward from prior years, operating
transfers from other funds, and other financial sources.
Services & Charges - Expenditures for services
other than personnel including contractual agreements, legal & accounting
fees, medical services, etc.
Supplies - Articles and commodities
which are consumed when used; categories include: office, operating,
agricultural, cleaning, clothing, chemicals, etc.
Taxes - Compulsory charges levied
by a government for the purpose of financing services performed for the common
benefit of the people. This term does
not include specific charges made against particular persons or property for
current or permanent benefit, such as special assessments.
Unallocated Reserve - An expenditure budget
within a fund which is not allocated for a specific purpose, but which is held
in reserve for future spending needs.
Working Capital - Funds equal to
one-twelfth (30 days) of the General Fund budget which is set aside as a
reserve to be used in extraordinary emergency situations only.
