FY 18 Annual Report

Fund: The fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources together with all related liabilities and residual equity or balances and changes therein which are segregated for the purpose of carrying out specific activities or obtaining certain objectives in accordance with special regulations, restrictions or limitations. Fund Balance: The difference between fund assets and fund liabilities. General Government Function: This function’s objective is to provide for the functioning of the government and to assure the general administration of the City. General Fund: The general fund id the chief operating fund of the city. All general tax revenues and other receipts that are not allocated by law or contractual agreement to some other fund are accounted for in this fund. General operating expenses, the fixed charges and the capital improvement costs that are not paid from other funds are paid from this fund. General Obligation (GO) Bond: This type of bond is backed by the full faith, credit and taxing power of the government. Health & Social Services Function: The function’s objective is to provide satisfactory opportunity for productive and enjoyable living for the citizenry both as individuals and as a community of people. Infrastructure: The physical assets of a government such as streets, water, sewer, public buildings and parks. Interfund Transfer: The movement of monies between funds of the same governmental entity. Intergovernmental Revenue: Funds received from federal, state and other local government sources in the form of grants, shared revenues and payments in lieu of taxes. Levy: To impose taxes for the support of government activities. ‘ Licenses and Permits: These revenues reflect receipts from liquor licenses, cigarette license, other business licenses, street use permits, building permits, and other non-business license and permits. Line-Item Budget: A budget prepared along departmental lines that focuses on what is to be purchased. Long Term Debt: Debt with a maturity of more than one year after the date of issuance. Property Tax: Taxes levied according to the property’s taxable value and the tax rate. Public Safety Function: The function’s objective is to provide for the safety and welfare of the community through response to calls for service, enforcement of laws and preventive education. Public Works Function: the function’s objectives is to provide for the safety and welfare of the community through upkeep and maintenance of the city’s streets, streetlights, etc. Reserve: An account used either to set aside budgeted revenues that are not required for expenditure in the current budget year or to earmark revenues for a specific future purpose. Resolution: A special or temporary order of a legislative body; an order of a legislative body requiring less legal formality that an ordinance. Resources: Total amounts available for appropriation including estimated revenues, fund transfers and beginning balances.

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