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Deficit –
The amount by which expenditures
exceed revenues during an accounting period.
Department –
An organizational unit within
the Town which is functionally unique in its
delivery of services or activities.
Depreciation –
Expiration in the service life of
fixed assets, other than wasting assets,
attributable to wear and tear, deterioration,
action of the physical elements, inadequacy and
obsolescence. The portion of the cost of a fixed
asset, other than a wasting asset, charged as an
expense during a particular period. In accounting
for depreciation, the cost of a fixed asset, less any
salvage value, is prorated over the estimated
service life of such an asset, and each period is
charged with a portion of the cost. Through this
process, the entire cost of the asset is ultimately
charged off as an expense.
Designated Fund Balance –
Monies over the
years that remain unspent after all budgeted
expenditures have been made, but which are
reserved for specific purposes and are unavailable
for appropriation.
Effectiveness Measure –
A performance
measure identifying quality or extent to which an
organization is obtaining its objectives (i.e.
Percentage of year waste/leaf collection points
serviced on time)
Efficiency Measure
– A performance measure
identifying inputs used per unit of output, or unit
of cost (i.e. Cost per ton of yard waste/leaves
collected)
Encumbrance –
The commitment of
appropriated funds to purchase an item or
service.
Enterprise Fund –
A fund that accounts for
operations that are financed and operated in a
manner similar to private business enterprises.
Operations are financed from charges to users for
services provided.
Expenditure –
The cost of goods or services
whether payment has been made or not.
Fees –
A general term used for any charge levied
by the Town associated with providing a service
or permitting an activity.
Fiduciary Fund
– A special classification fund
used to account for assets held by the Town in a
trustee capacity on behalf of outside parties,
including other governments.
Fiscal Year (FY) –
A twelve-month period
which determines the time frame for financial
reporting, budgeting, and accounting.
Fixed Assets –
Long-lived tangible assets
obtained or controlled as a result of past
transactions, events or circumstances.
Fund –
A fiscal entity with revenues and
expenses that are segregated for the purpose of
accounting for an activity(s) with common
objectives.
Fund Balance –
The excess of the assets of a
fund over its liabilities.
GAAP –
Generally accepted accounting
principles. A uniform minimum standard used
by state and local governments for financial
recording and reporting; established by the
accounting profession through the Governmental
Accounting Standards Board.
General Fund –
A fund that accounts for most
of the basic government services such as public
safety, streets and highways, sanitation, parks
and recreation, and general government services.
General Obligation Bonds –
Bonds issued by
a government entity which are backed by its full
faith, credit and unlimited taxing authority.
Goal
– a statement of Council direction, purpose
or intent based on the needs of the community. A
goal is general and timeless; that is, it is not
concerned with a specific achievement in a given
time period.