Page 360 - Honorable Mayor and Members of the City Council

BUDGET GLOSSARY

FIXED ASSETS Assets of a long-term character which are intended to continue to be held or used.
Examples of fixed assets include items such as land, buildings, machinery, furniture,
and other equipment.

FULL FAITH AND CREDIT A pledge of the general taxing power of a government to repay debt obligations (the
term is typically used in reference to bonds).

FUNCTION A group of related activities aimed at accomplishing a major service.

FUND An accounting entity with a self-balancing set of accounts that record financial
transactions for specific activities or governmental functions. The major funds used
by the City include: General Fund, Debt Service Fund, Capital Projects Fund, Tax
Increment Financing (TIF) Fund, Stormwater Utility Fund, Core Value Fund, Police
Narcotics Fund, Hotel/Motel Occupancy Tax Fund, and Technology Fund.

FUND BALANCE The excess of assets over liabilities. Fund Balance is also known as surplus funds or
reserves.

GENERAL FUND The fund used to account for all financial resources except those required to be
accounted for in one of the City's other special purpose funds.

GENERAL LEDGER A file that contains a listing of various accounts necessary to reflect the financial
position and results of operation of the government.

GENERAL OBLIGATION Bonds that finance a variety of public improvement projects which pledge the "Full
BONDS Faith and Credit" of the City for their repayment.

GRANTS Contributions or gifts of cash or other assets from another government or
organization to be used or expended for a specific purpose, activity, or facility. Grants
may be classified as either categorical or block depending upon the amount of
discretion allowed the grantee.

CITY OF BENBROOK 2018-19 ANNUAL BUDGET
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