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Section 12 Appendix
Glossary of Terms
GASB: Acronym for Grant: A contribution by a Liabilities: Probably future
Government Accounting government or other sacrifices of economic benefits,
Standards Board, an organization to support a arising from present obligations
independent, non-profit function. Typically, these of an entity to transfer assets or
agency responsible for the contributions are made to local to provide services to other
promulgation of accounting governments from state or entities in the future because of
and financial reporting federal governments. past transactions or events;
procedures for governmental what you owe.
entities. Infrastructure: Basic public
investments such as streets, Lift Station: The Town’ s
GFOA: Government Finance storm drainage, water and collection system relies on
Officers Association of the sewer lines, street lights and gravity to collect water. When
United States and Canada sidewalks. the system gets to an
unreasonable depth, a lift
General Fund: The fund used to Inter-fund transfer: The transfer station pumps the water to a
account for all financial of money from one fund to higher elevation so the gravity
resources except those another. process can begin again.
required to be accounted for in
another fund. The General Investments: Securities and real Line-item budget: A budget
Fund is tax supported. estate held to produce format in which departmental
revenues in the form of interest, outlays are grouped per the
General Obligation Bonds: dividends, rentals, or lease items that will be purchased.
Bonds sold and guaranteed by payments.
the Town, in which the full faith MGD: Million gallons per day.
and credit of the Town is ISO: Insurance Service Office.
pledged for repayment. The system to determine the Maintenance and Operations
rating of a fire department. A M&O): Taxes that are
Governmental Funds: The funds scale of 1 to 10, with 1 being generated by the taxing unit for
through which most the best score. This ISO rating general expenses.
governmental functions schedule examines many
typically are financed. The factors relating to local fire Major Funds: Funds whose
acquisition, use, and financial departments, especially revenues,
resources and the related focusing on training and expenditures/ expenses, assets,
current liabilities are accounted equipment, and examines the or liabilities ( excluding
for through governmental funds locations of the fire stations in extraordinary items) are at least
General, Special Revenue, the community. 10 percent of corresponding
Capital Projects, and Debt totals for all governmental or
Service Funds). L.F. ( Linear feet): Length in feet. enterprise funds and at least 5
percent of the aggregate
Goal: Generalized statements Levy: To impose taxes, special amount for all governmental
of where an organization assessments, or service charges and enterprise funds.
desires to be at some future for the support of Town
time regarding certain activities. Also, the amount of Maintenance: The upkeep of
operating elements ( e.g. tax for an individual property or physical properties in condition
financial condition, service the sum of all individual for use or occupancy.
levels provided, etc.) amounts of tax. Examples are the inspection of
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