Page 452 - City of Bedford FY20 Approved Budget

General Fund: The fund used to account for all financial resources except those required to be
accounted for in another fund. The General Fund is tax supported and includes most of the basic
operating services, i.e., police, fire, streets, parks and recreation, and administration.

General Obligation (G.O.) Debt: Money owed on interest and principal holders of the City's
general obligation bonds. The debt is supported by revenue provided from real property that is
assessed through the taxation power of the local governmental unit.

Generally Accepted Accounting Principles (G.A.A.P.): Detailed accounting standards and
practices for state and local governments as prescribed by the Governmental Accounting Standards
Board (GASB).

GFOA: The Government Finance Officers Association of the United States and Canada. The
mission of the GFOA is to enhance and promote the professional management of governments for
the public benefit by identifying and developing financial policies and best practices and promoting
their use through education, training, facilitation of member networking, and leadership.

Governmental Funds: Applies to all funds except for the profit and loss funds (e.g., enterprise
fund).

Grant: A contribution by a government or other organization to support a particular function.

Infrastructure: That portion of a city's assets located at or below ground level, including the water
system, sewer system, and streets.

Inputs: A type of performance measure reporting the resources used by a department or division to
produce outputs and outcomes. Examples include: number of full time equivalents, equipment,
facilities and supplies.

Interest and Sinking (I. & S.): The component of the ad valorem tax rate that funds General
Obligation and Certificates of Obligation debt payments.

Liabilities: Debt or other legal obligations arising out of transactions in the past which must be
liquidated, renewed, or refunded at some future date. This term does not include encumbrances.

Long-Term Debt: Unmatured debt of a government expected to be repaid from government funds.
An average repayment schedule is 20 years.

Maintenance: All materials or contract expenditures covering repair and upkeep of City Buildings,
machinery, equipment, systems and land.

Major Fund: A fund whose revenues, expenditures/expenses, assets, or liabilities are at least 10
percent of the corresponding totals for all governmental or enterprise funds and at least 5 percent of
the aggregate amount for all government and enterprise funds.

Modified Accrual Accounting: A basis of accounting in which revenues are recognized in the
accounting period when they become available and measurable. Expenditures are recognized in the
accounting period in which the fund liability is incurred.

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