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received. When paid, the encumbrance is liquidated.

EXEMPT/EXEMPTION: Amounts under state law that is deducted from the
appraised value of property for tax purposes. Tax rates are applied to the
non-exempt portion of the appraised value to calculate the annual tax levy.

ENTERPRISE FUND: A fund established to account for operations that are
financed and operated in a manner similar to private business enterprises--
where the intent of the governing body is that the costs of providing goods
or services to the general public on a continuing basis be financed or
recovered primarily through user charges.

EXPENDITURE: Decreases in (use of) financial resources other than
through interfund transfers. This term applies to all governmental type
funds.

EXPENSE: A use of financial resources denoted by its use in the enterprise
funds, which is accounted for on a basis consistent with the private business
accounting model (full accrual basis).

F

FTE: The acronym for Full Time Equivalent; used as a standard metric for
comparing the number of positions within an organization, as opposed to a
“head count” of employees.

FISCAL YEAR (FY): The time period designated by the City signifying the
beginning and ending period for recording financial transactions. The City of
Colleyville has specified October 1 to September 30 as its fiscal year.

FITCH RATINGS: An independent financial service agency that provides
bond ratings for entities, to illustrate their creditworthiness; one of the Big
Three credit rating agencies.

FRANCHISE FEE: A fee paid by public service businesses for use of City
streets, alleys and property in providing their services to the citizens of a
community. Services requiring franchises include electricity, telephone,
natural gas and cable television.

FUND: An accounting entity with a separate set of self-balancing accounts
which comprise its assets, liabilities, fund balance, revenues and
expenditures.

FUND BALANCE: The assets of a governmental fund less liabilities, as

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