Page 174 - Haltom City FY20 Approved Budget

City of Haltom City Annual Budget, FY 2020
Supplemental Information

services, such as fire and police protection, finance, administration, park and recreation, libraries,
streets, and building maintenance.

General Obligation Bonds: Bonds that finance a variety of public projects such as streets,
buildings and improvements. The repayment of these bonds is usually made from the general
revenues of the entity. These bonds are backed by the full faith and credit of the issuing
government.

Generally Accepted Accounting Principles (GAAP): Uniform minimum standards for financial
accounting and recording, encompassing the conventions, rules and procedures that define
accepted accounting principles.

Governmental Funds: Funds generally used to account for tax-supported activities. There are
five different types of governmental funds: the general fund, special revenue funds, debt service
funds, capital projects funds, and permanent funds.

Impact Fees: Fees charged to developers to cover, in whole or in part, the anticipated cost of
improvements that will be necessary as a result of the development (e.g. parks, sidewalks).

Internal Service Fund: A fund used to account for the financing of goods and services provided
by one City department or cost center to other department, on a cost-reimbursement basis.

Interfund Transfers: Flows of assets (such as cash or goods) between funds and blended
component units of the primary government without equivalent flows of assets in return and
without a requirement for repayment.

Interest and Sinking (I&S): That portion of the property tax rate and subsequent property tax
revenue appropriated to the retirement of principal and interest on bonded debt.

Legal Debt Margin: The excess of the amount of debt legally authorized over the amount of debt
outstanding.

Liabilities: Debt or other legal obligations arising out of transactions in the past, which must be
liquidated, renewed, or refunded, at some future date.

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