Page 306 - Mansfieldr FY20 Approved Budget

Expenditure This term refers to the outflow of funds paid for an asset
obtained or goods and services obtained regardless of when the
expense is actually paid. This term applies to all funds.
Note: An encumbrance is not expenditure. An encumbrance
reserves funds to be expended.

Expense Object Class A basis for distinguishing types of expenditures. The five major
expense object classes used by the City of Mansfield are: 8000
series-personnel services, 8100 series-supplies, 8200-8400
series-maintenance, 8500-8900 series-other operating, and 9000
series-capital outlay.

Expenses Charges incurred (whether paid immediately or unpaid) for
operation, maintenance, interest and other charges.

Fiscal Year The time period designated by the City signifying the beginning
and ending period for recording financial transactions. The City
th
st
of Mansfield has specified October 1 to September 30 as its
fiscal year.

Fixed Assets Assets of long-term character which are intended to continue to
be held or used, such as land, buildings, machinery, furniture
and other equipment.

Full-Time Equivalent The amount of time a position has been budgeted on an annual
Positions (FTE) basis. A Full-Time Employee (FTE) normally works 2,080
hours on an annual basis while a part-time FTE would work
1,040 hours annually.

Fund An accounting entity that has a set of self-balancing accounts
and that records all financial transactions for specific activities
or government functions. Eight commonly used funds in public
accounting are: general fund, special revenue funds, debt service
funds, capital project funds, enterprise funds, trust and agency
funds, internal service funds, and special assessment funds.

Fund Balance Fund balance is the excess of assets over liabilities and is
therefore also known as surplus funds (or retained earnings in
private enterprises).

Full Faith and Credit A pledge of the general taxing power of a government to a
government to repay debt obligations (typically used in
reference to bonds).

Function A group of related programs crossing organizational
(departmental) boundaries and aimed at accomplishing a broad
goal or accomplishing a major service.

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