Page 277 - Saginaw FY20 Annual Budget

FUND: An accounting entity with a self-balancing set of accounts that record financial transactions for
specific activities or government functions. The major funds used by the City of Saginaw include the
General Fund, the Debt Service Fund, the Capital Projects Fund, Crime Control and Prevention District
Fund, Drainage Utility Fund, Street Maintenance Fund, and the Enterprise Fund.

FUND BALANCE: The assets of a fund less liabilities, as determined at the end of each fiscal year. The
excess assets after liabilities are deducted are referred to as surplus funds.

GENERAL FUND: The fund used to account for all financial resources except those required to be
accounted for in the City's other funds.

GENERAL OBLIGATION BONDS (G.O.): A security issued by a municipality for the purpose of paying
contractual obligations incurred with the constructing and equipping of various public projects such as
streets, buildings and improvements. G.O.’s require voter approval and are backed by the full faith and
credit of the issuing government.

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP): Uniform minimum standards of and
guidelines to financial accounting and reporting. They govern the form and content of the basic financial
statements of an entity. They encompass the conventions, rules, and procedures necessary to define
accepted accounting practice at a particular time. They include not only broad guidelines of general
application, but also detailed practices and procedures. They provide a standard by which to measure
financial presentations.

GOVERNMENT FINANCE OFFICERS ASSOCIATION (GFOA): A professional association of
approximately 17,500 state, provincial and local government finance officers in the United States and
Canada.

GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB): The source of generally accepted
accounting principles (GAAP) used by State and Local governments in the United States of America.
It is a private, non-governmental organization.

GOVERNMENTAL FUNDS: Those funds through which most governmental functions typically are
financed (General Fund, Debt Service Fund, Capital Projects Fund and Special Revenue Funds).

GRADALL: Industrial maintenance machine (tractor/material handler) with a boom arm and 360 degree
rotational movement designed for use over rough terrain.

GRANTS: Contributions or gifts of cash or other assets from another government or private company to
be used or expended for a specific purpose, activity, or facility.

GROUND STORAGE: Tanks at ground level that store water so that it can be pumped into the system
as demand warrants.

HAZ-MAT: Hazardous Materials.

HELP AMERICA VOTE ACT (HAVA): Effective January 1, 2006, voting systems must be accessible to
individuals with disabilities in a manner that provides the same opportunity for access and participation
as for other voters.

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