Page 437 - City of Bedford FY21 Budget

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.

Net Assets: Assets in excess of a fund's liabilities that are restricted, invested in capital assets, net of related
debt and/or unrestricted.

Old Bedford School (O.B.S.): The Old Bedford School is a restored building built in 1915. It was
Bedford's first brick schoolhouse. The facility is available for meetings, performances and weddings. The
Old Bedford School is a division of Parks, Recreation, and Special Events and is funded out of the Tourism
Fund.

Operating and Maintenance (O. & M.): The component of the ad valorem tax rate that funds day-to-day
operating expenses.

Operating Budget: Plans of current expenditures and the proposed means of financing them. The annual
operating budget is the primary means by which most of the financing, acquisition, spending, and services
delivery activities of the City are controlled. State Law requires the use of annual operating budgets.

Outcomes: A type of performance measure which addresses strategic results and gauges the effectiveness of
services or programs, shows the extent to which goals, outcomes or objectives have been achieved and/or
what has changed or been accomplished as a result of the service.

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