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FIXED ASSETS Assets of a long-term character which are intended to continue to be held or used. Examples of fixed
assets include items such as land, buildings, machinery, furniture, and other equipment.

FULL FAITH AND CREDIT A pledge of the general taxing power of a government to repay debt obligations (the term is typically
used in reference to bonds).

FUNCTION A group of related activities aimed at accomplishing a major service.

FUND An accounting entity with a self-balancing set of accounts that record financial transactions for specific
activities or governmental functions. The major funds used by the City include: General Fund, Debt
Service Fund, Capital Projects Fund, Tax Increment Financing (TIF) Fund, Stormwater Utility Fund, Core
Value Fund, Police Narcotics Fund, Hotel/Motel Occupancy Tax Fund, and Technology Fund.

FUND BALANCE The excess of assets over liabilities. Fund Balance is also known as surplus funds or reserves.

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

GENERAL LEDGER A file that contains a listing of various accounts necessary to reflect the financial position and results of
operation of the government.

GENERAL OBLIGATION Bonds that finance a variety of public improvement projects which pledge the "Full

BONDS Faith and Credit" of the City for their repayment.

GRANTS Contributions or gifts of cash or other assets from another government or organization to be used or
expended for a specific purpose, activity, or facility. Grants may be classified as either categorical or
block depending upon the amount of discretion allowed the grantee.

INTERFUND TRANSFERS Amounts transferred from one fund to another.

INVENTORY A detailed listing of property currently held by the government that shows quantities, descriptions, and
values of the property as well as units of measure and unit price.

INVOICE A bill requesting payment for goods or services by a vendor or other governmental unit.

LEVY To impose taxes, special assessments, or service charges for the support of City activities.

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