Page 647 - City of Bedford FY22 Budget

Exp e n d itu re : An o ut l ay o f m o ney m ade by m uni ci pal i t i es t o pr o v i de t he pr o g ram s and s er v i ces wi t hi n t hei r appr o v ed budg et .

Fid u cia ry Fu n d s: Repo s i t o r y o f m o ney hel d by a m uni ci pal i t y i n a t r us t ee capaci t y o r as an ag ent f o r i ndi v i dual s , pr i v at e
o r g ani zat i o ns , o t her g o v er nm ent al uni t s , and o t her f unds . Thes e i ncl ude pens i o n ( and o t her em pl o y ee bene{ t ) t r us t f unds ,
i nv es t m ent t r us t f unds , pr i v at e- pur po s e t r us t f unds , and ag ency f unds .

Fin a n cia l Policie s: F i nanci al po l i ci es ar e us ed t o enabl e t he Ci t y t o achi ev e a s o und { nanci al po s i t i o n. They ar e updat ed and
endo r s ed by t he Ci t y Co unci l o n an annual bas i s .

Fisca l Ye a r: The t i m e per i o d des i g nat ed by t he Ci t y s i g ni f y i ng t he beg i nni ng and endi ng per i o d f o r r eco r di ng { nanci al
t rans act i o ns . The Ci t y o f B edf o r d has des i g nat ed t hi s per i o d t o be O ct o ber 1 t hr o ug h S ept em ber 30.

Fixe d A sse ts: Lo ng -l i v ed, as s et s s uch as bui l di ng s , equi pm ent and l and o bt ai ned o r co nt r o l l ed as a r es ul t o f pas t t rans act i o ns
o r ci r cum s t ances .

Fixe d Costs: Co s t s t hat ar e l eg al l y o r co nt ract ual l y m andat ed s uch as r et i r em ent , F ICA/ S o ci al S ecur i t y , i ns urance, debt s er v i ce
co s t s o r i nt er es t o n l o ans .

Fu n d : An acco unt i ng ent i t y wi t h a s el f -bal anci ng s et o f acco unt s t hat ar e s eg r eg at ed f o r t he pur po s e o f car r y i ng o n i dent i { ed
act i v i t i es o r at t ai ni ng cer t ai n o bj ect i v es i n acco r dance wi t h s peci { c r eg ul at i o ns , r es t r i ct i o ns , o r l i m i t at i o ns .

Fu n d A ccou n tin g : O r g ani zi ng { nanci al r eco r ds i nt o m ul t i pl e, s eg r eg at ed l o cat i o ns f o r m o ney . A f und i s a di s t i nct ent i t y
wi t hi n t he m uni ci pal g o v er nm ent i n whi ch { nanci al r es o ur ces and act i v i t y ( as s et s , l i abi l i t i es , f und bal ances , r ev enues , and
expendi t ur es ) ar e acco unt ed f o r i ndependent l y i n acco r dance wi t h s peci { c r eg ul at i o ns , r es t r i ct i o ns o r l i m i t at i o ns . Exam pl es o f
f unds i ncl ude t he g eneral f und and ent er pr i s e f unds . Co m m uni t i es who s e acco unt i ng r eco r ds ar e o r g ani zed acco r di ng t o t he
Uni f o r m Muni ci pal Acco unt i ng S y s t em ( UMAS ) us e m ul t i pl e f unds .

Fu n d B a la n ce : The di f f er ence bet ween a g o v er nm ent al f und’s as s et s and l i abi l i t i es , di v i ded i nt o 5 cat eg o r i es : 1) No ns pendabl e,
2) Res t r i ct ed, 3) Co m m i t t ed, 4) As s i g ned, 5) Unas s i g ned. Po r t i o ns o f t he f und bal ance m ay be r es er v ed f o r v ar i o us pur po s es
s uch as co nt i ng enci es o r encum brances at t he end o f t he { s cal y ear .

Fu n d T yp e : In g o v er nm ent al acco unt i ng , al l f unds ar e cl as s i { ed i nt o ei g ht f und t y pes : G eneral , S peci al Rev enue, D ebt S er v i ce,
Capi t al Pr o j ect s , S peci al As s es s m ent , Ent er pr i s e, Int er nal S er v i ce, and Tr us t and Ag ency .

G A SB 34 : A m aj o r pr o no uncem ent o f t he G o v er nm ent al Acco unt i ng S t andar ds B o ar d t hat es t abl i s hes new cr i t er i a o n t he
f o r m and co nt ent o f g o v er nm ent al { nanci al s t at em ent s . G AS B 34 r equi r es a r epo r t o n o v eral l { nanci al heal t h, no t j us t o n
i ndi v i dual f unds . It r equi r es m o r e co m pl et e i nf o r m at i o n o n t he co s t o f del i v er i ng v al ue es t i m at es o n publ i c i nf ras t r uct ur e
as s et s , s uch as br i dg es , r o ad, s ewer s , et c. It al s o r equi r es t he pr es ent at i o n o f a nar rat i v e s t at em ent t he g o v er nm ent ' s { nanci al
per f o r m ance, t r ends and pr o s pect s f o r t he f ut ur e.
G A SB 4 5: Thi s i s ano t her G o v er nm ent al Acco unt i ng S t andar ds B o ar d m aj o r pr o no uncem ent t hat each publ i c ent i t y acco unt
f o r and r epo r t o t her po s t em pl o y m ent bene{ t s i n i t s acco unt i ng s t at em ent s . Thr o ug h act uar i al anal y s i s , m uni ci pal i t i es m us t
i dent i f y t he t r ue co s t s o f t he O PEB ear ned by em pl o y ees o v er t hei r es t i m at ed y ear s o f act ual s er v i ce.

G e n e ra l Fu n d : The f und us ed t o acco unt f o r al l { nanci al r es o ur ces except t ho s e r equi r ed t o be acco unt ed f o r i n ano t her f und.
The G eneral F und i s t ax s uppo r t ed and i ncl udes m o s t o f t he bas i c o perat i ng s er v i ces , i .e., po l i ce, { r e, s t r eet s , par ks and
r ecr eat i o n, and adm i ni s t rat i o n.

G e n e ra l O b lig a tion B on d s: B o nds i s s ued by a m uni ci pal i t y f o r pur po s es al l o wed by s t at ut e t hat ar e backed by t he f ul l f ai t h
and cr edi t o f i t s t axi ng aut ho r i t y .

G e n e ra lly A cce p te d A ccou n tin g Prin cip le s (G . A . A . P. ): D et ai l ed acco unt i ng s t andar ds and pract i ces f o r s t at e and l o cal
g o v er nm ent s as pr es cr i bed by t he G o v er nm ent al Acco unt i ng S t andar ds B o ar d ( G AS B ) .

G FO A : The G o v er nm ent F i nance O f { cer s As s o ci at i o n o f t he Uni t ed S t at es and Canada. The m i s s i o n o f t he G F O A i s t o enhance
and pr o m o t e t he pr o f es s i o nal m anag em ent o f g o v er nm ent s f o r t he publ i c bene{ t by i dent i f y i ng and dev el o pi ng { nanci al
po l i ci es and bes t pract i ces and pr o m o t i ng t hei r us e t hr o ug h educat i o n, t rai ni ng , f aci l i t at i o n o f m em ber net wo r ki ng , and
l eader s hi p.

G ove rn in g B od y: A bo ar d, co m m i t t ee, co m m i s s i o n, o r o t her execut i v e o r po l i cy m aki ng bo dy o f a m uni ci pal i t y o r s cho o l
di s t r i ct .

City of Bedford, TX | Budget Book 2022 Page 647