Page 647 - City of Bedford FY22 Budget
P. 647

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
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