Page 342 - City of Colleyville FY22 Adopted Budget

FISCAL YEAR (FY): The time period designated by the City signifying the
beginning and ending period for recording financial transactions. The City of
Colleyville has specified October 1 to September 30 as its fiscal year.

FRANCHISE FEE: A fee paid by public service businesses for use of City
streets, alleys and property in providing their services to the citizens of a
community. Services requiring franchises include electricity, telephone,
natural gas and cable television.

FUND: An accounting entity with a separate set of self-balancing accounts
which comprise its assets, liabilities, fund balance, revenues and
expenditures.

FUND BALANCE: The assets of a governmental fund less liabilities, as
determined at the end of each fiscal year. Any reservations of fund balance
are deducted to result in an "unreserved fund balance".

GENERALLY ACCEPTED ACCOUNTING PRINCIPALS (GAAP): Detailed
accounting standards and practices as prescribed by the Governmental
Accounting Standards Board.

GENERAL FUND: The largest fund within the City, the General Fund
accounts for most of the financial resources of the government. General
Fund revenues include property taxes, licenses and permits, local taxes,
service charges, and other types of revenue. This fund usually includes
most of the basic operating services, such as fire and police protection, park
and recreation, public works, and general administration.

GENERAL OBLIGATION (G.O.) BONDS: Bonds that finance public projects
such as streets, municipal facilities, and park improvements. The repayment
of these bonds is made from property taxes, and the full faith and credit of
the issuing government back these bonds.

GOALS: Broad general statements of each department’s desired outcomes.

GOVERNMENTAL FUNDS: The funds through which most governmental
functions are typically funded.

INTEREST INCOME: The earnings from available funds invested during the
year in U.S. Treasury bills and notes, Government agencies, and local
government investment pools.

INTERGOVERNMENTAL REVENUES: revenues from other governments in
the form of grants or shared revenues.

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