Page 554 - FortWorthFY22AdoptedBudget

Glossary and Acronyms

General Debt Service Funds: Funds used to account for the accumulation of resources for, and the payment of,
general long-term debt principal and interest.

General Fund: The largest fund within the city that accounts for all financial resources of the government except
for those required to be accounted for in another fund. 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, finance, public health, parks and community services,
libraries, public works, and general administration.

General Ledger: A file that contains a listing of the various accounts necessary to reflect the financial position and
results of governmental operations.

General Obligation Bonds: Bonds that finance a variety of public projects such as streets, buildings, and
improvements. The repayment of these bonds is usually made from the debt service portion of the city’s property
tax, and these bonds are backed by the full faith and credit of the issuing government. General obligation bonds
are issued with the belief that a municipality will be able to repay its debt obligation through taxation or revenue
from projects.

Goal: The result or achievement towards which an effort is directed and intended to accomplish.

Governmental Funds: Governmental Funds are used to account for activities traditionally associated with the
government and that is primarily funded from tax revenues. Examples of such activities include public safety
services, acquisition or construction of infrastructure and other capital assets, and the servicing of general long-
term debt.

Grant: A contribution by a government or other organization to support a particular function. Grants may be
classified as either categorical or block depending upon the amount of discretion allowed to the grantee.

Initiative: A department action or project with a timeline and measurable outcomes that pursues a department
objective. Initiatives are measured by milestones which are generally qualitative.

Interest and Sinking Fund Tax: Assets and their earnings earmarked for the retirement of bonds or other long-
term liabilities. A fund arising from particular taxes, imposts, or duties, which is appropriated toward the payment
of interest and principal on a public loan.

Intergovernmental Revenue: Revenue received from another governmental entity for a specified purpose.
Examples of these are funds from Tarrant County, the State of Texas, and recovery or reimbursement of indirect
costs from federal and state agencies.

Internal Service Fund: A fund used to account for the financing of goods or services provided by one department
to another department on a cost-reimbursement basis. Examples of some of these funds are as follows: the Fleet
& Equipment Services Fund and the Risk Financing Fund.

Inventory: A detailed listing of property currently held by the government showing quantities, descriptions, and
values of the property, units of measure, and unit prices.

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

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