Page 266 - Grapevine FY22 Adopted Budget v2

GASB – Governmental Accounting Standards Board

GCISD - Grapevine/Colleyville Independent School District.

GFOA - Government Finance Officers Association of the United States and Canada.

General Obligation Bonds (G.O.) - Bonds sold and guaranteed by the City, in which the full
faith and credit of the City is pledged for repayment.

Generally Accepted Accounting Principles (GAAP) - Uniform minimum standards and
guidelines for financial accounting and reporting. They govern the form and content of the
financial statements of an entity. GAAP encompass the conventions, rules and procedures
necessary to define accepted accounting practice at a particular time. They include not only
broad guidelines of general application, but also detailed practices and procedures. GAAP
provide a standard by which to measure financial presentations.

GIS – Geographic Information System

Goals - Generalized statements of where an organization desires to be at some future time with
regard to certain operating elements (e.g. financial condition, service levels provided, etc.)

Grant - A contribution by a government or other organization to support a particular function.
Typically, these contributions are made to local governments from state or federal governments.

Home Rule – A limited grant of discretion from a state government to a local municipality,
concerning the organization of functions and the raising of revenue. Without home rule, local
municipalities are restricted to functions specified by the state government.

Internal Service Fund - Fund used to account for the financing of goods or services provided by
one department to another department on a cost reimbursement basis.

I/I – Infiltration and Inflow

Infrastructure – Basic public investments such as streets, storm drainage, water and sewer lines,
streetlights and sidewalks.

Interfund transfer – The transfer of money from one fund to another.

Investment – Securities and real estate purchased and held for the production of income in the
form of interest, dividends, rentals and base payments.

L.F. - (Linear feet) Length in feet.

Lift Station – The City's collection system relies on gravity to collect wastewater. When the
system gets to an unreasonable depth, a lift station pumps the wastewater to a higher elevation so
the gravity process can begin again.

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