Page 309 - City of Mansfield FY22 Operarting Budget

Expense Object Class A basis for distinguishing types of expenditures. The five major
expense object classes used by the City of Mansfield are: 8000
series-personnel services, 8100 series-supplies, 8200-8400
series-maintenance, 8500-8900 series-other operating, and 9000
series-capital outlay.

Expenses Charges incurred (whether paid immediately or unpaid) for
operation, maintenance, interest and other charges.

Fiscal Year The twelve month time period designated by the City signifying
the beginning and ending period for recording financial
transactions. The City of Mansfield has specified October 1 to
st
September 30 as its fiscal year.
th

Fixed Assets Assets of long-term character which are intended to continue to
be held or used, such as land, buildings, machinery, furniture
and other equipment.

Franchise A special privilege granted by a government permitting the
continued use of public property, such as city streets, and
usually involving the elements of monopoly and regulation.

Franchise Fee A fee paid by public service utilities for the use of public
property in providing their services.

Full-Time Equivalent The amount of time a position has been budgeted on an annual
Positions (FTE) basis. A Full-Time Employee (FTE) normally works 2,080
hours on an annual basis while a part-time FTE would work
1,040 hours annually.

Fund An accounting entity that has a set of self-balancing accounts
and that records all financial transactions for specific activities
or government functions. Eight commonly used funds in public
accounting are: general fund, special revenue funds, debt service
funds, capital project funds, enterprise funds, trust and agency
funds, internal service funds, and special assessment funds.

Fund Balance Fund balance is the excess of assets over liabilities and is
therefore also known as surplus funds (or retained earnings in
private enterprises).

Full Faith and Credit A pledge of the general taxing power of a government to a
government to repay debt obligations (typically used in
reference to bonds).

Function A group of related programs crossing organizational
(departmental) boundaries and aimed at accomplishing a broad
goal or accomplishing a major service.

308