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ADOPTED | BUDGET

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

FIXED ASSETS: Assets of a long term character which are intended to continue to be held or used,
such as land, buildings, machinery and equipment.

FRANCHISE FEE: The 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 ACCOUNTING: A governmental accounting system that is organized and operated on a fund
basis.

FUND BALANCE: The assets of a 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".

FUND TYPE: In governmental accounting, all funds are classified into eight fund types: General,
Special Revenue, Debt Services, Capital Projects, Special Assessment, Enterprise, Internal
Service, and Trust and Agency.

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,
libraries, public works, and general administration.

GENERAL OBLIGATION 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
these bonds are backed by the full faith and credit of the issuing government.

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP): Uniform minimum standard of and
guidelines to financial accounting and reporting. They govern the form and content of the basic
financial statements of an entity. They 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. They provide a
standard by which to measure financial presentations.

GO’s: – Acronym for General Obligation Bonds. See General Obligation Bonds.

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

305 NRH | TEXAS