Page 319 - Project Detail Sheet_AdoptedBook

ADOPTED | BUDGET

GOVERNMENT FINANCE OFFICERS ASSOCIATION (GFOA): Association of public financial
professionals founded in 1906 as the Municipal Finance Officers Association. The GFOA has
played a major role in the development and promotion of GAAP for state and local government
since its inception and has sponsored the Certificate of Achievement in Financial Reporting
Program since 1946. It also publishes “Governmental Accounting, Auditing, and Financial
Reporting” commonly known as the “blue book.”

GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB): Ultimate authoritative accounting and
financial reporting standard-setting body for state and local governments. The GASB was
established in June 1984 to replace the NCGA.

GOVERNMENTAL FUNDS: Funds generally used to account for tax-supported activities. There are
five different types of governmental funds: the general fund, special revenue funds, debt service
funds, capital projects funds, and permanent funds.

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

HALF CENT SALES TAX: A half percent sales tax can be imposed by qualifying cities to fund specific
development activities under the Development Corporation Act of 1979 with voter approval.

HOMESTEAD EXEMPTION: A deduction from the total taxable assessed value of owner occupied
property. The exemption in North Richland Hills is 15% with an additional $35,000 for disabled
and senior citizens.

INCOME: A term used in proprietary fund type accounting to represent revenues, or the excess of
revenues over expenses.

INFRASTRUCTURE: The underlying permanent foundation or basic framework.

INTEREST EARNINGS: The earnings from available funds invested during the year in U.S. Treasury
Bonds, Government agencies, and Certificates of Deposits.

INTERFUND TRANSFER: Amounts transferred from one fund to another.

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.
INVESTMENTS: Securities and real estate held for the production of revenues in the form of
interest, dividends, rentals, or lease payments. The term does not include fixed assets used in
governmental operations.

LEVY: To impose taxes, special assessments, or service charges for the support of City services.

306 NRH | TEXAS