Page 131 - Pantego FY22 Operating Budget

General Fund – The fund used to account for all financial resources except those required to be
accounted for in another fund. This fund includes most of the basic operating services such as fire and
police protection, parks and recreation, public works, municipal court and general administration.

General Obligation Bonds – Bonds for the payment of which the full faith and credit of the Town are
pledged. The repayment of these bonds is usually made from the Debt Service Fund.

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

Goals – Targets or plans that are reflective of major departmental activities.

Governmental Funds – Those funds through which most governmental functions typically are
financed. The acquisition, use and financial resources and the related current liabilities are accounted
for through governmental funds (General, Debt Service, Special, Capital).

Grants – Contributions of assets from another government or entity to be used or expensed for a
specific purpose, activity or facility/project.

Income – A term used in proprietary fund type accounting to represent (1) revenues or (2) the excess
of revenues over expenses.

Interfund Transfers – Amounts transferred from one fund to another.

Intergovernmental Revenue – Revenue received from another governmental entity for a specified
purpose, such as the recovery of indirect cost from federal and/or state agencies.

Levy – To levy is to impose taxes, special assessments, or service charges for the support of Town
services.

Line-Item Budget – A budget that lists each expenditure category (personnel, supplies and
maintenance, etc.) separately, along with the dollar amount budgeted for each specified category.

Long-Term Debt – Debt with a maturity of more than one year after the date of issuance.

Mixed Beverage Tax – A tax imposed on the gross receipts of a Licensee for the sale, preparation or
service of mixed beverages or from the sale of ice or non-alcoholic beverages and consumed on the
premised of the permittee.

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