Page 377 - HurstFY23AnnualBudget

APPROVED BUDGET FISCAL YEAR 2022-2023

Full Time Equivalents – the hours worked by one employee on a full-time basis. The concept is used to
convert the hours worked by several part-time employees in to the hours worked by full-time employees.

Fund - An accounting entity with a self-balancing set of accounts that record financial transactions for
specific activities or government function.

Fund Accounting - A governmental accounting system, which is organized and operated on a fund
basis.

Fund Balance - The excess of assets over liabilities.

Fund Type - In governmental accounting, all funds are classified into eight fund types: General,
Special Revenue, Debt Service, Capital Projects, Permanent, Enterprise, Internal Service, and Trust and
Agency.

GAAP - Generally accepted accounting principles as determined through common practice or as
promulgated by the Governmental Accounting Standards Board, Financial Accounting Standards
Board, or various other accounting standard setting bodies.

GASB – (Governmental Accounting Standards Board) GASB was established in 1984 as the body
authorized to establish accounting standards for state and local government.

GASB 34 – The 34th Concepts Statement issued by GASB. This statement changes the way that local
governments prepare and present their annual financial statements. Under the new model, the financial
report is presented on an entity wide basis rather than fund by fund. Furthermore, the city’s infrastructure
(roadways, traffic signals, drainage channels) will be listed as assets of the city and reported at their
depreciable value.

General Fund - The fund used to account for all financial resources except those required to be
accounted for in another fund.

General Obligation Bonds - Bonds that finance a variety of public projects, which pledge the full faith,
and credit of the City.

GFOA – Government Finance Officers Association

Goals - Broad, general statements of each division's desired social or organizational outcomes.

Governmental Funds – Applies to all funds except for the profit and loss funds (e.g., Enterprise Fund
Internal Service Fund, and Trust and Agency Funds.)

Grant - A contribution by a government or other organization to support a particular function. Grants may
be classified as either categorical or block depending upon the amount of discretion allowed the grantee.

Homestead Exemption - A deduction from the total taxable assessed value of owner occupied
property. The exemption in Hurst is 20% with an additional $35,000 for senior citizens, or disabled
citizens.

Hurst Community Services Development Corporation - A nonprofit corporation authorized by Section
4B, Article 5190.6 of the Industrial Corporation Act of 1979 with power to issue long term debt payable
from half percent sales tax proceeds.

Hurst Profile - A document that is available from the Office of Economic Development that compiles
information and statistics, which provides a comprehensive profile of the City of Hurst.

374