Page 137 - CityofKennedaleFY23Budget

Taxes remaining unpaid after the date on which a penalty for non-payment is attached (e.g., tax statements mailed
in October become delinquent if not paid by January 31)

DEPARTMENT
Functional and administrative entity created to carry out specified public services

ENCUMBRANCE
Commitment or setting aside of appropriated funds for a specific future expenditure

ESTIMATED REVENUE
Amount of projected revenues to be collected during the fiscal year

EXPENDITURES
Decrease in net financial resources for the purpose of acquiring an asset, service, or settling a loss

EXPENSES
Decrease in net total assets; charges incurred, whether paid or unpaid, for operation, maintenance, interest, and
other charges, which are presumed to benefit the current fiscal period

FISCAL YEAR (FY)
Twelve- (12) month financial period to which the annual operating budget applies; The City of Kennedale’s FY
begins on October 1 and ends on September 30 of the following calendar year

FIXED ASSET
Long-term assets, which are intended to be held or used for a significant period of time (e.g., land, buildings,
machinery, or equipment)

FRANCHISE FEE
Fee paid by public service utilities and providers for the use of public property (right-of-way) in the course of
providing services to the citizens of the community

FUNCTION
Classification of expenditures according to the principal purposes for which they are made

FUND
Accounting entity with a self-balancing set of accounts that record financial transactions for specific activities or
governmental functions

FUND BALANCE
Term used to express the equity (assets minus liabilities) of governmental funds and trust funds

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)
Uniform minimum standards and/or guidelines for financial accounting and reporting that provide a standard by
which to measure financial presentations and govern the form and content of the basic financial statements of an
entity

GENERAL OBLIGATION (GO) BONDS
Bonds that finance a variety of public projects and pledge the full faith and credit of the City

INFRASTRUCTURE
Structures and equipment (e.g., highways, bridges, buildings, and public utilities like water/sewer systems)

INTERGOVERNMENTAL REVENUE
Revenue collected by one government and distributed to another government

INTER-FUND TRANSFERS
Legally authorized transfers from a fund receiving revenue to the fund through which the resources are to be
expended (e.g., transfers from the General Fund to a Capital Projects Fund)

MAINTENANCE
All materials or contract expenditures covering repair and upkeep of City buildings, machinery, equipment,
systems, and land

MODIFIED ACCRUAL ACCOUNTING

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