Page 301 - CityofMansfieldFY23Budget

GASB 34 Basic financial statements and management’s discussion and
analysis for State and Local governments. GASB 34 requires
state and local governments to produce financial statements on
an accrual basis in much the same manner as a private sector
entity. The objective is to enhance the understanding and
usefulness of the financial reports of state and local governments
to the public, legislative and oversight bodies as well as
investors and creditors.

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, finance, data processing, park and
recreation, libraries, public works and general administration.

General Ledger A file that contains a listing of the various accounts necessary to
reflect the financial position of the government.

General Obligation Bonds Bonds that finance a variety of public projects such as streets,
buildings, and improvements; the repayment of these bonds is
usually made from the General Fund, and these bonds are
backed by the full faith and credit of the issuing government.

Governmental Fund Funds used to account for essentially the same functions
reported as governmental activities in the government-wide
financial statements.

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.

Impact Fee A fee charged at the time of building permit issuance for
roadway and utility infrastructure costs in various quadrants of
the City.

Infrastructure The underlying permanent foundation or basic framework e.g.
streets, water, sewer, public buildings, and parks.

Inter-fund Transfers Amounts transferred from one fund to another.

Intergovernmental Revenue Revenue received from another government for a specified
purpose. In Mansfield, these funds are from the State of Texas
and the Federal Government.

Internal Service Fund Funds used to account for the financing of goods or services
provided by one department to another department on a cost
reimbursement basis.

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