Page 329 - Watauga FY22-23 Budget

GLOSSARY OF TERMS

General Fund: 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, park and recreation, library, public works and general administration.

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

Government Finance Officers Association (GFOA): Association whose mission s to enhance
and promote the professional management of governments for the public benefit by identifying and
developing financial policies and best practices and promoting heir use through education, training,
facilitation of member networking, and leadership.

Governmental Accounting Standards Board (GASB): The ultimate authoritative accounting and
financial reporting standard – setting body for state and local governments.

Governmental Fund: A fund used to account for mainly tax-supported activities.

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.

Grant-Funded Program: Any program requiring any amount of State and/or Federal funds.

Impact Fees: Fees charged to developers to cover, in whole or in part, the anticipated cost of
improvements that will be necessary as a result of the development.

Infrastructure: The underlying permanent foundation or basic framework.

Interest and Sinking Fund (I & S): See Debt Service Fund.

Interest Earnings: The earnings from available funds invested during the year in approved
investment vehicles such as U.S. Treasury Bonds, Governmental Agencies, and Certificates of
Deposits.

Inter-fund Transfer: Amounts transferred from one fund to another.

Intergovernmental Revenues: Funds received from federal, state, and other local governmental
sources in the form of grants, shared revenues, and payments in lieu of taxes (PILOT).

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

Investments: Securities, bonds and real property (land or buildings) 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 the normal course of governmental operations.

IVR: Acronym for Interactive Voice Response which allows customers to interact with a company’s
call center system via a telephone keypad or by speech recognition, after which they can service
their own inquiries by following the IVR dialogue.

Joint Use Facility: An agreement between both the City of Watauga and the City of North
Richland Hills that establishes the method by which the responsibility to operate and the obligation
to provide services related to a particular water facility will be shared until the sole ownership is
transferred to the City of Watauga pursuant to the Settlement and Purchase agreement.
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