Page 381 - FY 2023-24 ADOPTED BUDGET

DISBURSEMENT Payment for goods and services in cash or by check.

DIVISION An administrative organizational unit of a City department
which indicates management responsibility within a
department.

ENCUMBRANCE The commitment of appropriated funds to purchase an item
or service. To encumber funds means to set aside or commit
funds for a future expenditure.

ESTIMATED REVENUE The amount of projected revenues to be collected during the
fiscal year. The projected financing sources are estimated to
finance the proposed projected expenditures.
EXPENDITURE A decrease in the net financial resources of the City due to
the acquisition of goods or services.

FISCAL YEAR A twelve-month period to which the annual operating budget
applies. The City has established October 1 through
September 30 as its fiscal year.

FIXED ASSETS Assets of a long-term character which are intended to
continue to be held or used. Examples of fixed assets include
items such as land, buildings, machinery, furniture, and other
equipment.

FULL FAITH AND A pledge of the general taxing power of a government to
CREDIT repay debt obligations (the term is typically used in reference
to bonds).

FUNCTION A group of related activities aimed at accomplishing a major
service.

FUND An accounting entity with a self-balancing set of accounts
that record financial transactions for specific activities or
governmental functions. The major funds used by the City
include: General Fund, Debt Service Fund, Capital Projects
Fund, Tax Increment Financing (TIF) Fund, Stormwater Utility
Fund, Core Value Fund, Police Narcotics Fund, Hotel/Motel
Occupancy Tax Fund, and Technology Fund.

FUND BALANCE The excess of assets over liabilities. Fund Balance is also
known as surplus funds or reserves.

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