Page 354 - HasletFY24AdoptedBudget

Enterprise Fund: a governmental accounting fund in which the services provided
are financed and operated similarly to those of a private business. The rate
schedules for these services are established to insure that revenues are
adequate to meet all necessary expenditures.

Estimated Revenue: The amount of project revenues to be collected during the
fiscal year.

Expenditures: Decrease in net financial resources. Expenditures include current
operating expenses, which may require the present of future use of net current
assets, debt service and capital outlay.

Fiscal Year: (FY) The 12-month period covered by the budget. For the City of
Haslet, the fiscal year begins October 1 and end September 30.

Franchise Fee: Fees levied by the City in return for granting a privilege, which
permits the continual use of public property, such as city streets, in providing
their services to the citizens of the community.

Full-time Equivalent (FTE): A unit that indicates the workload of an employed
person in a way that makes workloads comparable. An FTE of 1.0 is equivalent
to a full-time worker, while an FTE of 0.5 signals half of a full work load.

Fund: An accounting device established ton control receipt and disbursement of
income from sources set aside to support specific activities or attain certain
objectives. Each fund is treated as a distinct fiscal entity with a self-balancing set
of accounts.

Fund Balance: The difference between a governmental fund’s assets and
liabilities, divided into five categories: 1) Nonspendable 2) Restricted 3)
Committed 4) Assigned 5) Unassigned. Portions of the fund balance may be
reserved for various purposes such as contingencies or encumbrances at the
end of the fiscal year.

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. The fund
usually includes most of the basic operating services, such as fire and police
protection, parks, library, public works and general administration.

General Obligation (G.O.) Debt: Money owed on interest and principal holders of
the City’s general obligation bonds. The debt is supported by revenue provided
from real property that I assessed through the taxation power of the local
governmental unit.

Haslet Adopted Budget FY 2023-2024 346