Page 355 - HasletFY24AdoptedBudget

Generally Accepted Accounting Principles (G.A.A.P): Detailed accounting
standards and practices or as declared by the Governmental Accounting
Standards Board (GASB), Financial Accounting Standards board (FASB), or
various other accounting standard setting bodies.

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

Governmental Funds: Those funds through which most governmental functions
typically are financed (General Fund, Debt Service Fund, Capital Projects Fund
and Special Revenue 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,
including water system, sewer system and streets.

Interfund Transfers: Amounts transferred from one fund to another fund.

Interest and Sinking (I&S): The component of the ad valorem tax rate that funds
General Obligation and Certificates of Obligation debt payments.

Liabilities: Debt or other legal obligations arising out of transactions in the past
which must be liquidated, renewed, or refunded at some future date.

Line-Item Budget: A budget that lists each expenditure/expense category
(salary, supplies, travel, etc.) separately along the dollar amount budgeted for
each specified category.

Long-Term Debt: Loans and obligations with a maturity of longer than one year;
usually accompanied by interest payments.

Maintenance & Operations (M&O) Tax: Represents the portion of taxes
assessed for the maintenance and operations of General Fund Services.

Modified Accrual Accounting: A basis of accounting which revenues are
recognized in the accounting period when they become available and
measurable. Expenditures are recognized in the accounting period in which the
fund liability is incurred. This accounting technique is a combination of cash and
accrual accounting since expenditures are immediately incurred as a liability
while revenues are not recorded until they are actually received.

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