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Full-Time Equivalent The amount of time a position has been budgeted on an annual
Positions (FTE) basis. A Full-Time Employee (FTE) normally works 2,080
hours on an annual basis while a part-time FTE would work
1,040 hours annually.

Fund An accounting entity that has a set of self-balancing accounts
and that records all financial transactions for specific activities
or government functions. Eight commonly used funds in public
accounting are: general fund, special revenue funds, debt service
funds, capital project funds, enterprise funds, trust and agency
funds, internal service funds, and special assessment funds.

Fund Balance Fund balance is the excess of assets over liabilities and is
therefore also known as surplus funds (or retained earnings in
private enterprises).

Full Faith and Credit A pledge of the general taxing power of a government to a
government to repay debt obligations (typically used in
reference to bonds).

Function A group of related programs crossing organizational
(departmental) boundaries and aimed at accomplishing a broad
goal or accomplishing a major service.

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.

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