Page 308 - Southlake FY24 Budget

Budget Glossary
Franchise: A special privilege granted by a
government permitting the continuing use
of public property, such as city streets, and
usually involving the elements of monopoly and
regulation.
FTE: Acronym which stands for Full-time
Appendix
Equivalent. A numerical expression which
indicates the amount of time a position has been
budgeted for. A position budgeted at 40 hours
per week for 12 months equals 1.0 FTE. Other
frequently budgeted levels are 20 hours per
week (.5 FTE) to show a position that has been
split between two funds because the employee’s
responsibilities directly affect two funds.
Fund: An accounting entity with its own self-
balancing set of accounts recording cash and/or
other sources of revenues against expenditures
for specific activities.
Fund Balance: The excess of an entity’s assets
over its liabilities in a particular fund. A negative
fund balance is sometimes called a deficit.
G imposed on hotel guests who pay for a room
GAAP: Stands for Generally Accepted
Accounting Principles, which are accounting
and reporting standards used for both private
industry and government.
GASB: Government Accounting Standards
Board regulates the rules and standards for all
governmental units.
General Fund: The City’s principal operating
fund, which is supported by taxes, fees, and
other revenues that may be used for any lawful
purpose. The fund of the City that accounts
for all activity not specifically accounted for
in other funds. Includes such operations as
police, fire, engineering, planning, finance and
administration.
308 FY 2024 City of Southlake | Budget Book
General Obligation Bonds: Bonds for which the
full faith and credit of the issuing government are
pledged for payment.
General Obligation Debt Service Fund: The
General Obligation Debt Service Fund is used
to account for the accumulation of financial
resources for the payment of principle, interest
and related costs on general long-term debt
paid primarily from taxes levied by the City. The
fund balance of the General Obligation Debt
Service Fund is reserved to signify the amounts
that are restricted exclusively for debt service
expenditures.
H
Homestead Exemption: A partial exemption
of property taxes for owners of a residence.
Qualifications include owning the house on
January 1 and living in the house on January 1 of
the tax year in question.
Hotel Occupancy Tax Fund: The fund used to
account for the received revenue from taxes
or space in a hotel. The Hotel Occupancy Tax is
authorized under the Texas Tax Code, Chapter
351. The City of Southlake adopted Ordinance
No. 769 in February 2000, levying a 7% (.07) tax
on the cost of a room.
I
Indicator: A quantitative measure or index
which may represent the degree of presence or
magnitude of change in a condition.
Interfund Transfer: Money transferred from one
fund to another.