Page 86 - CityofForestHillFY25AdoptedBudget

Fixed Assets: Assets of long-term character that are intended to continue to be held or used, such as land, buildings,
machinery, furniture, and other equipment.

Full Faith and Credit: A pledge of the general taxing power of 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 major service.

Fund: A fiscal and accounting entity with a self-balancing set of accounts that records all financial transactions for
specific activities of government functions. Seven major fund types and two account groups are commonly used:
general fund, special revenue funds, debt service funds, capital project funds, enterprise funds, trust and agency
funds, internal service funds, general fixed asset account group, and general long-term debt account group.

Fund Balance: The difference between a fund's assets and its liabilities. Portions of the fund balance may be reserved
for various purposes, such as non-spendable, restricted, committed, assigned, and unassigned.

General Fund: The largest fund within the City that accounts for all financial resources of the government except for
those required to be accounted for in another fund. 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, public health, parks and community services, public
works, and general administration.

General Ledger: A file that contains a listing of the various accounts necessary to reflect the financial position and
results of governmental operations.

General Obligation Bonds: Bonds that finance a variety of public projects such as streets, buildings, and
improvements. The repayment of these bonds is usually made from the debt service portion of the City’s property
tax, and these bonds are backed by the full faith and credit of the issuing government.

Goal: The result or achievement towards which an effort is directed and intended to accomplish.

Grant: A contribution by a government or other organization to support a particular function. Grants may be
classified as either categorical or block depending upon the amount of discretion allowed to the grantee.

Inter-fund Transfers: Amounts transferred from one fund to another.

Intergovernmental Revenue: Revenue received from another government entity for a specified purpose. In Forest
Hill, these are the funds from Tarrant County, the State of Texas, and through the recovery of indirect costs from
federal and state agencies.

Inventory: A detailed listing of property currently held by the government showing quantities, descriptions and
values of the property, units of measure, and unit prices.

Invoice: A bill requesting payment for goods or services by a vendor or other governmental unit.

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