Page 112 - TownofPantegoFY25Budget

"surplus" or net assets unrestricted generated by the operation of the enterprise rather than closing it out to the general fund
at year-end. Services that may be treated as enterprises include, but are not limited to, water, sewer, hospital, and airport
services.

Equalized Valuations (EQVs): The determination of the full and fair cash value of all property in the community that is subject
to local taxation.

Estimated Receipts: A term that typically refers to anticipated local revenues often based on the previous year's receipts and
represent funding sources necessary to support a community's annual budget. (See Local Receipts)

Exemptions: A discharge, established by statute, from the obligation to pay all or a portion of a property tax. The exemption is
available to particular categories of property or persons upon the timely submission and approval of an application to the
assessors. Properties exempt from taxation include hospitals, schools, houses of worship, and cultural institutions. Persons who
may qualify for exemptions include disabled veterans, blind individuals, surviving spouses, and seniors.

Expenditure: An outlay of money made by municipalities to provide the programs and services within their approved budget.

Fiduciar y Funds: Repository of money held by a municipality in a trustee capacity or as an agent for individuals, private
organizations, other governmental units, and other funds. These include pension (and other employee bene t) trust funds,
investment trust funds, private- purpose trust funds, and agency funds.

Fixed Assets: Long-lived, assets such as buildings, equipment and land obtained or controlled as a result of past transactions
or circumstances.

Fixed Costs: Costs that are legally or contractually mandated such as retirement, FICA/Social Security, insurance, debt service
costs or interest on loans.

Float: The difference between the bank balance for a local government’s account and its book balance at the end of the day.
The primary factor creating oat is clearing time on checks and deposits. Delays in receiving deposit and withdrawal
information also in uence oat.

Full Faith and Credit: A pledge of the general taxing powers for the payment of governmental obligations. Bonds carrying
such pledges are usually referred to as general obligation or full faith and credit bonds.

Fund: An accounting entity with a self-balancing set of accounts that are segregated for the purpose of carrying on identi ed
activities or attaining certain objectives in accordance with speci c regulations, restrictions, or limitations.

Fund Accounting: Organizing nancial records into multiple, segregated locations for money. A fund is a distinct entity within
the municipal government in which nancial resources and activity (assets, liabilities, fund balances, revenues, and
expenditures) are accounted for independently in accordance with speci c regulations, restrictions or limitations. Examples of
funds include the general fund and enterprise funds. Communities whose accounting records are organized according to the
Uniform Municipal Accounting System (UMAS) use multiple funds.

GASB 34: A major pronouncement of the Governmental Accounting Standards Board that establishes new criteria on the form
and content of governmental nancial statements. GASB 34 requires a report on overall nancial health, not just on individual
funds. It requires more complete information on the cost of delivering value estimates on public infrastructure assets, such as
bridges, road, sewers, etc. It also requires the presentation of a narrative statement the government's nancial performance,
trends and prospects for the future.

GASB 45: This is another Governmental Accounting Standards Board major pronouncement that each public entity account
for and report other postemployment bene ts in its accounting statements. Through actuarial analysis, municipalities must
identify the true costs of the OPEB earned by employees over their estimated years of actual service.

General Fund: The fund used to account for most nancial resources and activities governed by the normal appropriation
process.

General Obligation Bonds: Bonds issued by a municipality for purposes allowed by statute that are backed by the full faith and
credit of its taxing authority.

Governing Body: A board, committee, commission, or other executive or policymaking bodyof a municipality or school district.

Town of Pantego | Town of Pantego FY 2024-2025 Page 111