Page 341 - CityofSaginawFY25Budget

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP): Uniform minimum standards of and
guidelines to financial accounting and reporting. They govern the form and content of the basic financial
statements of an entity. They encompass the conventions, rules, and procedures necessary to define
accepted accounting practice at a particular time. They include not only broad guidelines of general
application, but also detailed practices and procedures. They provide a standard by which to
measure financial presentations.

GOAL: The departments objective or effort to aim or achieve a desired result.

GOVERNMENT FINANCE OFFICERS ASSOCIATION (GFOA): A professional association
of approximately 17,500 state, provincial and local government finance officers in the United States
and Canada.

GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB): The source of generally
accepted accounting principles (GAAP) used by State and Local governments in the United States of
America. It is a private, non-governmental organization.

GOVERNMENTAL FUNDS: Those funds through which most governmental functions typically
are financed (General Fund, Debt Service Fund, Capital Projects Fund and Special Revenue Funds).

GRADALL: Industrial maintenance machine (tractor/material handler) with a boom arm and 360
degree rotational movement designed for use over rough terrain.

GRANTS: Contributions or gifts of cash or other assets from another government or private company
to be used or expended for a specific purpose, activity, or facility.

GROUND STORAGE: Tanks at ground level that store water so that it can be pumped into the
system as demand warrants.

HAZ-MAT: Hazardous Materials.

IMPACT FEES: The mechanism used to recover costs of capital improvements necessary to
serve future development. Impact fees cannot be assessed to correct a system deficiency.

INTERFUND TRANSFERS: Amounts transferred from one fund to another fund.

INTOXILYZER: The Intoxilyzer is a breath test machine used by the Police Department to test
possibly intoxicated persons who have been arrested for driving while intoxicated.

LEVY: To impose taxes, special assessments, or service charges for the support of City activities.

LINE-ITEM BUDGET: A budget that lists each expenditure/expense category (salary, supplies,
travel, repairs, etc.) separately, along with the dollar amount budgeted for each specified category.

LONG-TERM DEBT: Debt with a maturity of more than one year after the date of issuance.

MAINTENANCE: The upkeep of physical properties in condition for use or occupancy. Examples
are the inspection of equipment to detect defects and the making of repairs.

MAINTENANCE AND OPERATIONS (M&O): The funds that are used for the maintenance
and operation of a budget.

MAXIMUM DAY DEMAND: The water consumption, in volume of water, used on the
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highest consumption day in a year.