Page 580 - Bedford-FY25-26 Budget

Grant: A contribution by a government or other organization to support a particular function.

Indirect Cost:
indirect cost of providing water service would be the value of time spent by non-water department employees processing
water bills. A determination of these costs is necessary to analyze the total cost of service delivery. The matter of indirect costs
arises most often in the context of enterprise funds.

Infrastructure:
streets.
Inputs: A type of performance measure reporting the resources used by a department or division to produce outputs and
outcomes. Examples include: number of full time equivalents, equipment, facilities and supplies.

Interest: Compensation paid or to be paid for the use of money, including amounts payable at periodic intervals or discounted
at the time a loan is made. In the case of municipal bonds, interest payments accrue on a day-to-day basis, but are paid every
six months.

Interest and Sinking (I. & S.):
Obligation debt payments.

Rate: The interest payable, expressed as a percentage of the principal available for use during a speci ed period of
Interest
time. It is always expressed in annual terms.
Funds: An internal service fund is a separate accounting and nancial reporting mechanism for municipal
Internal Service
services provided by one department to other departments on a cost-reimbursement basis.

Investments:
payments. The term does not include capital assets used in governmental operations.
Liabilities: Debt or other legal obligations arising out of transactions in the past which must be liquidated, renewed, or
refunded at some future date. This term does not include encumbrances.
Budget: A budget that separates spending into categories, or greater detail, such as supplies, equipment,
Line Item
maintenance, or salaries, as opposed to a program budget.

Debt: Unmatured debt of a government expected to be repaid from government funds. An average repayment
Long-Term
schedule is 20 years.

Maintenance:
systems, and land.
Major Fund: A fund whose revenues, expenditures/expenses, assets, or liabilities are at least 10% of the corresponding totals for
all governmental or enterprise funds and at least 5% of the aggregate amount for all government and enterprise funds.

Maturity Date:
A basis of accounting in which revenues are recognized in the accounting period when they
Modi{ed Accrual Accounting:
become available and measurable. Expenditures are recognized in the accounting period in which the fund liability is incurred.

Municipal(s):
municipal bonds) include not only the bonds of all political subdivisions, such as cities, towns, school districts, special districts,
counties but also bonds of the state and agencies of the state.

Net Assets
unrestricted.
Position : The difference between assets and deferred out ows, and liabilities and deferred in ows. The Net Position is
Net
reported in nancial statements as restricted if there are limitations imposed on its use. The Water and Sewer fund balance is
presented using the unrestricted net position calculation.

Note:

City of Bedford, TX | Proposed Budget FY 2025-2026 Page 580