Page 143 - CityofBurlesonFY26Budget

Full-Time Equivalent (FTE)
A measure of authorized personnel calculated by equating 2,080 hours of work per year with the
full-time equivalent of 1 position.

Fund
An independent fiscal and accounting entity with a self-balancing set of accounts recording cash
and/or other resources together with all related liabilities, obligations, reserves, and equities which
are segregated for the purpose of carrying on specific activities or attaining certain objectives.

Fund Balance
Fund balance is the excess of assets over liabilities and is therefore also known as surplus funds.

General Debt Service Fund
The General Debt Service Fund is used to pay principal and interest on General Obligation Bonds.

General Fund
This fund typically includes most of the basic operation services, such as police and fire protection,
public works, parks and recreation, library and general administration. General Fund revenues
include tax revenues, licenses and permits, intergovernmental revenue, service fees, fines and
forfeitures, and interest.

General Obligation Bonds
Bonds that finance public projects such as streets, municipal facilities, and park improvements.
The repayment of these bonds is made from property taxes, and these bonds are backed by the full
faith and credit of the issuing government.

Generally Accepted Accounting Principles (GAAP)
Uniform minimum standards and guidelines to financial accounting and reporting. GAAP governs
the form and content of the basic financial statements of an entity. They encompass the
conventions, rules and procedures necessary to define accepted accounting practices 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.

Goals
Goals describe the purpose or benefit the division/department plans to provide to the community
and/or organization it serves. Goals identify the end result the division or department desires to
achieve with its activities, but goals are often ongoing and may not be achieved in one year.

Governmental Funds
Governmental Funds are those through which most governmental functions are financed.
The generally follow the modified accrual basis of accounting, therefore the primary focus is on
financial position and changes in net assets vs. net income determination.

Hotel/Motel Fund

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