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institutions. Persons who may qualify for exemptions include disabled veterans, blind individuals, sur viving spouses, and
seniors.

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

Fiduciary 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.

Financial Statements: Repor ts summarizing an organization's {nancial activities and position, including the balance
sheet , income statement , and cash |ow statement .

Fiscal Year: The 12-month period for which an organization plans the use of its funds, typically not the same as the
calendar year.

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 cer tain 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.

GA AP: Generally Accepted Accounting Principles — Standard accounting principles, standards, and procedures that
companies use to compile their {nancial statements.

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 repor t 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, roads, sewers, etc . It also requires the presentation of a narrative statement of 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
accounts for and repor ts other post- employment 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 ser vice.

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 body of a municipality or school
district .

Grant: A sum of money given by a government or other organization for a par ticular purpose.

Impac t Fees: Impact fees are charges imposed on developers for new construction projects to help cover the costs of
providing public infrastructure, such as water, wastewater, roads, and drainage, necessitated by the new development .

FY 2025-2026 Annual Budget | Colleyville Page 191