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City of Mansfield Annual Budget and Service Program Fiscal Year 2025-2026 Table of Contents

Fiduciary Funds:
organizations, other governmental units, and other funds. These include pension (and other employee benefit) trust funds,
investment trust funds, private- purpose trust funds, and agency funds.

Financial Statements:
sheet, income statement, and cash flow statement.

The 12-month period for which an organization plans the use of its funds, typically not the same as the
Fiscal Year:
calendar year.
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 float is clearing time on checks and deposits. Delays in receiving deposit and withdrawal
information also influence float.
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
identified activities or attaining certain objectives in accordance with specific regulations, restrictions, or limitations.

Fund Accounting: Organizing financial records into multiple, segregated locations for money. A fund is a distinct entity
within the municipal government in which financial resources and activity (assets, liabilities, fund balances, revenues, and
expenditures) are accounted for independently in accordance with specific 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.

GAAP:
companies use to compile their financial statements.

GASB 34: A major pronouncement of the Governmental Accounting Standards Board that establishes new criteria on the
form and content of governmental financial statements. GASB 34 requires a report on overall financial 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
financial performance, trends and prospects for the future.

GASB 45:
account for and report other postemployment benefits 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:
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.

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