ACCRUAL BASIS: Accounting method recognizing revenues and expenses when they occur, not when cash is exchanged.AD VALOREM: A tax based on the assessed value of real estate or personal property.AMORTIZATION: Gradual reduction of a debt over time through regular payments.APPROPRIATION: Legal authorization to spend a specific amount of money for a particular purpose.ASSESSED VALUATION: Value placed on property for the purpose of taxation.BALANCED BUDGET: A budget where revenues are equal to or greater than expenditures.BOND: A debt instrument where an entity borrows money and agrees to repay it with interest.BOND RATING: An evaluation of credit risk assigned by a rating agency.BUDGET: An estimate of income and expenditure for a set period of time.BUDGET AMENDMENT: A change to the originally adopted budget to account for new information or priorities.CAFR: A detailed presentation of a government's financial condition.CAPITAL IMPROVEMENT PROGRAM: A plan for major physical upgrades or construction projects.CAPITAL LEASE: A lease that is treated like a loan for accounting purposes.CONTINGENCY: A reserve fund for unexpected expenses.DEBT SERVICE: Payments on the principal and interest of borrowed funds.ENCUMBRANCE: Funds that are set aside for future expenses.ENTERPRISE FUND: A fund for services provided on a user-fee basis, like utilities.FISCAL YEAR: A 12-month period for budgeting and financial reporting, typically Oct 1 to Sept 30.FIXED ASSETS: Tangible long-term assets like buildings or equipment.FUND BALANCE: The difference between a government's assets and liabilities in a fund.GAAP: Standard accounting rules and guidelines.GASB: Organization that sets accounting standards for governments.GENERAL FUND: The primary fund used for general government operations.GENERAL OBLIGATION BONDS: Bonds backed by the full faith and credit of the issuing government.HOMESTEAD EXEMPTION: Property tax exemption for a primary residence.INTERFUND TRANSFERS: Money moved between different government funds.MODIFIED ACCRUAL BASIS: Accounting method combining cash and accrual accounting, used by governments.MILLAGE RATE: Tax rate used to calculate local property taxes.OPERATING BUDGET: The annual plan for government spending on current services.OPEB: Benefits provided to retirees other than pensions.PERFORMANCE MEASURE: Indicators used to assess efficiency or effectiveness of services.PROPRIETARY FUND: A government fund that operates like a business, funded by user fees.RESERVE FOR CONTINGENCIES: Set-aside funds for emergency or unplanned needs.RETAINED EARNINGS: Accumulated profits in enterprise or internal service funds.REVENUE BONDS: Bonds repaid from specific revenue sources, not general taxes.ROLLED BACK RATE: Tax rate that generates the same revenue as the previous year.TRIM: Florida law that requires transparency in property tax increases.UNENCUMBERED: Funds not yet committed to spend.UNRESERVED FUND BALANCE: Available funds not restricted or designated for specific use.APPRAISE: Estimate the value of property for taxation or other purposes.DEPRECIATION: Reduction in the value of an asset over time due to wear and use.FUNCTIONAL CLASSIFICATION: Categorization of spending by purpose, such as public safety or transportation.INTERNAL SERVICE FUND: Fund for services provided internally within the government on a cost-recovery basis.PROGRAM BUDGET: A budget structured around specific programs or services.REVENUES: Income received by a government, typically from taxes or fees.TAXABLE VALUE: The value of a property after exemptions, used to calculate property tax.TRUST FUND: Funds held by the government in a trustee capacity.UNDESIGNATED FUND BALANCE: Funds available for future allocation, not earmarked for a purpose.UNRESTRICTED NET POSITION: Net financial resources available for general use.
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