FY25 Proposed Budget

Generally Accepted Accounting Principles (GAAP): The accounting standards as determined by the independent agency, the Governmental Accounting Standards Board, for the presentation of the City’s Annual Report. Governmental Accounting Standards Board (GASB): The independent board that determines Generally Accepting Accounting Principles. These are the principles used by the City to prepare its annual audited financial statements. Governmental Funds: Funds generally financed through taxes, intergovernmental revenues, and other non-exchange revenues. These funds include the General fund, special revenue funds, the Debt Service fund, capital project funds, and permanent funds. Grants: Contributions or gifts of cash or other assets from another governmental entity to be used or expended for a specified purpose, activity or facility. Intergovernmental Revenue: A contribution of assets (usually cash) by one governmental unit or other organization to another. Typically, these contributions are made to local governments from the State and Federal governments. Grants are usually made for specified purposes. Internal Service Fund: Funds used to account for the financing of goods or services provided by one department or agency to other departments or agencies of the City, on a cost reimbursement basis. Iowa Public Emplo yees’ Retirement System (IPERS): Established by the Iowa Legislature in 1953 to provide a secure defined benefit retirement plan for Iowa’s public employees. IPERS covers all municipal employees, with the exception of sworn police officers and fire fighters. Levy Rate: The property tax rate stated in terms of dollars and cents for every thousand dollars of assessed property value. Market Value: The estimated value of real and personal property based upon the current price at which both buyers and sellers are willing to do business. Major Fund: During the preparation of the Ci ty’s Annual Report, funds are evaluated based upon the level of their revenues, expenditures, assets, and liabilities to determine whether or not they are a major fund. Governmental accounting standards sets forth the minimum provisions for determining which funds to treat as a major fund. If a fund is determined to be a major fund, its financial information is presented individually in the City’s CAFR and cannot be presented as an aggregate with other funds. For budgetary presenta tion, all of the City’s funds are presented individually. Municipal Fire & Police Retirement System of Iowa (MFPRSI): The defined benefit public retirement system for public safety staff. The System was created by act of the 1990 Iowa Interfund Loan: Loans between funds.

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