FY27 Proposed Budget

Full-time Equivalent (FTE) Positions: A part-time position converted to the decimal equivalent position based on total hours per year. Full-time positions charged to more than one program are shown as an appropriate fraction in each program. Fund: An independent fiscal and accounting entity with a self-balancing set of accounts recording cash, which are segregated for the purpose of carrying on specific activities or attaining certain objectives. Fund Balance: Net position of a fund (difference between assets, liabilities, deferred outflows of resources, and deferred inflows of resources). General Fund: The fund supported by taxes, fees, and other revenues that may be used for any lawful purpose. General Obligation Bonds (G.O. Bonds): When the city pledges its full faith and credit to the repayment of the bonds it issues, then those bonds are general obligation bonds. 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 City’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 Interfund Loan: Loans between funds.

673