Master Proposed Book FY2023

Enterprise Fund: Separate financial entity used for government operations that are financed mainly from user fees – see Business-Type Activities.

Equity Transfers: Non-recurring or non-routine transfers of equity between funds.

Expenditures: The cost of goods received and services rendered.

Fiduciary Funds: A category of funds used to report assets held in a trustee or agency capacity for others and which therefore cannot be used to support the government’s own programs. The fiduciary fund category includes pension (and other employee benefit) trust funds, investment trust funds, private- purpose trust funds, and agency funds. The City’s only fiduciary fund is an agency fund. Fiscal Year (FY): A 12-month time period to which the annual operating budget applies. In Iowa, the fiscal year begins July 1 and ends the following June 30. 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. 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. Fund Balance: Net position of a fund (difference between assets, liabilities, deferred outflows of resources, and deferred inflows of resources).

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