Adopted Budget Book FY 23-24 Final with TOC links - Flipbook - Page 392
Appendix → glossary
Debt Service: The annual amount of money necessary to pay the interest and principal on
outstanding debt.
Deficit: The excess of expenditures over revenues during a fiscal year.
Department: An organizational unit of the City responsible for carrying out a major governmental
function, for example, as Public Works.
Depreciation: Expiration over time of the service life of fixed assets. The City uses the straight-line
method to depreciate fixed assets, calculated by dividing the cost by the years of useful life. The
City does not budget Depreciation.
Economic Development Fund (068): This fund accounts for ongoing activities related to rehabilitation projects financed by previous Community Development Block Grants and inter-fund transfers.
Encumbrance: Funds set aside from an appropriation to pay a known future liability.
Fund Balance: Fund balance is essentially the difference between assets and liabilities. In general,
it is the balance remaining after the assets have been used to satisfy the outstanding liabilities.
Enterprise Funds: A fund that accounts for operations financed from user charges and whose
operation resembles a business enterprise (e.g., Water and Sewer Utility). Exempt, Exemption,
Non-Exempt: Amounts determined by State law to be deducted from the property’s assessed value
for tax purposes.
Expenditure: Decrease in financial resources for the procurement of assets or the cost of goods
and services received.
Fiduciary Fund: Fiduciary Funds are used in governmental accounting to account for assets that
are held in trust for others.
Fines and Forfeitures: Fees collected by the State Court System. These fees include revenues
received from fines and penalties imposed for the commission of statutory offenses, violation of
legal administrative rules and regulations, and neglect of official duty. Forfeits include revenues
from confiscating deposits or bonds held as performance guarantees and proceeds from the sale
of contraband property seized by law enforcement agencies.
Fire Prevention Capital Expansion Trust Fund (059): This fund accumulates revenues from
impact fees to defray the cost of capital projects related to fire prevention.
Fiscal Year (FY): The twelve-month financial period used by the City beginning October 1 and
ending September 30 of the following year. The City’s fiscal year is numbered by the year it ends.
Fleet: Vehicles that are owned and operated by the City.
Forfeiture Funds: Any state or local law enforcement agency that directly participates in an investigation or prosecution that results in a federal forfeiture by a participating agency may request
an equitable share of the net proceeds of the forfeiture. The Department of Justice Asset Forfeiture
Program serves to deter crimes and provide valuable additional resources to state and local law
enforcement agencies.
Franchise Taxes: Franchise taxes are assessed on a business, usually a public utility, in return for
using the government’s rights to conduct the utility business.
Function: A major class or grouping of tasks directed toward a common goal, such as improvements to public safety, improvement of the physical environment, etc. For the budgetary analysis,
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City of Eustis, Florida
Adopted Budget
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