Adopted Budget Book FY 23-24 Final with TOC links - Flipbook - Page 393
Appendix → glossary
the categories of functions have been established by the State of Florida Uniform Chart of Account,
and financial reports must be grouped according to those functions. See Object Code.
Fund: An independent fiscal and accounting entity with a self-balancing set of accounts recording
cash and other financial resources, together with all related liabilities and residual equities or
balances and changes therein, that are segregated for carrying on specific activities or attaining
certain objectives by special regulations, restrictions, or limitations. See the Appropriated Fund
Types and Basis of Budgeting portion of the Introductory Section for a discussion of the types of
funds in this budget.
Fund Balance: A fund’s excess of assets over liabilities. In budgeting, this excess is sometimes
used as a revenue source. A negative fund balance is referred to as a deficit.
GAAP - Generally accepted accounting principles refer to a common set of accounting principles,
standards, and procedures issued by the Financial Accounting Standards Board (FASB). Public
companies in the U.S. must follow GAAP when their accountants compile their financial statements.
General Fund (001): The fund into which the city’s general revenues are deposited and from which
money is appropriated to pay the general expenses.
General Government: Functional classification for services provided by the city for the benefit
of the public and the governmental body, including legislative, financial/administrative, legal,
comprehensive planning, judicial, court services, and other general governmental services.
GFOA: The Government Finance Officers Association.
Governmental Funds: Are used to account for activities primarily supported by taxes, grants, and
similar revenue sources.
Grant: A contribution of assets (usually cash) by one governmental unit or other organization for a
specified purpose.
Greenwood Cemetery Trust Fund (060): This fund is used to accumulate revenues for the
perpetual care of the Greenwood Cemetery. Interest earned is used for operations, and the principal may be used for capital purchases.
Homestead Exemption: In the state of Florida, a $25,000 exemption is applied to the first $50,000
of your property’s assessed value if your property is your permanent residence and you owned the
property on January 1st of the tax year.
Impact Fee Fund (Water/Sewer 065,066): This fund accumulates revenues derived from newly
constructed facilities. The fees will be used for capital expenditures necessitated by growth.
Infrastructure: Long-lived capital assets normally are stationary and can be preserved for a significantly greater number of years than most capital assets. Examples include roads, bridges,
Interest: Compensation paid or to be paid for using borrowed funds.
Inter-Fund Transfers: Budgeted allocations of resources from one fund to another.
Intergovernmental Revenue: Funds received from federal, state, and other local government
sources in grants, shared revenues, and payments in lieu of taxes are for a specific purpose.
Internal Service Funds: Proprietary fund type that may be used to report any activity that provides
goods or services to other funds, departments, or agencies of the primary government and its
component units or other governments on a cost-reimbursement basis.
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City of Eustis, Florida
Adopted Budget
391
