FY2014 Recommended Budget - City of Surprise

Fund A fiscal and accounting entity with a self–balancing set of accounts.
Records cash and other financial resources together with all related
liabilities and residual equities or balances and changes therein. These are
segregated for the purpose of carrying on specific activities or attaining
certain objectives in accordance with special regulations, restrictions, or
limitations.
Fund Balance As used in the budget, the excess of resources over expenditures. The
beginning fund balance is residual funds brought forward from the previous
fiscal year.
GAAP Generally Accepted Accounting Principles - A collection of rules,
procedures, and conventions that define accepted accounting practice;
includes broad guidelines as well as detailed procedures.
General Fund Primary operating fund of the City. It exists to account for the resources
devoted to finance the services traditionally associated with local
government. Included in these services are police and fire protection, parks
and recreation, community and economic development, general
administration of the City, and any other activity for which a special fund
has not been created.
GFOA Government Finance Officers Association - The purpose of the Government
Finance Officers Association is to enhance and promote the professional
management of governments for the public benefit by identifying and
developing financial policies and practices and promoting them through
education, training, and leadership.
GIS Geographic Information Systems - is a system of hardware and software
used for storage, retrieval, mapping, and analysis of geographic data.
GL General Ledger – The central repository of the accounting information in
which the summaries of all financial transactions are recorded. The
repository tracks assets, liabilities, revenues, and expenditures.
G.O. Bond General Obligation Bond - A bond that requires voter approval and finance
a variety of public capital projects. The bond is backed by the “full faith and
credit” of the issuing government.
Goal A statement of broad direction, purpose, or intent on the needs of the
community. A goal is general and timeless.
GPM Gallons Per Minute - A unit of measurement that indicates the flow
capabilities of a hydraulic component.
Grant A contribution by the state or federal government or other organization to
support a particular function.
HOA Homeowners Association –A common interest organization to which all the
owners of lots in a planned community or owners of units in a condominium
must belong. The defining characteristics of all HOAs are all owners are
automatically members, governing documents create mutual obligations,
mandatory fees or assessments are generally levied against owners and
used for the operation of the association, and owners share a property
interest in the community.
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