the municipal secretary desktop reference manual - Southwestern ...

errors and omissions-Type of insurance against loss due to an unintentional mistake or
omission in performance of official duties.
executive session-A meeting closed to the public which complies with the Sunshine Law’s
definition of the same (see section on Meeting Management).
exoneration-An official action of a taxing body to discharge a tax collector from the duty of
collecting a particular tax.
expenditures-The spending of money by the municipality for the programs and projects
included within the approved budget.
experience rating-Underwriting arrangement in which premium is based on 2-5 years of
claims history of the insured agency.
expropriation-See eminent domain
facility fiduciary-One who is appointed or elected to act in a capacity as a trustee or agent
on behalf of another party.
financial interest statement-Form required by the Ethics Law to be filed by every public
official, employee, solicitor, candidate and nominee to report their personal financial
interests for the prior calendar year.
financial statement audits-A systematic evaluation of sufficient and competent evidential
matters to judge the fairness of the unit’s financial statements.
first dollar coverage-An insurance policy which has no deductible.
fiscal year-Any twelve-month period established as the period of operations for the
governmental unit.
floater-An insurance policy that covers property at any location within a specified territory
and while being transported in a vehicle.
flood plain-The area along a natural watercourse subject to periodic overflow by water.
foreign fire fund-Funding obtained by the Commonwealth from out-of-state insurance
companies which is appropriated to Volunteer Fire Departments’ Relief Associations; a
requirement for this disbursement is the completion of form AG-385 (Municipal Pension
State Aid/Foreign Fire Distribution Certification)
franchise-A privilege conferred by government approval to an individual or firm to market
goods or services in a particular area, generally for an extended period.
franchise fee-A percent of profit to grantor of franchise.
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