2008 Budget Book - Kitsap County Government
2008 Budget Book - Kitsap County Government
2008 Budget Book - Kitsap County Government
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Appendix B<br />
Glossary<br />
GRANTS - External contributions or gifts of cash or other assets to be used or expended for a specified<br />
purpose, activity or facility.<br />
INTERFUND TRANSACTIONS - Transactions between funds of the same government.<br />
INTERGOVERNMENTAL REVENUES - Revenues from other governments in the form of grants,<br />
entitlements, shared revenues or payments in lieu of taxes.<br />
INTERNAL SERVICE FUND - A fund used to account for the financing of goods or services provided<br />
by one department or agency to other departments or agencies of a government, or to other<br />
governments, on a cost-reimbursement basis.<br />
LEVY - The total amount of taxes, special assessments or service charges imposed by a government.<br />
LIMITED TAX GENERAL OBLIGATION BONDS (LTGO) – The Board of <strong>County</strong> Commissioners may,<br />
by resolution, authorize the issuance of limited tax general obligation bonds in an amount up to<br />
1.5 percent of the assessed valuation of all taxable property within the <strong>County</strong> without a vote of<br />
the people.<br />
LONGEVITY BONUS – A cash bonus paid to employees upon reaching a specified number of years of<br />
service and is usually based on a percentage of annual pay.<br />
LONG-TERM DEBT - Debt with a maturity of more than one year after the date of issuance.<br />
MODIFIED ACCRUAL BASIS - The accrual basis of accounting adapted to the governmental fund<br />
type spending measurement focus. Revenues are recognized when they become both<br />
“measurable” and “available to finance expenditures of the current period.” Expenditures are<br />
recognized when the related fund liability is incurred except for: (1) inventories of materials and<br />
supplies which may be considered expenditures either when purchased or when used, (2)<br />
prepaid insurance and similar items which need not be reported, (3) accumulated unpaid<br />
vacation, sick pay and other employee benefit amounts which need not be recognized in the<br />
current period, but for which larger-than-normal accumulations must be disclosed in the notes<br />
to the financial statements.<br />
OPERATING TRANSFER - All interfund transfers other than residual equity transfers.<br />
OPERATIONAL AUDIT - Examinations intended to assess (1) the economy and efficiency of the<br />
audited entity's operations and (2) program effectiveness to the extent that program objectives<br />
are being obtained.<br />
ORDINANCE - A formal legislative enactment by the governing board of a municipality.<br />
ORIGINAL ADOPTED BUDGET - The budget as originally enacted by the Board of <strong>County</strong><br />
Commissioners in the preceding December.<br />
PROGRAM - A group of activities related to a single policy concern, goal or dimension which overrides<br />
organizational lines.<br />
PROPRIETARY FUND TYPES - Funds used to account for a government’s ongoing organizations and<br />
activities that are similar to those often found in the private sector.<br />
RCW - Revised Code of Washington. The codification of the laws of the State of Washington.<br />
REAL ESTATE EXCISE TAX - A tax levied on all real estate sales, measured by the full selling price<br />
including the amount of any liens, mortgages and other debts given to secure the purchase.<br />
REFUNDING BONDS - Bonds issued to retire outstanding bonds.<br />
B4