2009 Kitsap County Budget Book - Kitsap County Government

Appendix B
Glossary
ESA - Endangered Species Act. A federal law designed to prevent the extinction of certain plants and
animals.
EXPENDITURES - Decreases in net financial resources. Expenditures include current operating
expenses which require the current or future use of net current assets, debt service and capital
outlays.
EXPENSES - Decreases in net total assets. Expenses represent the total cost of operations during a
period regardless of the timing of the related expenditures.
FASB – Financial Accounting Standards Board. An authoritative independent organization in the
private sector whose mission is to establish and improve standards of financial accounting and
reporting.
FISCAL YEAR - A twelve month period to which the annual operating budget applies and at the end of
which a government determines its financial position and the results of its operations.
FIXED ASSETS - Assets which are intended to be held or used for a long term, such as land, buildings,
improvements, machinery and equipment.
FUND - A fiscal and accounting entity with a self-balancing set of accounts for recording cash and other
financial resources, together with all related liabilities and residual equities or balances, and
changes therein, which are segregated for the purpose of carrying on specific activities or
attaining certain objectives in accordance with special regulations, restrictions or limitations.
FUND BALANCE - The fund equity of governmental funds and trust funds.
GAAP - Generally Accepted Accounting Principles. Uniform minimum standards of, and guidelines to,
financial accounting and reporting. They govern the form and content of the basic financial
statements of an entity.
GASB - Governmental Accounting Standards Board - The authoritative accounting and financial
reporting standard-setting body for governmental entities.
GENERAL FUND - The fund used to account for all financial resources except those required to be
accounted for in another fund.
GENERAL OBLIGATION BONDS - Bonds for the payment of which the full faith and credit of the
issuing government are pledged.
GMA - Growth Management Act – An act of the Washington State Legislature requiring local
governments, citizens, communities and the private sector to cooperate and coordinate
comprehensive land use planning.
GOVERNMENT FINANCE OFFICERS ASSOCIATION - GFOA is a professional association of
state/provincial and local finance officers in the United States and Canada.
GOVERNMENTAL FUND TYPES - Funds used to account for the acquisition, use and balances of
expendable financial resources and the related current liabilities, excepting those accounted for
in proprietary funds and fiduciary funds.
GRANTS - External contributions or gifts of cash or other assets to be used or expended for a specified
purpose, activity or facility.
INTERFUND TRANSACTIONS - Transactions between funds of the same government.
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