2009 Kitsap County Budget Book - Kitsap County Government

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ORIGINAL ADOPTED BUDGET - The budget as originally enacted by the Board of County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