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general and statistical information - City of Inglewood

general and statistical information - City of Inglewood

Capital Improvement

Capital Improvement Program or (CIP): Contingency: Debt Service Fund: Encumbrance: Fiscal Year: Fund: Fund Balance: General Fund: Grants: Long-term Debt: Annual appropriations in the City's budget for capital improvement projects such as street or park improvements, building construction, and various kinds of major facility maintenance. Capital improvement projects are supported by a three-year expenditure plan, which details funding sources and expenditure amounts. They are often multi-year projects, which require funding beyond the one-year period of the annual budget. A budgetary reserve set aside for emergency or unanticipated expenditures, revenue shortfall and/or unknown expenditures, such as those for pending employee association salary settlements. Also referred to as appropriated reserves. A fund established to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest. Sometimes referred to as a Sinking Fund. An amount of money committed for the payment of goods and services not yet received or paid for. A 12-month period to which the annual operating budget applies and at the end of which a government determines its financial positions and the results of its operations. The City of Inglewood fiscal year begins October 1 and ends September 30 of each year, as specified in the City’s Charter. An accounting entity with a set of self-balancing revenue and expenditure accounts used to record the financial affairs of a governmental organization. The difference between the assets (revenues and other resources) and liabilities (expenditures incurred or committed to) of a particular fund. The fund used to account for all financial resources except those required to be accounted for in another fund (i.e., enterprise or grant funds). Usually, the General Fund is the largest fund in a municipality. Contributions of cash or other assets from another governmental agency or private foundation to be used or expended for a specified purpose, activity or facility. Debt with a maturity of more than one year after the date of issue. Page 504

Objectives: Objects of Expenditures: The desired results of accomplishment within a given time frame, usually a fiscal year. The individual expenditure accounts used to record each type of expenditure City operations may incur. For budgeting purposes, objects of expenditure are categorized into groups of similar types of expenditures called major categories of expenditure. The principal objects of expenditure used in the budget are: * Personnel Services. Salaries and fringe benefits paid to City employees. Includes items such as health/dental insurance, retirement and deferred compensation. * Maintenance and Operations. Supplies and other materials/services used in the normal operations of City agencies. Includes items such as books, chemicals and construction materials, consultant contracts and internal service fund charges, advertising, travel and utilities. * Capital Outlay. A budget category which budgets all equipment having a unit cost of more than $5,000 and an estimated useful life of more than one year. This includes furniture, automobiles, machinery, equipment and other minor fixed assets. Operating Budget: Organization: Revenue: Special Assessment: Plans of current expenditures and the proposed means of financing them. The annual operating budget is the primary means by which most of the financing acquisition, spending and service delivery activities of a government are controlled. Law usually requires the use of annual operating budgets. Even when not required by law, however, annual operating budgets are essential to sound financial management and should be adopted by every government. See Budget. A unit of operation having specific responsibilities and duties and which collectively forms an Agency. The term Organization/Division is used interchangeably throughout the budget document (i.e., Accounting Organization, Traffic Division, etc.). The yield of taxes and other sources of income that a governmental unit collects and receives for public use. A compulsory levy made against certain properties to defray all or part of the cost of a specific capital improvement or service deemed to benefit primarily those properties. Page 505

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