FYE 14 Budget prelim - City of Norman

CITY OF NORMANEMT-P – Emergency Medical Technician-ParamedicENCUMBRANCE - A commitment related to unperformed contracts or goods or services.Encumbrances represent the estimated amount of expenditures ultimately to result if unperformedcontracts in process are completed.ENTERPRISE FUND - A fund established to account for operations that are financed and operated in amanner similar to private business enterprises, where the intent of the governing body is that the costs ofproviding goods or services to the general public on a continuing basis be financed or recovered primarilythrough user charges.EPA – Environmental Protection AgencyEXCISE TAX – An excise tax is any tax, which is not an ad valorem tax and is generally imposed on theperformance of an act, engaging in an occupation, or enjoying a privilege.EXPENDITURES (EXPENSES) - Decrease in net total assets. Expenses represent the total cost ofoperations during a period regardless of the timing of related expenditures.FACE VALUE (PAR, PRINCIPAL) – The full amount of an investment security, usually appearing onthe face of the instrument.FIDUCIARY FUNDS (TRUST & AGENCY FUNDS) – An accounting fund type recommended by theOklahoma Municipal Budget Act to account for assets held by the municipality as trustee or agent forindividuals, private organizations or other governmental units or purposes.FISCAL YEAR - The time period designated by the City signifying the beginning and ending period forrecording financial transactions. The City of Norman has a fiscal year of July 1 through June 30.FIXED ASSETS - Long-lived tangible assets obtained or controlled as a result of past transactions,events, or circumstances. Fixed assets include buildings, equipment, and improvements other thanbuilding and land.FT – Full-time (employee)FUND - A fiscal and accounting entity with a self-balancing set of accounts recording cash and otherfinancial resources, together with all related liabilities and residual equities or balances, and changestherein, which are segregated for the purpose of carrying on specific activities or attaining certainobjectives in accordance with special regulations, restrictions, or limitations.FUND BALANCE - Fund balance is the excess of assets over liabilities.FUND BALANCE - RESERVED FOR DEBT SERVICE - A portion of fund balance that is legallyrestricted to the payment of long term debt principal and interest maturing in future years.FY – Fiscal YearFYE – Fiscal Year EndingANNUAL BUDGET437