Fiscal Year 2013 Recommended Budget Book - Lake County

Glossary of TermsExempt, Exemption, Non-Exempt: Amounts determinedby State law to be deducted from the assessed value ofproperty for tax purposes. Tax rates are applied to thebalance, which is called the non-exempt portion of theassessment. A January 2008 amendment to the FloridaConstitution sets the exemptions for homesteads at$50,000.Expenditure: Decreases in fund financial resources,through actual payments or transfers for the procurementof assets or the cost of goods and/or services received.Fees: A charge by government associated with providing aservice, permitting an activity, or imposing a fine orpenalty. Major types of fees include user charges, buildingpermits, etc.Final Millage: The tax rate adopted in the final publicbudget hearing of a taxing authority.Fiscal Policy: The County government’s policies withrespect to taxes, spending and debt management as theserelate to government services, programs and capitalinvestment. Fiscal policy provides an agreed-upon set ofprinciples for the planning and programming ofgovernment budgets and their funding.Fiscal Year: A 12-month period to which the annualoperating budget applies and at the end of which agovernment determines its financial position and the resultsof its operations. The fiscal year for Lake County isOctober 1 through September 30.Fixed Assets: Assets of a long-term character that areintended to continue to be held or used, such as land,buildings, improvements other than buildings, machineryand equipment.Focus Areas: Key policy issues that will provide thedirection and framework of the budget.Fringe Benefits: These employee benefits include socialsecurity, retirement, group health, dental and life insurance.Function: A major class of grouping of tasks directedtoward a common goal, such as executive, financial andadministrative, other general government, and judicial. Forthe purposes utilized in budgetary analysis, the categoriesof functions have been established by the State of Florida,and financial reports must be grouped according to thoseestablished functions.Fund: A fiscal and accounting entity with a self-balancingset of accounts recording cash and other financialresources, together with all related liabilities and residualequities or balances, and changes therein. Funds aresegregated for the purpose of carrying on specific activitiesor attaining certain objectives in accordance with specialregulations, restrictions, or limitations.Fund Balance: The excess of fund assets over liabilities ingovernmental funds. The unreserved and undesignatedfund balance is available for appropriation in the followingyear’s budget.GAAP (Generally Accepted Accounting Principles):Accounting rules and procedures established byauthoritative bodies or conventions that have evolvedthrough custom and common usage.GASB (Governmental Accounting Standards Board):The highest source of accounting and financial reportingguidance for state and local governments.GDP: Gross Domestic Product.General Fund: The governmental accounting fundsupported by ad valorem (property) taxes, licenses andpermits, service charges and other general revenues toprovide countywide operating services.General Obligation Bonds: Bonds backed by the fullfaith and credit of government.GFOA (Government Financial Officers’ Association):The professional association of state and local financeofficers in the United States who are dedicated to thesound management of government financial resources.The association sets program standards for the GFOA’sCertificate of Achievement for Excellence in FinancialReporting.GIS: Geographic Information Services.Goal: The long-term financial and programmatic publicpolicy outcomes or results that the County expects from theefforts of the Departments.GPS (Global Positioning Satellite): A system of satellitesand receiving devices used to compute and store positionson the Earth.Grant: A contribution of assets (usually cash) by onegovernmental unit or other organization to another madefor a specific purpose.I - 35