2009-10 Adopted Budget - City of Hoquiam

APPENDIX B2009-2010 Operating and Capital BudgetGlossary of TermsCOMMUNITY PARK: Those parks so designated in the City of Lynnwood Parks andRecreation Plan.COMPREHENSIVE ANNUAL FINANCIAL REPORT: (CAFR) The official annual reportof a government. It includes (a) the five combined financial statements in the combinedstatements - overview and their related noted and (b) combined statements by fund typeand individual fund and account group financial statements prepared in conformity withGAAP and organized into a financial reporting pyramid. It also includes supportingschedules necessary to demonstrate compliance with finance-regulated legal andcontractual provisions, required supplementary information, extensive introductorymaterial and a detailed statistical section.CONCURRENT OR CONCURRENCY: The improvements that are in place at the timethe impacts of development occur, or that the necessary financial commitments are inplace. Public facilities and services shall be adequate to serve the development at thetime the development is available for occupancy and use without decreasing currentservice levels below locally established minimum standards.CONTINGENCY: A budgetary reserve set-aside for emergencies or unforeseenexpenditures not otherwise budgeted for.COST ACCOUNTING: Accounting which assembles and records all costs incurred tocarry out a particular activity or to deliver a particular service.COUNCILMATIC or LIMITED TAX GENERAL OBLIGATION BONDS: “Councilmatic”bonds refer to general obligation bonds issued with the approval of the Council, asopposed to voted bonds which must be approved by vote of the public. Totaloutstanding “Councilmatic” general obligation debt may not exceed 1.5 percent of theCity’s assessed valuation for general government purposes. Combines “Councilmaticand voted general obligation debt for general government purposes may not exceed 2.5percent of the City’s assessed valuation at any given time.DEBT: An obligation resulting from the borrowing of money or from the purchase ofgoods and services. Debts of governments include bonds and notes.DEBT LIMITS: The maximum amount of gross or net debt which is legally permitted.DEBT SERVICE: Payment of interest and repayment of principal to holders of the City’sdebt instruments.DEBT SERVICE FUND: A fund established to account for the accumulation ofresources for, and the payment of, long-term debt principal and interest.DEFICIT: (1) The excess of an entity’s liabilities over its assets (See Fund Balances).(2) The excess of expenditures or expenses over revenues during a single accountingperiod.DELINQUENT TAXES: Taxes remaining unpaid on and after the date to which a penaltyfor nonpayment is attached. Even though the penalty may be subsequently waived anda portion of the taxes may be abated or canceled, the unpaid balances continue to bedelinquent taxes until abated, canceled, paid or converted into tax liens.244