FY 2010-11 Adopted Budget - Volusia County Government

Glossary of Budget TermsBudget TermsCapital Outlay - Those items with aper unit cost of more than $1,000which include furniture andequipment.Charges for Service - (Also calledUser Charges or Fees) The charge forgoods or services provided by localgovernment to those privateindividuals who receive the service.Such charges reduce the reliance onproperty tax funding.Contingency - An appropriation offunds to cover unforeseen events thatoccur during the fiscal year, such asfederal mandates, short-falls inrevenue and unanticipatedexpenditures.Consumer Price Index – Measuresthe prices of consumer goods and is ameasure of U.S. inflation. The U.S.Department of Labor publishes theConsumer Price Index every month.Contractual Service - A servicerendered to the County by privatefirms, individuals or other Countydepartments on a contract basisDebt Service - The payment ofprincipal and interest obligationsresulting from the issuance of bonds.Deficit or Budget Deficit - Theexcess of budget expenditures overrevenue receipts.Delinquent Property Tax - Therevenue collected on property taxesfrom persons who are overdue inpaying their property tax bills.Department - Broad organization unitof the County established to efficientlymeet the needs of citizens.Designated Fund Equity -Reservations of fund balance andretained earnings which represent thatportion that is not appropriable forexpenditure or is legally segregatedfor a specific future use.Encumbrance - An obligation in theform of a purchase order, contract, orformal agreement which is chargeableto an appropriation and for which apart of the appropriation is reserved.The obligation ceases to be anencumbrance when the obligation ispaid.Enterprise Fund - A fund establishedto account for operations that arefinanced and operated in a mannersimilar to private business enterprises.The intent is that the full cost ofproviding the goods or services to befinanced primarily through chargesand fees, thus removing the expensefrom the tax rate.Expenditure - The sum of moneyactually paid from County funds.Fiscal Year - The twelve-monthfinancial period used by the Countythat begins October 1 and endsSeptember 30 of the followingcalendar year. The year is representedby the date on which it ends.Example: October 1, 2010 toSeptember 30, 2011 would be fiscalyear 2011.Fixed Assets – Assets of a long-termcharacter, which are intended tocontinue to be held or used (land,buildings, improvements other thanbuildings, and machinery andequipment).FTE - Full-time equivalent position.Also referred to as "staff-year". Staffyearis based upon the number ofhours for which a position is budgetedduring the year.WORKWEEK40 HOURS1 Staff-year = 2,080 hrs.5 Staff-year = 1,040 hrs.25 Staff-year = 520 hrsFull and Fair Market Valuation -The requirement, by state law, that allreal and personal property be assessedat 100% of fair market value fortaxation purposes.Fund - A set of interrelated accountsthat records assets and liabilitiesVolusia County Section K - 34Volusia County Section K - 34related to a specific purpose. Also, asum of money available for specifiedpurposes.Fund Balance - The amount availablewithin a fund at the close of the fiscalyear that can be carried over as arevenue for the upcoming fiscal year.GAAFR – (GovernmentalAccounting, Auditing and FinancialReporting) – The “blue book”published by the Government FinanceOfficers Association to providedetailed guidance for the applicationof accounting principles forgovernments.GAAP – (Generally AcceptedAccounting Principles) – The uniformstandards established for financialaccounting and reporting, which aredifferent for government thanbusiness.General Fund – The governmentalaccounting fund supported by advalorem (property) taxes, licenses andpermits, service charges and othergeneral revenue to provide Countywideoperating services. This may bereferred to as the operating fund.General Purpose Funds - Thosefunds supported by taxes and fees thathave unrestricted use.Governmental Funds – The categoryof funds, which include general,special revenue, capital project, anddebt service. These funds account forshort-term activities and are oftencompared to the budget.Grant - A contribution of assets byone governmental unit, or otherorganization, to another. Typically,these contributions are made to localgovernments. Grants are usuallymade for specified purposes.Homestead Exemption – A statewideexemption that is a deduction from thetotal taxable assessed value of owneroccupied property. The currentexemption is $50,000. Additionalexemptions based on eligibility