2007-08 Adopted Plan - Wake County Public School System

GlossaryESLEnglish as a Second LanguageExpenditureThe payment of cash on the transfer of property or services for thepurpose of acquiring an asset, service, or settling a loss.ExpenseCharges incurred (whether paid immediately or unpaid) for operations,maintenance, interest, or other charges.Fixed AssetsAssets of long-term character that are intended to continue to beheld or used, such as land, buildings, machinery, furniture, and otherequipment.FLSAFair Labor Standards ActFMSFuel Management SystemFormula GrantsState grants made in accordance with a formula based on the numberof children or students to be served, or on the amount of federal or statemoney available.FCCFederal Communications CommissionF and RFree and ReducedFederal Grant FundAppropriations for the expenditure of federal categorical grants made bythe Department of Public Instruction and other federal grants allocateddirectly to the local school administrative unit. These appropriationsare categorical in nature; i.e., programs and services for children of lowincome families, programs and services designed to eliminate the effectsof previous discriminatory practices, etc.Fiscal PolicyA government’s policy with respect to revenues, spending, and debtmanagement as these relate to government services, programs,and capital investment. Fiscal policy provides an agreed-upon set ofprinciples for the planning and programming of government budgets andtheir funding.Fiscal YearThe annual period for the compilation of fi scal operations. The fi scal yearbegins on July 1 and ends on June 30.FP and CFacilities Planning and ConstructionFull-Time EmployeeFull-time employee is one whose regular workweek is thirty or morehours.Full-Time Equivalent (FTE)Sum of part-time positions employed when added together equate to afull-time position used within classifi cation. Example: Two one-half timepositions equate to one full-time equivalent position.FunctionA group of related activities aimed at accomplishing a major service orregulatory program for which a government is responsible.Function CodeThe function code consists of four numeric digits and describesthe purpose for which the activity exists or the type of balance sheetaccount.FundAn independent fi scal and accounting entity consisting of cash and otherresources together with all related liabilities, obligations, reserves, and394