2012 Budget - South Suburban Parks and Recreation

South Suburban Park and Recreation District
Glossary
Enterprise Fund – A fund type used to account for operations that are financed and operated
in a manner similar to private sector enterprises, with the intent that the costs for providing
goods or services to the general public be financed or recovered primarily through user fees.
Equipment - Equipment includes tangible property which is not permanently built into a
building, does not lose its identity through incorporation into a more complex unit, has a unit
cost in excess of $5,000 and an estimated useful life of three or more years. Equipment
includes machinery, office furniture, computers, vehicles and miscellaneous fixtures.
Exclusion – the state of being excluded.
Expenditure – This term refers to the outflow of funds paid or to be paid for an asset or
goods and services obtained regardless of when the expense is actually paid.
Fiduciary Responsibility - Responsibility to manage funds in a manner consistent with the
District’s mission and the conditions specified by external parties.
Final Assessed Valuation – The final value set by the County Assessor on real and personal
property in order to establish a basis for levying taxes. The final assessed valuation is due
from the county assessors by December 10 th each year.
Financial Solvency - the ability of an entity to pay its debts. Solvency can also be described
as the ability to meet long-term fixed expenses and to accomplish long-term expansion and
growth.
Fiscal Year – A twelve month period to which the annual operating budget applies and at the
end of which a government determines its financial position and the results of operations.
The District’s fiscal year follows the calendar year.
Fixed Assets – Assets of a long term character which are intended to continue to be held or
used, such as land, buildings, machinery, and other equipment.
FSC – Family Sports Center
FLSA - Fair Labor Standards Act
FMLA - Family and Medical Leave Act
Full Time Equivalent (FTE) – Staffing levels are measured in FTE’s to give a consistent
comparison from year to year. In most cases, an FTE is calculated as the number of total
hours worked divided by the maximum number of compensable hours in a work year (2,080
hours).
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