2012 Budget - South Suburban Parks and Recreation
2012 Budget - South Suburban Parks and Recreation 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). 304
South Suburban Park and Recreation District Glossary Fund – An independent fiscal and accounting entity with a self balancing set of accounts recording cash and or other resources together with all related liabilities, obligations, reserves and equities which are segregated for the purpose of carrying on specific activities or attaining certain objectives. Fund Balance – The excess of the assets of a fund over its liabilities. Funds Available – Fund balance that is not otherwise reserved or designated for a specific use. Also defined as current assets less current liabilities net of current portion of long term debt. General Fund – A fund used to account for financial operations of the District, which are not accounted for in any other fund. The primary source of revenue is from property taxes. General Obligation Bonds – Government bonds issued with the government's commitment to use its full taxing and borrowing authority (and other revenue resources) to make timely payment of interest and principal. Generally Accepted Accounting Principles (GAAP) – Uniform standards and guidelines for financial accounting and reporting. GFOA – Government Finance Officers Association Going Green - Adopting practices that reduce the overall impact on the environment. Green (Greener) – See Going Green Governmental Funds - All funds except for the profit and loss funds (e.g., enterprise fund). Examples of government funds are the general fund, special revenue fund, debt service, and capital projects fund. Governmental funds use the modified accrual basis of accounting. Great Outdoors Colorado (GOCO) - In 1992, Coloradans took a major step toward preserving their state's outdoor heritage by voting to create the Great Outdoors Colorado (GOCO) Trust Fund, which now forms Article XXVII of the Colorado Constitution. The GOCO Amendment dedicates a portion of state lottery proceeds to projects that preserve, protect, and enhance Colorado's wildlife, parks, rivers, trails, and open spaces. See Legacy Grant. GWV – The City of Greenwood Village HRIS – Human Resource Information System 305
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<strong>South</strong> <strong>Suburban</strong> Park <strong>and</strong> <strong>Recreation</strong> District<br />
Glossary<br />
Fund – An independent fiscal <strong>and</strong> accounting entity with a self balancing set of accounts<br />
recording cash <strong>and</strong> or other resources together with all related liabilities, obligations, reserves<br />
<strong>and</strong> equities which are segregated for the purpose of carrying on specific activities or<br />
attaining certain objectives.<br />
Fund Balance – The excess of the assets of a fund over its liabilities.<br />
Funds Available – Fund balance that is not otherwise reserved or designated for a specific<br />
use. Also defined as current assets less current liabilities net of current portion of long term<br />
debt.<br />
General Fund – A fund used to account for financial operations of the District, which are<br />
not accounted for in any other fund. The primary source of revenue is from property taxes.<br />
General Obligation Bonds – Government bonds issued with the government's commitment<br />
to use its full taxing <strong>and</strong> borrowing authority (<strong>and</strong> other revenue resources) to make timely<br />
payment of interest <strong>and</strong> principal.<br />
Generally Accepted Accounting Principles (GAAP) – Uniform st<strong>and</strong>ards <strong>and</strong> guidelines<br />
for financial accounting <strong>and</strong> reporting.<br />
GFOA – Government Finance Officers Association<br />
Going Green - Adopting practices that reduce the overall impact on the environment.<br />
Green (Greener) – See Going Green<br />
Governmental Funds - All funds except for the profit <strong>and</strong> loss funds (e.g., enterprise fund).<br />
Examples of government funds are the general fund, special revenue fund, debt service, <strong>and</strong><br />
capital projects fund. Governmental funds use the modified accrual basis of accounting.<br />
Great Outdoors Colorado (GOCO) - In 1992, Coloradans took a major step toward<br />
preserving their state's outdoor heritage by voting to create the Great Outdoors Colorado<br />
(GOCO) Trust Fund, which now forms Article XXVII of the Colorado Constitution. The<br />
GOCO Amendment dedicates a portion of state lottery proceeds to projects that preserve,<br />
protect, <strong>and</strong> enhance Colorado's wildlife, parks, rivers, trails, <strong>and</strong> open spaces. See Legacy<br />
Grant.<br />
GWV – The City of Greenwood Village<br />
HRIS – Human Resource Information System<br />
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