2013â2014 BIENNIAL BUDGET - the City of Tukwila

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2013-2014 Biennial Budget City of Tukwila, WashingtonDEBT SERVICE FUND. A fund established to account for the accumulation of resources for, and thepayment of, general long-term debt principal and interest.DELINQUENT TAXES. Taxes remaining unpaid on and after the date to which a penalty fornonpayment is attached. Even though the penalty may be subsequently waived and a portion of thetaxes may be abated or canceled, the unpaid balances continue to be delinquent taxes until abated,canceled, paid or converted into tax liens.EXPENDITURES. Decreases in net financial resources. Expenditures include current operatingexpenses requiring the present or future use of net current assets, debt service and capital outlays, andintergovernmental grants, entitlement and shared revenues.FISCAL YEAR. A 12 -month period to which the annual operating budget applies and at the end ofwhich a government determines its financial position and the results of its operations.FIXED ASSETS. Long-lived tangible assets obtained or controlled as a result of past transactions, eventsor circumstances. Fixed assets include buildings, equipment, improvements other than buildings andland. See also Capital Assets.FULL-TIME EQUIVALENT (FTE). An employment indicator that translates the total number of hoursworked in a year by all employees, including part-time workers, to an equivalent number of work years.For example, one FTE equals 2,080 hours and .75 FTE equals 1,560 hours.FUND. A fiscal and accounting entity with a self-balancing set of accounts in which cash and otherfinancial resources, and related liabilities and residual equities, or balances, and changes therein, arerecorded and segregated to carry on specific activities or attain certain objectives in accordance withspecial regulations, restrictions or limitations.FUND BALANCE. The difference between assets and liabilities reported in a governmental fund. Fundbalances are either designated to a particular purpose or undesignated as to the remaining unappropriatedbalance of the fund after accounting for the designated funds.GENERAL FUND. The fund used to account for all financial resources, except those required to beaccounted for in another fund.GENERAL LONG TERM DEBT. Long term debt expected to be repaid from governmental funds.GENERAL OBLIGATION BONDS. Bonds that are secured by the local government’s full faith andcredit to use legally available resources, including tax revenues to repay bond holders.GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). Uniform minimum standards andguidelines for financial accounting and reporting. The primary authoritative body on the application ofGAAP to state and local governments is the Government Accounting Standards Board.GOVERNMENTAL FUNDS. Funds generally used to account for tax supported activities. There arefive different types of governmental funds, of which the city uses four of these. The general fund, is themain operating fund of the city. The special revenue funds, are used to account for proceeds fromspecific sources to be used for legally restricted purposes, but normally not for major capital projects.The debt service funds, which are for the accumulation of resources to pay principle and interest on theCity’s general long term debt. The capital project funds, which are used for the acquisition orPage 379
2013-2014 Biennial Budget City of Tukwila, Washingtonconstruction of major capital facilities.LEGAL LEVEL OF BUDGETARY CONTROL. The level at which spending in excess of budgetedamounts would be a violation of law. The legal level of budgetary control is at the fund level.LEVEL OF BUDGETARY CONTROL. One of the three possible levels of budgetary control andauthority to which organizations, programs, activities and functions may be subject. These levels ofbudgetary control are (a) appropriated budget, (b) legally authorized non-appropriated budget processor (c) non-budgeted financial activities, which are not subject to the appropriated budget and theappropriation process or to any legally authorized non-appropriated budget review and approvalprocess, but still are relevant for sound financial management and oversight.LEVY. (1) (verb) To impose taxes, special assessments or service charges for the support of governmentactivities. (2) (Noun) The total amount of taxes, special assessments or service charges imposed by agovernment.MODIFIED ACCRUAL BASIS. The basis of accounting associated with the governmental fund-typemeasurement focus. Under it, revenues and other financial resources are recognized when they becomesusceptible to accrual, that is when they become both "measurable" and "available" to financeexpenditures of the current period. Expenditures are recognized when the fund liability is incurredexcept for inventories of materials and supplies that may be considered expenditures either whenpurchased or when used. All governmental funds, expendable trust funds and agency funds areaccounted for using the modified accrual basis of accounting.OBJECT DESCRIPTION. The classification of expenditures on the basis of categories called line-itemsor objects-of-expenditure (e.g., 10-Salaries & Wages, 20-Personnel Benefits, 40-Other Services & Charges,60-Capital Outlay, etc.) and within each category more detailed line-items (e.g., salaries, travel, telephoneexpense, etc.).OPERATING BUDGET. Plans of current expenditures and the proposed means of financing them. Theannual operating budget is the primary means by which most of the financing, acquisition, spending andservice delivery activities of a government are controlled. The use of annual operating budgets isusually required by law. Even when not required by law, however, annual operating budgets areessential to sound financial management and should be adopted by every government.OPERATING TRANSFERS. All interfund transfers other than residual equity transfers (e.g., legallyauthorized transfers from a fund receiving revenue to the fund through which the resources are to beexpended).PROGRAM BUDGET. A budget wherein expenditures are based primarily on programs of work andsecondarily on character and object class.PROPRIETARY FUND TYPES. Sometimes referred to as income determination or commercial-typefunds, the classification used to account for a government's ongoing organizations and activities that aresimilar to those often found in the private sector. The GAAP used are generally those applicable tosimilar businesses in the private sector and the measurement focus is on determination of net income,financial position and changes in financial position.Page 380
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2013â2014 BIENNIAL BUDGET - the City of Tukwila

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2013â2014 BIENNIAL BUDGET - the City of Tukwila