BFPD FY26 GFOA Budget - Flipbook - Page 176
| GLOSSARY
relationships with the District (as distinct from legal relationships). Per the District’s accounting
team, there are no entities outside of primary government that should be blended into or
discretely presented with the District’s financial statements.
Debt—An obligation that requires one party, the debtor, to pay money or other agreed-upon
value to another party, the creditor. Debt is a deferred payment, or series of payments, which
differentiates it from an immediate purchase.
Deficit—When a fund’s excess of assets over liabilities are negative.
Enterprise Funds—These funds essentially encompass the same functions reported as businesstype activities in the governmental-wide statements. Services are provided to customers external
to the District organization, such as a golf course. The District does not have enterprise funds at
this time.
Expenditure (Expense)—An expense is an item requiring an outflow of money, or any form of
fortune in general, to another person or group as payment for an item, service, or other category
of costs.
Fiduciary—A fiduciary is an entity which holds a legal or ethical relationship of trust with one
or more other parties.
Fiscal Year—A year as reckoned for taxing or accounting purposes. At the District, the fiscal
year aligns with the Calendar Year (CY), which is a one year period that begins on January 1st
and ends on December 31st.
Full Time Equivalent (FTE)—A unit of measurement that indicates the workload of an
employed person. FTE is a full-time employee.
Fund—A fiscal and accounting entity with a self-balancing set of accounts recording cash and
other financial resources, together with all related liabilities and residual equities or balances,
and changes therein, which are segregated for the purpose of carrying on specific activities or
attaining certain objectives in accordance with special regulations, restrictions, or limitations.
Fund Accounting—An accounting system for recording resources whose use has been limited
by the governing agency, or other individuals or organizations or by law. It emphasizes
accountability rather than profitability.
Fund Balance—A fund’s excess of assets over liabilities.
Generally Accepting Accounting Principles (GAAP)—The accounting standard adopted by
the U.S. Securities and Exchange Commission and is the default accounting standard used by
companies based in the United States.
Goals—Goals are defined as broad statements of direction, purpose, or intent. These goals are
determined based on the need of the District and its surrounding community.
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