BFPD FY26 GFOA Budget - Flipbook - Page 177
| GLOSSARY
Governmental Accounting Standards Board (GASB)—A private, non-governmental
organization that is the source of generally accepted accounting principles that is used by state
and local governments.
Governmental Finance Officers Association (GFOA)—A professional association of
approximately 19,000 state, provincial, and local government finance officers in the United
States and Canada.
Governmental Funds—These funds account for most of the city's activities that are financed
through taxes. Governmental funds are classified into five fund types: general, special revenue,
capital projects, debt service, and permanent funds.
Home Rule—As a fire district, the District is classified as a special district form of government.
This means that it is prevented from enacting home rule. Municipalities with populations over
25,000 are automatically granted home rule, and those with less than 25,000 can enact home rule
by passing a referendum. Home rule empowers local government entities to address local issues
by granting them the ability to enact changes so long as they do not conflict with state or federal
law. Source: 65 ILCS5/Illinois Municipal Code
Illinois Municipal Retirement Fund (IMRF)—The District’s defined benefit pension plan for
regular employees provides retirement and disability benefits, post retirement increases, and
death benefits to plan members and beneficiaries. The District is affiliated with the Illinois
Municipal Retirement Fund. This fund is an agent multiple-employer plan where benefit
provisions are established by statute and may only be changed by the General Assembly of the
State of Illinois.
Internal Service Funds—These service funds provide services to customers within the
District’s organization. An example of this would be internal IT services The District does not
have internal service funds at this time.
Intergovernmental Risk Management Agency (IRMA)—The Intergovernmental Risk
Management Agency is an organization of municipalities and special districts in Northeastern
Illinois, which have formed an association under the Illinois Intergovernmental Cooperation
Statute to pool its risk management needs. The agency administers a mix of self-insurance and
commercial insurance coverages; property/casualty and workers’ compensation claim
administration/litigation management services; unemployment claim administration; extensive
risk management/loss control consulting and training programs; and a risk information system
and financial reporting services for its members.
Major Fund—A major fund is a governmental or proprietary fund that is reported on
individually in the independent auditor’s account. It is typically designated as a major fund due
to its size in comparison to other funds. In some cases, qualitative factors can also be used, but
this is not how the District’s major funds have been determined. The District reports the
following major governmental funds: General Fund, Ambulance Fund, and Vehicle Fund.
Modified Accrual Basis—Modified accrual is a combination of cash basis and full accrual
basis. Revenues are recognized when they are both measurable and available. Expenditures,
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