FY25 GFOA Budget - Flipbook - Page 172
Return to Table of Contents
GLOSSARY
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.
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
P a g e 172 | BARTLETT FIRE PROTECTION DISTRICT | GLOSSARY
