Glossary of Financial Terms
This glossary is based on the terms found in the provided audited financial data.
- Appropriations
- Legal authorizations for the government to spend public funds for specific purposes, such as projects or general operational expenses.
- Assets
- Resources owned or controlled by the government that have a monetary value. In the provided data, this includes total assets recorded in the Statement of Financial Position.
- Capital Outlay
- Funds designated for the acquisition of new, or improvement of existing, fixed assets, such as buildings, infrastructure, and equipment.
- Equity (Government Equities)
- The difference between the government's total assets and its total liabilities. It represents the net worth or ownership value of the government's resources.
- Expenditure
- All government spending, including consumption, investment, and transfer payments. This can be for a wide range of activities, such as infrastructure projects, salaries for government employees, and social programs.
- General Fund
- The primary fund used for the general operations and functions of the government.
- Implementation Rate
- A measure, often expressed as a percentage, of how much of a specific fund or budget has been utilized or obligated.
- Liabilities
- The financial obligations or debts of the government that must be settled in the future.
- Local Development Fund (20%)
- A specific portion (20%) of the government's internal revenue allotment that is mandated to be used for local development projects.
- Maintenance and Other Operating Expenses (MOOE)
- Funds allocated for the regular operational costs of government offices, including supplies, utilities, and travel expenses.
- Personal Services
- Funds designated for the payment of salaries, wages, and other benefits for government employees.
- Revenue
- The income generated by the government from various sources, such as taxes, fees, and charges for government services. This money is used to fund public services and programs.
- Special Education Fund (SEF)
- A local government fund derived from a portion of the real property tax, which is used exclusively for the maintenance and operation of public schools.
- Statement of Financial Position
- A financial statement that provides a snapshot of the government's assets, liabilities, and equity at a specific point in time.
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