FY 2025 BUDGET BOOK - Flipbook - Page 355
Debt Service: The annual amount of money necessary to pay the interest and principal on
outstanding debt.
Deficit: The excess of expenditures over revenues during a fiscal year.
Department: An organizational unit of the City responsible for carrying out a major governmental
function, for example, as Public Works.
Depreciation: Expiration over time of the service life of fixed assets. The City uses the straight-line
method to depreciate fixed assets, calculated by dividing the cost by the years of useful life. The City
does not budget Depreciation.
Economic Development Fund (068): This fund accounts for ongoing activities related to
rehabilitation projects financed by previous Community Development Block Grants and interfund
transfers.
Encumbrance: Funds set aside from an appropriation to pay a known future liability.
Fund Balance: Funds carried over at the end of the fiscal year. Within a fund, the revenue on hand
at the beginning of the fiscal year plus revenues received during the year fewer expenditures.
Tax rates are applied to the balance, the non-exempt portion of the assessment. A 1980 Florida
Constitution amendment sets homesteads’ exemptions at $25,000. That means a homeowner with
property assessed at $50,000 would have to pay taxes on $25,000 of the assessment. Eligible equal
ending fund balance.
Homeowners must apply for the exemptions by March 1 each year. Other exemptions apply to
agricultural land and property owned by disabled veterans, widows, the blind, and permanently
disabled people who meet specific income criteria.
Enterprise Funds: A fund that accounts for operations financed from user charges and whose
operation resembles a business enterprise (e.g., Water and Sewer Utility). Exempt, Exemption, NonExempt: Amounts determined by State law to be deducted from the property’s assessed value for tax
purposes.
Expenditure: Decrease in financial resources for the procurement of assets or the cost of goods and
services received.
Fiduciary Fund: Fiduciary Funds are used in governmental accounting to account for assets that
are held in trust for others.
Fines and Forfeitures: Fees collected by the State Court System. These fees include revenues
received from fines and penalties imposed for the commission of statutory offenses, violation of legal
administrative rules and regulations, and neglect of official duty. Forfeits include revenues from
confiscating deposits or bonds held as performance guarantees and proceeds from the sale of
contraband property seized by law enforcement agencies.
Fire Prevention Capital Expansion Trust Fund (059): This fund accumulates revenues from
impact fees to defray the cost of capital projects related to fire prevention.
Fiscal Year (FY): The twelve-month financial period used by the City beginning October 1 and
ending September 30 of the following year. The City’s fiscal year is numbered by the year it ends.
Fleet: Vehicles that are owned and operated by the City.
Forfeiture Funds: Any state or local law enforcement agency that directly participates in an
investigation or prosecution that results in a federal forfeiture by a participating agency may
request
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