Operating Budget 2025-2026

GLOSSARY OF TERMS ( continued )

Enterprise Funds

Funds, defined by the State Auditor of Public Accounts, to account for operations that are financed and operated in a manner similar to private business enterprises. Costs of providing goods or services are financed or recovered, at least in part, through user charges. A decrease in net financial resources. Expenditures include payment in cash for current operating expenses, debt service and capital outlays. A category of funds used to report assets held in a trustee or agency capacity for others and which therefore cannot be used to support the government’s own programs. A twelve month accounting period used for budgeting and financial reporting. The fiscal year for the Town of Blacksburg begins July 1 and ends the following June 30. A pledge of a government’s taxing power to repay debt obligations from any and all revenue sources. A part-time position converted to the decimal equivalent of a full time position based on either 1,950 or 2,080 hours per year. For example, a part-time position working for 20 hours per week would be the equivalent of 0.5 of a full-time position based on 2,080 hours. A fiscal and accounting entity with a self-balancing set of accounts which is segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions or limitations. Generally Accepted Accounting Principles. Uniform minimum standards for financial accounting and recording, encompassing the conventions, rules, and procedures that define accepted accounting principles. Governmental Accounting Standards Board. It is the source of GAAP used by state and local governments in the U.S. It is the independent organization that establishes and improves standards of accounting and financial reporting for U.S., State, and Local governments. The excess or deficiency of the assets of a fund over its liabilities.

Expenditure

Fiduciary Funds

Fiscal Year (FY)

Full Faith and Credit

Full-Time Equivalent Position (FTE)

Fund

Fund Balance/ Retained Earnings

GAAP

GASB

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