Operating Budget 2025-2026

GLOSSARY OF TERMS ( continued )

GFOA

Government Finance Officers Association. It represents public finance officials throughout the U.S. and Canada. It enhances and promotes the professional management of governmental financial resources by identifying, developing, and advancing fiscal strategies, policies, and practices for the public benefit. A fund type used to account for all revenues and expenditures of the Town which are not required to be accounted for in the other funds. Revenues are derived primarily from property taxes, local sales taxes, utility taxes, licenses and permit fees, and State shared taxes. General Fund expenditures include the costs of the Town general government activities and transfers to other funds, principally to fund capital construction and debt service require ments. A fund type used to account for acquisition and/or construction of major capital projects such as land, buildings, and infrastructure. Revenues are derived from bond proceeds, intergovernmental revenue, and private project funds. A general increase in prices and the resulting fall in the purchasing value of money. Revenues from other governments, such as the State and Federal government in the form of grants, entitlements, shared revenues or payments in lieu of taxes. Services established to finance and account for services furnished by a designated Town department to other departments. The Equipment Operations Fund is an example of a department, which operates under this fund and charges other departments for services rendered. A specific expenditure category within a department budget, e.g., travel, postage, printing or office supplies. Usually general obligation debt issued by the Town for a period of twenty years to finance capital improvements. A fund is considered “major” if it meets certain financial ratio criteria or if governmental officials designate a fund to be a major fund. The General Fund is always considered a major fund. This designation as “major” requires certain financial statement reporting whereby users can more easily assess accountability. Funds generally used to account for tax-supported activities.

General Fund

General Capital Project Fund

Governmental Funds

Inflation

Intergovernmental Revenues

Internal Services Fund

Line Item

Long-term Debt

Major Fund

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