FY2023 Adopted Operating and Capital Budget

FY2023 Adopted Budget Appendices

Glossary of Terms CAPITAL ASSET/EXPENSE ± An asset that is purchased with an individual cost of $10,000 or more, and an estimated useful life in excess of one year. These assets can be budgeted and expensed in both Operating and Capital budgets. CAPITAL BUDGET The plan to receive and expend funds for Capital Projects during the next fiscal year. CAPITAL IMPROVEMENT PROGRAM (CIP) The plan to receive and expend funds for Capital Projects during the next fiscal year and the next succeeding five fiscal years. CAPITAL PROJECT Any physical betterment or improvement any preliminary studies and surveys related to a physical betterment and improvement and the acquisition, renovation, remodeling and construction of any property for public use of a long term or permanent nature. COMPONENT UNIT Legally separate organizations for which the elected officials of the agency are financially accountable. CONTINGENCY ± An amount set aside for a future condition/need that is not known in the present. CUSTODIAL FUND ± $ IXQG HVWDEOLVKHG IRU ³SDUW\ $´ WR FROOHFW IXQGV IURP ³SDUW\ %´ WKDW PXVW EH SDLG RU UHPLWWHG WR another third party. Therefore the funds collected are not considered revenue nor the funds remitted considered as expenses. D DEBT SERVICE 7KH DQQXDO SD\PHQW RI SULQFLSDO DQG LQWHUHVW RQ WKH &RXQW\¶V ERQGHG GHEW DEPRECIATION The expiration of the useful life of a fixed asset over a determined period of time attributable to wear and tear, deterioration, action of the physical elements, inadequacy, and obsolescence. Also, the portion of the cost of a fixed asset that is expensed during a particular period. DIVISION The major organizational unit in Frederick County Government. Departments, Offices and other named organizational units report up to a Division. E ENCUMBRANCES Obligations in the form of purchase requisitions or other commitments for which a portion of the budget is set aside for spending. ENTERPRISE FUND A fund established to account for the financing of certain self supporting services provided by the County government. The services generate their own revenues from fees, charges and other receipts. EQUATED ENROLLMENT ± Assign a value of less than one to students enrolled in partial day programs. EXPENDITURE The cost of goods delivered or services rendered. F FIDUCIARY FUND A special fund, administered by the County as trustee, consisting of resources to be expended or invested under the terms and conditions of the established purpose. FISCAL YEAR (FY) A twelve month period of time to which the annual operating and capital budgets apply. Frederick &RXQW\¶V fiscal year begins July 1 and ends the following June 30th.

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