FY2023 Adopted Operating and Capital Budget

FY2023 Adopted Budget Appendices

Glossary of Terms

FRINGE BENEFITS Contributions made by the County government to meet its commitments or obligations for Social Security, and the various retirement, medical and insurance plans for employees. FULL TIME EQUIVALENT (FTE) A Position converted to a decimal equivalent based on 35 or 40 hours per week. For example, a part ± time employee working 20 hours per week would be equivalent to 0.5 of a full time position and a person working 40 hours a week would be counted as 1.0 FTE. FUND A separate budget/accounting grouping with its own revenues and appropriations. The general fund, for example, covers most of the daily operations of the County Divisions and is funded by a variety of taxes and other revenues. FUND BALANCE The residual amount of annual revenues recorded in excess of expenses. G GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) A common set of accounting conventions, standards and procedures followed when preparing financial statements. GENERAL FUND The primary fund which supports most general government functions in Frederick County. GENERAL GOVERNMENT The function of government comprised of the central administrative offices such as: Finance, Human Resources, Citizens Services, Public Works, etc. GOVERNMENTAL FUND These funds account for the near term inflows and outflows of spendable resources. The largest of these is the General Fund. GRANT A revenue source, generally awarded based on some established criteria, funding the County Government to provide a specific service or acquire a specific tangible asset. I IMPACT FEES A one time fee imposed on property developers to recover a portion of the capital cost of new infrastructure such as schools and libraries. INTERNAL SERVICES FUND A fund, administered by the County to achieve economy of scale and operating efficiencies by grouping like projects and costs. M MAINTENANCE OF EFFORT The state law that requires that county governments demonstrate that local funding remains relatively constant from year to year. MAJOR GOVERNMENTAL FUND ± Fund whose revenues, expenditures, assets, or liabilities (excluding extraordinary items) are at least 10 percent of corresponding totals for all governmental or enterprise funds, and at least 5 percent of the aggregate amount for all governmental and enterprise funds. N NON MAJOR GOVERNMENTAL FUND Fund whose revenues, expenditures, assets, or liabilities (excluding extraordinary items) are less than 10 percent of corresponding totals for all governmental or enterprise funds, or are less than 5 percent of the aggregate amount for all governmental and enterprise funds.

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