FY2025 Proposed Operating and Capital Budgets

FY2025 Proposed 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. O

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