FY2022 Adopted Operating and Capital Budget

FY2022 Adopted Budget Appendices

Glossary of Terms

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 OPERATING (Expense Category) ± A classification in the budget software that groups similar accounts. Operating includes all accounts not otherwise categorized as personnel, capital, or recoveries. OPERATING BUDGET The annual budget that supports the daily operations of county agencies. P PAYMENT IN LIEU OF TAXES (PILOT) ± A payment made to the county to compensate for property tax otherwise ³ORVW´ GXH WR RZQHU H[HPSWLRQ RU RWKHU QHJRWLDWHG DUUDQJHPHQWV . PAY GO A fiscal policy in which capital projects are funded with current revenue (cash) rather than long term or bonds. PERFORMANCE INDICATOR A type of performance measurement that evaluates the success of an organization or a particular activity. 561