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City of Pleasanton Operating Budget • FY 2023/24 - FY 2024/25B - 8 <br />Costs <br />Amount of money that must be paid to acquire something, purchase price or expense. <br />Current Fiscal Year <br />The fiscal year in progress. <br />Debt Service <br />The City’s obligation to pay the principal and interest of all bonds and other debt instruments according to <br />a pre-determined payment schedule. <br />Defeasance <br />In financial reporting, the netting of outstanding liabilities and related assets on the statement of position. <br />Most refunding results in the defeasance of the refunded debt. <br />Deficit <br />A result of: 1) insufficiency in the account or number, whether as the result of defaults and misappropriations <br />or of mistakes or shrinkage in value or 2) excess of the government’s spending over its revenues. <br />Department <br />A basic organizational unit of government which is functionally unique in its delivery of services. <br />Depreciation <br />The process of allocating the cost of a capital asset to the periods during which the asset is used. <br />Development <br />In real estate, process of placing improvements on or to a parcel of land; projects where such <br />improvements are being made. Such improvements may include drainage, utilities, subdividing, access, <br />buildings or any combination of these elements. <br />Direct Cost <br />An expense that can be traced directly to a specific cost center or cost object such as a department, <br />process or product. <br />Direct Labor <br />Cost of personnel that can be identified in the product or service, such as the salary of the person who <br />provides the direct service. <br />Discretionary Costs <br />Costs changed easily by management decisions such as advertising, repairs and maintenance and <br />research and development. Also called managed costs. <br />Division <br />An organizational component of a department, which may be further subdivided into programs. <br />Division Overhead <br />The cost of the division’s indirect labor and material/supplies divided by the division’s direct salary and <br />wages cost. The result is expressed as a percentage to be applied to direct salary and wages. <br />Effective Interest Methods <br />Premiums, discounts, bond issuance costs amortized over life of debt issue.