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B - 9 City of Pleasanton Operating Budget • FY 2023/24 - FY 2024/25 <br />APPENDIX B <br />Encumbrance <br />The commitment of appropriated funds to purchase goods or services. An encumbrance is not an <br />expenditure. An encumbrance reserves funds to be expended. <br />Equity <br />The difference between fund assets and fund liabilities. <br />Estimate <br />To approximate. <br />Estimated Economic (Useful) Life <br />The period over which a property is expected to be usable, by one or more users, with normal repairs and <br />maintenance, for the purpose(s) for which it is intended. <br />Expenditure/Expense <br />The outflow of funds paid or to be paid for an asset obtained or goods and services obtained regardless <br />of when the expenditure is actually paid. The term expenditure applies to Governmental Funds. The term <br />expense is used for Enterprise and Internal Service Funds. For complete fund descriptions, refer to the Guide <br />to Funds/Fund Descriptions. <br />Fee <br />Cost of a service. <br />Fiscal Year <br />The 12-month period for recording financial transactions specified by the City as beginning July 1st and <br />ending June 30th. <br />Fixed Assets <br />Assets of long-term character such as land, buildings, machinery, equipment or furniture. <br />Fixed Asset Management <br />Tagging and preparing asset ledgers for plant, facilities and equipment; recording changes in asset status <br />and conducting periodic inventories of assets. <br />Fixed Cost <br />A cost that remains constant regardless of volume or demand. Fixed costs include salaries, interest expense, <br />rent, depreciation and insurance expenses. <br />Forecasts <br />Estimates of the future impact of current revenue and expenditure policies based on specific assumptions <br />about future conditions such as inflation or population growth. Forecasts are neither predictions about the <br />future nor a statement of policy intentions. <br />Fringe Benefits <br />Compensation that an employer contributes to its employees such as social security, retirement, life/health <br />insurance or training supplements. Fringe benefits can be either mandatory, such as PERS contributions, or <br />voluntary, such as health insurance benefits.