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Allocable Costs <br />Costs that are allocable to a particular cost objective to the extent of benefits received by <br />such objective. <br />Allocation <br />A distribution of funds or an expenditure limit established for an organizational unit. <br />Annual Comprehensive Financial Report <br />Prepared in conformity with GAAP as set forth by GASB. <br />Applied Overhead <br />Amount of overhead expenses that are charged to either a production job or a department <br />when utilizing a cost accounting system. <br />Appropriation <br />An authorization by the City Council to make expenditures and to incur obligations for <br />specific amounts and purposes. All annual appropriations lapse at fiscal year-end. <br />Appropriations Limit <br />As defined by Section 8 of Article XIIIB of the California Constitution, enacted by the <br />passage of Proposition 4 at the November 6,1979 general election, the growth in the level <br />of certain appropriations from tax proceeds are generally limited to the level of the prior <br />year's appropriation limit as adjusted for changes in cost of living and population. Other <br />adjustments may be made for such reasons as the transfer of services from one <br />government entity to another. <br />Appropriation Resolution <br />The official enactment by the City Council to establish legal authority for City officials to <br />obligate and expend resources. <br />Arbitrage <br />The simultaneous purchase and sale of the same or an equivalent security in order to profit <br />from price discrepancies. In government finance, the most common occurrence of <br />arbitrage involves the investment of the proceeds from the sale of tax-exempt securities in <br />a taxable money market instrument that yields a higher rate, resulting in interest revenue <br />in excess of interest costs. <br />Assessed Valuation <br />An official value established for real estate or other property as a basis for levying property <br />taxes. <br />Assessments <br />Charges made to parties for actual services or benefits received. <br />Assets <br />Government-owned property that has monetary value. <br />Assigned Fund Balance <br />A portion of unreserved fund balance designed by city policy for a specific future use. <br />Audit <br />A financial audit is a review of the accounting system and financial information to <br />determine how government funds were spent and whether expenditures were in <br />compliance with the legislative body's appropriations. <br />197 <br />