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Contractual Services <br />A series of object codes, which include the expense of custodial, janitorial and other <br />services, procured independently by contract or agreement with an individual, firm, <br />corporation or other governmental units. <br />Controllable Costs <br />Costs that can be influenced by the department involved, unlike other fixed costs such as <br />rent, which is contracted by lease in advance. <br />Cost Accounting <br />The continuous process of analyzing, classifying, recording and summarizing cost data <br />within the confines and controls of a formal cost accounting system and reporting them to <br />users on a regular basis. <br />Cost Basis <br />Original price of an asset, used in determining depreciation and capital gains or losses. It <br />usually is the purchase price, but in the case of an inheritance or gift is the market value of <br />the asset at the time of receipt. <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 <br />instruments according to a pre -determined payment schedule. <br />Defeasance <br />In financial reporting, the netting of outstanding liabilities and related assets on the <br />statement of position. 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 <br />misappropriations or of mistakes or shrinkage in value or 2) excess of the government's <br />spending over its revenues. <br />Department <br />A basic organizational unit of government which is functionally unique in its delivery of <br />services. <br />Depreciation <br />The process of allocating the cost of a capital asset to the periods during which the asset is <br />used. <br />Development <br />In real estate, process of placing improvements on or to a parcel of land; projects where <br />such improvements are being made. Such improvements may include drainage, utilities, <br />subdividing, access, buildings or any combination of these elements. <br />Direct Cost <br />200 <br />