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Tagging and preparing asset ledgers for plant, facilities and equipment; recording changes <br />in asset status and conducting periodic inventories of assets. <br />Fixed Cost <br />A cost that remains constant regardless of volume or demand. Fixed costs include salaries, <br />interest expense, rent, depreciation and insurance expenses. <br />Forecasts <br />Estimates of the future impact of current revenue and expenditure policies based on <br />specific assumptions about future conditions such as inflation or population growth. <br />Forecasts are neither predictions about the future nor a statement of policy intentions. <br />Fringe Benefits <br />Compensation that an employer contributes to its employees such as social security, <br />retirement, life/health insurance or training supplements. Fringe benefits can be either <br />mandatory, such as PERS contributions, or voluntary, such as health insurance benefits. <br />Full -Time Employee <br />The designation of staffing based on the Full -Time Employee for personnel using a <br />guideline of 2,080 hours per year (1.0 FTE) or for 1,040 hours per year (0.5 FTE). <br />Function <br />An activity or a group of related activities for which the budgetary unit is responsible; in the <br />City, a function is the same as a program. <br />Fund <br />A separate accounting entity, with a self -balancing set of accounts, to record all financial <br />transactions (revenues and expenditures) for specific activities or government functions. <br />Funds are classified into three categories: governmental, proprietary or fiduciary. For a <br />detailed list of the City's funds and descriptions, refer to the Fund Descriptions. <br />Fund Accounting <br />System used by nonprofit organizations, particularly governments. Since there is no profit <br />motive, accountability is measured instead of profitability. The main purpose is stewardship <br />of financial resources received and expended in compliance with legal requirements. <br />Financial reporting is directed at the public rather than investors. <br />Fund Balance <br />The excess of assets over liabilities and reserves; also known as surplus funds. This term <br />applies to governmental funds only. <br />General Obligation Bond <br />Also referred to as GO Bonds, are usually limited by state law as to the amount as well as the <br />length of indebtedness that a government can have. These "Full Faith and Credit" bonds <br />are secured by all of the financial assets of the local government, including property taxes. <br />Geographic Information System <br />Acomputer-based Geographic Information System is being established by the Information <br />Services Division for the tracking and monitoring of development projects. <br />Goal <br />A general statement of broad direction, purpose or intent which describes the essential <br />reason for existence and which is not limited to a one-year time frame. Generally, a goal <br />does not change from year to year. <br />202 <br />