b"Expenditure: An outlay of money made by municipalities to provide the programs and services within their approved budget.Fiduciary Funds: Repository of money held by a municipality in a trustee capacity or as an agent for individuals, private organizations, othergovernmental units, and other funds. These include pension (and other employee benet) trust funds, investment trust funds, private- purpose trustfunds, and agency funds.Fixed Assets: Long-lived, assets such as buildings, equipment and land obtained or controlled as a result of past transactions or circumstances.Fixed Costs: Costs that are legally or contractually mandated such as retirement, FICA/Social Security, insurance, debt service costs or intereston loans.Float: The dierence between the bank balance for a local governments account and its book balance at the end of the day. The primary factorcreating oat is clearing time on checks and deposits. Delays in receiving deposit and withdrawal information also inuence oat.Full Faith and Credit: A pledge of the general taxing powers for the payment of governmental obligations. Bonds carrying such pledges areusually referred to as general obligation or full faith and credit bonds.Fund: An accounting entity with a self-balancing set of accounts that are segregated for the purpose of carrying on identied activities or attainingcertain objectives in accordance with specic regulations, restrictions, or limitations.Fund Accounting: Organizing nancial records into multiple, segregated locations for money. A fund is a distinct entity within the municipalgovernment in which nancial resources and activity (assets, liabilities, fund balances, revenues, and expenditures) are accounted forindependently in accordance with specic regulations, restrictions or limitations. Examples of funds include the general fund and enterprise funds.Communities whose accounting records are organized according to the Uniform Municipal Accounting System (UMAS) use multiple funds.GASB 34: A major pronouncement of the Governmental Accounting Standards Board that establishes new criteria on the form and content ofgovernmental nancial statements. GASB 34 requires a report on overall nancial health, not just on individual funds. It requires more completeinformation on the cost of delivering value estimates on public infrastructure assets, such as bridges, road, sewers, etc. It also requires thepresentation of a narrative statement the government's nancial performance, trends and prospects for the future.GASB 45: This is another Governmental Accounting Standards Board major pronouncement that each public entity account for and report otherpostemployment benets in its accounting statements. Through actuarial analysis, municipalities must identify the true costs of the OPEB earned byemployees over their estimated years of actual service.General Fund: The fund used to account for most nancial resources and activities governed by the normal appropriation process.General Obligation Bonds: Bonds issued by a municipality for purposes allowed by statute that are backed by the full faith and credit of its taxingauthority.Governing Body: A board, committee, commission, or other executive or policymaking bodyof a municipality or school district.Indirect Cost: Costs of a service not reected in the operating budget of the entity providing the service. An example of an indirect cost of providingwater service would be the value of time spent by non-water department employees processing water bills. A determination of these costs isnecessary to analyze the total cost of service delivery. The matter of indirect costs arises most often in the context of enterprise funds.Interest: Compensation paid or to be paid for the use of money, including amounts payable at periodic intervals or discounted at the time a loan ismade. In the case of municipal bonds, interest payments accrue on a day-to-day basis, but are paid every six months.Interest Rate: The interest payable, expressed as a percentage of the principal available for use during a specied period of time. It is alwaysexpressed in annual terms.Investments: Securities and real estate held for the production of income in the form of interest, dividends, rentals or lease payments. The termdoes not include xed assets used in governmental operations.Line Item Budget: A budget that separates spending into categories, or greater detail, such as supplies, equipment, maintenance, or salaries, asopposed to a program budget.Local Aid: Revenue allocated by the state or counties to municipalities and school districts.Maturity Date: The date that the principal of a bond becomes due and payable in full.Beaufort County, SC | Budget Book 2024 Page 566"