FY23 FULL BUDGET REPORT ADOPTED

Fund – A fiscal entitywith revenues and expenses that are segregated for the purpose of accounting for an activity(s) with common objectives.

Interfund Loan - The loan of moneys between funds of the same governmental entity for cash flow purposes with full intent to reimburse. Revenue received from another government for general purposes or special intent. Law Enforcement Officer’s (LEO) Special Separation Allowance – A single-employer defined benefit plan that provides retirement benefits to the Town’s qualified sworn law enforcement officers. Intergovernmental Revenue –

Fund Balance – The excess of the assets of a fund over its liabilities.

GAAP Generally accepted accounting principles. A uniformminimum standard used by state and local governments for financial recording and reporting; established by the accounting profession through the Governmental Accounting Standards Board. General Fund – A fund that accounts for most of the basic government services such as public safety, streets and highways, sanitation, parks and recreation, and general government services. General Obligation Bonds – Bonds issued by a government entity which are backed by its full faith, credit and unlimited taxing authority. Goal – a statement of Council direction, purpose or intent based on the needs of the community. A goal is general and timeless; that is, it is not concerned with a specific achievement in a given time period. Grants – Contributions or gifts of cash or other assets from another government to be used or expended for a specified purpose, activity, or facility. –

Lease – A contract for temporary use of equipment or facilities at a negotiated price.

Levy – To impose taxes for the support of government services and activities.

Liabilities – Probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. Local Government Budget and Fiscal Control Act – General Statute of the State of North Carolina governing budgetary and fiscal affairs of local governments. Local Government Commission (LGC) – A division of the North Carolina Department of State Treasurer that is primarily responsible for the approval, sale, and delivery of local government bonds and notes as well as monitoring certain fiscal and accounting standards.

In Lieu of Taxes – A contribution by benefactors of Town services who are tax exempt.

Interest – Compensation for the use of borrowed money, generally expressed as an annual percentage of the principal amount.

Mission – A broad statement outlining the Town’s purpose for existing.

Modified Accrual Basis – A method for accounting for the receipt and expenditure of funds whereby revenues are recorded when they

Interfund Transfers – The movement of moneys between funds of the same governmental entity.

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