FY 2425 2526 Recommended Operating Budget

Glossary (continued)

ACFR Annual Comprehensive Financial Report - A financial report on assets, liabilities, revenues, and expenditures in a standardized format that must conform to the Government Accounting Standards Board (GASB) accounting and financial reporting standards. This financial report is called the Annual Comprehensive Financial Report (ACFR, pronounced “ ack - fer ”). The ACFR describes what actually was spent and the status of assets and liabilities at the end of the fiscal year. Appropriation An authorization made by the City Council which permits officials to incur obligations against and to make expenditures of governmental resources for a specific purpose within the budget year, July 1 through June 30. Assessed Valuation The estimated value placed upon real and personal property by the County Assessor as the basis for levying property taxes. Audit A systematic examination of the City ’ s financial records and processes which concludes in a written financial report. It includes test of management ’ s internal accounting controls and is intended to: 1. ascertain whether financial statements fairly present financial positions and results of operations; 2. test whether transactions have been legally performed; and, 3. identify areas for possible improvements in accounting practices and procedures Balance Sheet A statement which presents the financial position of an entity by disclosing its assets, liabilities, and fund equities as of a specific date. Assets Property owned by the City which has monetary value.

BMR Below Market Rate

GENERAL INFORMATION 64