§ 2-122. Definitions.

For the purposes of this division, the following terms, phrases, words and their deviations shall have the meaning given herein. When not inconsistent with the context, words so used in the present tense include the future. Words in the masculine gender include the feminine. Words in the plural number include the singular, and words in the singular include the plural.

(a)

Fund. A separate fiscal and accounting entity used by governments to segregate resources related to specific activities.

(b)

Fund balance. The difference between fund assets and fund liabilities in a governmental or trust fund.

(c)

Fund type. One (1) of seven (7) categories into which all individual funds must be classified.

(d)

Liquidity. The ability to meet demands for payment on a timely basis.

(e)

Net assets. Difference between total assets and total liabilities. Used by FASB and GASB to describe equity accounts.

(f)

Net assets invested in capital assets, net of related debt. The portion of net assets of a governmental unit representing capital assets less accumulated depreciation less debt associated with the capital assets.

(g)

Restricted net assets. Assets of an enterprise fund that may not be used for normal operating purposes because of the requirements of regulatory authorities, provisions in bond indentures, or other legal agreements but that need not be accounted for in a separate fund.

(h)

Net assets unrestricted. Portion of the excess of total assets over total liabilities that may be utilized at the discretion of the governing body.

(i)

Non-spendable fund balance. Includes amounts that are not in a spendable form or are required to be maintained intact. Examples are inventory or permanent funds.

(j)

Restricted fund balance. Includes amounts that can be spent only for the specific purposes stipulated by external resource providers either constitutionally or through enabling legislation. Examples include grants and child safety fees.

(k)

Committed fund balance. Includes amounts that can be used only for the specific purposes determined by a formal action of the government's highest level of decision-making authority. Committed may be changed or lifted only by the government taking the same formal action that imposed the constraint originally.

(l)

Assigned fund balance. Comprises amounts intended to be by the government for specific purposes. Intent can be expressed by the governing body or by an official or body to which the governing body delegates the authority. In governmental funds other than the general fund, assigned fund balance represents the amount that is not restricted or committed. This indicates that resources in other governmental funds are, at a minimum, intended to be used for the purpose of that fund.

(m)

Unassigned fund balance. The residual classification of the general fund and includes all amounts not contained in other classifications. Unassigned amounts are technically available for any purpose.

(Ord. No. 2011-50, § 1(Exh. A), 9-20-11)