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City of Saint Anthony <br />Financial Plan <br />DEBT......................................................An obligation resulting from the borrowing of <br />money or the purchase of goods or services. <br />DEBT SERVICE FUND .... ...................... A fund established to account for the payment <br />of principal and interest on debt of the City. <br />ENTERPRISE FUND ... .............. .............A fund established to account for the financing <br />of services to the general public where all or <br />most of the costs involved are recovered <br />primarily through user fees. (City enterprise <br />funds are water and sewer, police contract <br />services and liquor operations. <br />Expenditure......... ... ..... .,... Disbursements for operating costs debt service <br />and capital outlay. <br />FISCAL DISPARITIES „ ..........................Is a tax sharing pool created to distribute <br />dollars to areas with modest tax capacity <br />values. <br />FISCAL YEAR .....„......„ .........................The twelve month period to which the annual <br />budget applies and at the end of which the City <br />determines its financial position. The City's <br />fiscal year is January 1St to December 31St <br />FIXED ASSETS ...... .............„......... ....... .. Long-term tangible assets which are "fixed” in <br />nature, such as building, land, and equipment. <br />FUND......................................................An accounting entity with a self -balancing set <br />of accounts in which assets, liabilities, and <br />equity are recorded for a specific activity or <br />objective. <br />FUND BALANCE ...................................The difference between fund assets and fund <br />liabilities. The fund balance can be used as a <br />revenue source by decreasing an existing <br />positive balance. <br />GENERAL FUND...................................This fund is used to account for all general <br />operations of the City, which are necessary to <br />provide basic governmental services. <br />GENERAL OBLIGATION BONDS <br />(G.O. BONDS) ........................................ Bonds that are backed with the full faith and <br />credit of the City. <br />121 <br />