Glossary of Municipal Financial Terms
Use this glossary to guide your analysis of financial statements in the MuniSpot database.
- Accounts Payable:
Amounts owed for received goods or services.
- Accrued Salaries:
Earned employee wages not yet paid.
- Adjustment:
Corrections or updates to financial data.
- Advances from Grantors:
Unspent grant funds received.
- Advances from Other Funds:
Loans received from other municipal funds.
- Advances to Other Funds:
Long-term loans to other municipal funds.
- Airport:
Revenues or expenditures from airport operations.
- Assigned:
Funds designated for specific purposes, not formally restricted.
- Bond Interest Payable:
Accrued interest on issued bonds.
- Bonds Payable:
Long-term debt issued by the municipality.
- Capital Outlay:
Costs for acquiring or maintaining fixed assets.
- Cash and Cash Equivalents:
Cash or short-term investments with a maturity of three months or less.
- Charges for Services:
Fees for public services (e.g., water, sewer)
- Committed:
Funds designated for specific purposes by formal government action.
- Contributions and Donations:
Donations of money or assets.
- Cost of Sales:
Costs of producing or purchasing goods sold.
- Culture and Recreation:
Spending on libraries, parks, and recreation.
- Debt Issuance Cost:
Costs for issuing municipal bonds or debt.
- Debt Service:
Total debt repayment obligations, including principal and interest.
- Deferred Inflows of Resources:
Funds received before they are available for use.
- Deferred Outflows of Resources:
Resources used in the current period that impact future liabilities or equity.
- Due from Other Funds:
Amounts owed between funds within the same entity.
- Due from Other Governments:
Funds owed by federal, state, or local governments for grants or agreements.
- Due to Component Units:
Amounts owed to legally separate entities, such as utilities.
- Due to Other Governments:
Funds owed to federal, state, or local entities.
- Economic Development:
Expenses for growth and revitalization initiatives.
- Environmental and Health Services:
Spending on health, sanitation, and environmental services.
- Excess (Deficiency) of Revenues Over Expenditures:
Net revenues after expenses.
- Extraordinary Items:
Significant, unusual transactions or events.
- Federal Revenue:
Grants or aid from the federal government.
- Fines and Forfeitures:
Income from penalties or seized assets.
- Franchise Tax Revenues:
Taxes on businesses operating locally.
- Fund Balances:
Starting and ending financial positions for the fiscal year.
- General and Administrative Expenses:
Overhead costs for managing operations.
- Highways and Streets:
Spending on roads and related services.
- Housing and Community Services:
Social services and community development spending.
- Income Tax Revenues:
Taxes levied on individual or corporate income.
- Interest Income:
Earnings from interest-bearing accounts.
- Interfund Transfers:
Movements of funds between different municipal funds.
- Inventories:
Goods or materials held for operations or resale.
- Investments, Fair Value:
Investments valued at current market price.
- Judicial:
Expenditures on courts and legal proceedings.
- Liabilities [Abstract]:
Summary of all liabilities.
- Licenses and Permits:
Revenue from issuing licenses and permits.
- Local Revenue:
Income from local taxes, fees, and other sources.
- Maintenance and Repairs:
Costs for asset upkeep.
- Miscellaneous:
Unclassified minor revenues or expenses.
- Net Change in Fund Balances:
Difference in starting and ending fund balances.
- Nonspendable:
Fund balance not in spendable form (e.g., inventories, prepaid expenses).
- Notes Payable:
Short- or long-term obligations under promissory notes.
- Notes Receivable:
Promissory notes owed to the municipality.
- Other Assets:
Miscellaneous assets not classified elsewhere, e.g., deposits or intangibles.
- Other Liabilities:
Miscellaneous obligations not classified elsewhere.
- Overdraft:
Negative cash balance due to excess disbursements.
- Prepaid Expenses:
Payments made for future goods or services, like insurance or rent.
- Property Tax Revenues:
Taxes on real property.
- Public Safety:
Spending on police, fire, and emergency services.
- Receivable. Accounts:
Amounts owed to the municipality for goods or services provided.
- Receivable, Interest:
Interest earned but not yet received on investments or loans.
- Receivable, Special Assessments:
Payments due for local improvements like streets or sewers.
- Restricted:
Funds restricted by external requirements or legislation.
- Revenues [Abstract]:
Summary of all income during the period.
- Salaries and Employee Benefits:
Compensation for employees.
- Taxes Receivable:
Uncollected taxes owed to the municipality.
- Total Assets:
Sum of all asset accounts.
- Total Assets and Deferred Outflows:
Combined total of assets and deferred outflows.
- Total Fund Balances:
Sum of all fund balance classifications.
- Total Liabilities and Fund Balances:
Combined financial position of liabilities and fund balances.
- Transportation Expenses:
Costs for public transportation.
- Unassigned:
Funds available for any purpose.
- Unavailable Revenue:
Earned revenue not yet available for use.
- Utility Tax Revenues:
Taxes on utility services.
- Waste Management:
Expenses for trash collection and recycling.