Fiscal Year 2023
Data provided by Owatonna Chamber of Commerce - 2020
Glossary & Acronyms
The following is an abbreviated list of specialized governmental budgeting and accounting terms used in this budget:
BUDGET (OPERATING): A plan of financial operation embodying an estimate of proposed revenues and expenditures for a given period (typically a fiscal year). The term “Approved Budget” is often used to denote the City Council's officially Approved Budget under which the City and its departments operate.
CAPITAL OUTLAYS: Expenditures for the acquisition of capital assets. Includes the cost of land, buildings, permanent improvements, machinery, large tools, rolling, and stationary equipment.
CHARGES FOR SERVICE: User charges for services provided by the City to those specifically benefiting from those services.
COMPREHENSIVE PLAN: The Plan is an adopted document that establishes guidelines for the future growth of the City. The elements or chapters of the Plan help the City to establish policy in order to preserve, promote, protect and improve the public health, safety, comfort, good order, appearance, convenience, law enforcement and fire prevention and general welfare of the City and its citizens
DEBT SERVICE: Payment of fees, interest, and repayment of principal to holders of the City’s debt instruments.
DEPRECIATION: The decrease in value of physical assets due to use and the passage of time
ENTERPRISE FUND: Public Utilities are examples of enterprise funds. Separate financial accounting used for government operations that are financed and operated in a manner similar to business enterprises, and for which preparation of an income statement is desirable.
FRANCHISE FEES: Fees levied on a corporation in return for sanctioning a monopoly or permitting the use of public property, usually subject to regulation of the governing body
FUND: An independent fiscal and accounting entity with a self-balancing set of accounts recording cash and/or other resources together with all related liabilities, obligations, reserves, and equities which are segregated for the purpose of carrying on specific activities or attaining certain objectives.
FUND BALANCE: The excess of an entity’s or fund’s assets over its liabilities. A negative fund balance is sometimes called a deficit.
INTERNAL SERVICE FUND: Funds used to account for the financing of goods or services provided by one department or agency of a government to others within the government on a cost-reimbursement basis.
TAX CAPACITY: Property valuations on which taxing authority levies its tax rate.
BMF - Building Maintenance Fund
CIP - Capital Improvement Program
COLA - Cost of Living Adjustment
CPI - Consumer Price Index
CSO - Community Service Officer
EDA - Economic Development Authority
FICA - Federal Insurance Contributions Act
FTE - Full Time Equivalent
FY - Fiscal Year
GAAP - Generally Accepted Accounting Principles
GASB - Governmental Accounting Standards Board
GIS - Geographic Information Systems
GFOA - Government Finance Officers Association
HRA - Housing & Redevelopment Authority
HUD - Housing & Urban Development
HVAC - Heating, Ventilation, Air Conditioning
IT - Information Technology
LEC - Law Enforcement Center
MHZ - Megahertz
MSA - Municipal State Aid
PERA - Public Employees Retirement Association
ROW - Right-of-Way
SRO - School Resource Officer
TIF - Tax Increment Financing
TNT - Truth in Taxation
VRF - Vehicle Replacement Fund
WC - Workers Compensation
WWTP - Wastewater Treatment Plant