Accrual Basis of Accounting: Revenues are recognized when earned and expenses are recognized when incurred, regardless of the timing of the related cash flows.

Appropriated Fund Balances: The amount of fund balance that is legally authorized by City Council as a financing source to help fund specific expenditures.

Appropriation: An authorization granted by City Council or the legislature to make expenditures and incur obligations for a specific purpose.

Balanced Budget: A budget in which revenues and appropriated fund balance reserves are equal to or greater than expenditures

Basis of Accounting: The methodology under which revenues and expenses are recognized for financial reporting and budgeting. The City of Salida utilizes the accrual basis of accounting.

Capital Expenditure/ Capital Project / Capital Asset: Costs associated with acquiring capital assets in governmental funds. For the City of Salida, this includes land, buildings, equipment, vehicles, and infrastructure assets with an initial cost of $5,000 or more and an estimated useful life in excess of two years.

Enterprise Funds: Funds that present business‐type activities, i.e., a fee is charged to external users for goods or services.

Expenditure: Outgoing monies to pay for services, functions, and facilities the government provides.

Fees in lieu: fees paid instead of meeting certain development standards for inlcusionary housing, open space, etc.

Fiscal Year (FY): A one‐year period used for financial reporting and budgeting

Full‐Time Equivalent (FTE): Unit of measurement equivalent to hours worked by one full‐time employee. This measure is used to allow for comparability between groups that have both part‐time and full‐time employees.

Fund: A set of interrelated accounts to record revenues and expenditures associated with a specific purpose.

Fund Balance: The difference between assets and liabilities reported in a governmental fund at the end of the fiscal year.

General Fund: Allotment of funds designated to cover a government jurisdiction’s primary costs.

Governmental Funds: Funds principally supported by taxes and intergovernmental revenues.

Interfund Transfers: Proceeds transferred from one Fund within the City to another Fund within the City.

Intergovermental Revenue: Revenue received from or through the Federal, State, or County government. These include Sales Tax, Cigarette Tax, Severance Tax, Motor Vehicle Registration, County Road & Bridge, State & Federal Grants.

Levy: To impose or collect a tax by legal authority.

Occupation or Lodging Tax: Tax charged on the business or occupation. In the City of Salida, there is an occupation tax on the leasing or renting of rooms or other accommodations within the City of Salida limits for less than thirty consecutive days. Effective as of February 1, 2019, the temporary occupational lodging tax is $3.66 per night per occupied room.

Restricted Funds: Fund balance amounts constrained for specific purposes which are externally imposed by providers, such as creditors or amounts constrained due to constitutional provisions or enabling legislation.

Revenues: Incoming monies available for the City’s functions and programs.

Sales Tax: Tax imposed on the taxable sales of all final goods.

Unrestricted Funds: Fund balance amounts not constrained to a specific purpose as set out by creditors, constitutional provisions or enabling legislation.

ADA: Americans with Disabilities Act

ARPA: American Rescue Plan Act: Coronavirus state and local fiscal recovery funds

CDOT: Colorado Department of Transportation

CIPP: Cured-in-place-pipe lining is a method of trenchless rehabilitation and restoration used in the repair of existing sewer lines.

COLA: Cost of Living Adjustment

CIP: Construction in Progress

CTF: Conservation Trust Fund

FTE: Full‐Time Equivalent

FMP: Financial Management Plan

FY: Fiscal Year

SDF: Utility System Development Fees

SHSAC: Salida Hot Springs Aquatic Center