GLOSSARY
Governmental Accounting Standards Board (GASB)
Organized in 1984 by the Financial Accounting Foundation to establish standards of financial accounting and reporting for state and local governmental entities (www.gasb.org). A fund type to account for tax-supported activities. There are five different types of governmental funds: the general fund, special revenue funds, debt service funds, capital projects funds, and permanent funds.
Governmental Fund
Grants
Contributions of cash or other assets from another governmental agency to be used or expended for a specified purpose, activity or facility.
Gross Domestic Product (GDP)
The total of the goods and services produced by labor and property located in the United States.
Gross State Product (GSP)
The total of the goods and services produced by labor and property located in the State of California.
Growth Management Area (GMA)
Inter-jurisdictional planning regions within Orange County.
Growth Management Program (GMP)
A Measure M funded program intended to address the cumulative regional traffic impacts of development not addressed by specific project mitigation and existing system deficiencies.
HOME Program
Federal housing assistance program that provides funds to low- and very low- income families for both rental units and privately owned dwellings.
Hotel Improvement District (HID)
An additional 2 percent hotel tax, on top of the City’s 8 percent base Transient Occupancy Tax (TOT) is collected for the Business (Hotel) Improvement District, with 1.5 percent designated for the Irvine Chamber of Commerce and 0.5 percent used for City sponsored cultural events.
Hotel Tax
Also known as the Transient Occupancy Tax (TOT) or bed tax – an 8 percent tax added to the cost of renting a hotel room within the City.
Infrastructure
Includes the City’s street, bridge, traffic signal, landscaping, and trail networks. To be capitalized as part of the City’s infrastructure network, a related component must have an initial individual cost of at least $50,000 and an estimated useful life greater than two years.
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FY 2023-25 Adopted Budget
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