GLOSSARY
Local Agency Investment Fund (LAIF)
A voluntary program created by statute in 1977 in which participating agencies (local governments and special districts) invest public funds.
Long-Term Debt
Debt with a maturity of more than one year after issuance.
Major Fund
A fund that comprises more than 10 percent of total citywide budgeted revenues and transfers-in and/or 10 percent of total budgeted appropriations and transfers-out.
Measure M
County-wide sales tax measure used to fund a variety of transportation- related projects.
Measure M - Growth Management Area (M-GMA)
A county grant program that provides funding for projects that benefit the greatest number of jurisdictions within a designated growth management area (GMA) in Orange County. The primary objective of this program is to address current traffic deficiencies and the cumulative regional traffic impacts of development not addressed by specific project mitigation and existing system deficiencies. The non-competitive portion of the sales tax revenue generated through Measure M that is "turned back” to the City. Funds are restricted to circulation related projects (street, traffic signal, etc.) and are received quarterly.
Measure M – Turnback
Memorandum of Understanding (MOU)
An agreement outlining the terms of employment entered into between the City and employees of various bargaining units.
Modified Accrual Basis of Accounting
Basis of accounting according to which (a) revenues are recognized in the accounting period in which they become available and measurable and (b) expenditures are recognized in the accounting period in which the fund liability is incurred, or measurable, except for un-matured interest on general long-term debt and certain similar accrued obligations, which should be recognized when due. A permit program authorized by the Clean Water Act that controls water pollution by regulating point sources that discharge pollutants into waters of the United States. Funds that are used to account for resources other than those accounted for in the General, Debt Service, or capital projects funds. Funds are used to account for activities where monies are restricted or committed for a specific purpose and the expenditures must be restricted or committed for specific programs.
National Pollutant Discharge Elimination System (NPDES)
Non-Major Fund
FY 2023-25 Adopted Budget
495
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