ACA Affordable Health Care Act effective January 1, 2015. APPROPRIATION A legal authorization granted by the District to make expenditures and incur obligations for specific purposes. BOND RATING An assessment of the likelihood that a bond issuer will pay the interest on its debt on time. Bond ratings are assigned by independent agencies, such as Moody’s Investors Service. Ratings range from Aaa (highest) to C (in default). The District maintains an Aaa rating. BALANCED BUDGET Current revenues equal current expenditures. BUDGET DOCUMENT Instrument used by the budget-making authority to present a comprehensive financial plan of operations to the Park Board of Commissioners. CAPRA Commission for Accreditation of Parks and Recreation Agencies ANNUAL COMPREHENSIVE FINANCIAL REPORT A governmental unit’s official annual report prepared and published as a matter of public record, according to governmental accounting standards. EQUALIZED ASSESSED VALUATION (EAV) A value that is established for real or personal property for use as a basis for levying property taxes. FISCAL YEAR (FY) The time period designating the beginning and ending period for recording financial transactions. The District’s fiscal year is January 1st-December 31st.
FUND An accounting entity with a separate set of self-balancing accounts that comprise its assets, liabilities, fund balance, revenues and expenditures. GENERAL OBLIGATION BONDS Bonds that finance public projects such land purchases and park improvements. The repayment of these bonds is made from property taxes, and they are backed by the full faith and credit of the issuing government. GFOA Government Finance Officers Association. GRANT A contribution by a government or other organization to support a particular function. Typically, these contributions are made to local governments from the state and federal governments. IEPA Illinois Environmental Protection Agency IMRF Illinois Municipal Retirement Fund is a pension plan for employees of member organizations within the State of Illinois. INTERFUND TRANSFER Amounts transferred from one fund to another. LONG-TERM DEBT Debt with a maturity of more than one year after the date of issuance. PARK BOARD Seven (7) Commissioners, elected by the public, collectively act as the legislative and policy- making body of the District.
NAPERVILLE PARK DISTRICT 2024 BUDGET GLOSSARY
2024 BUDGET 14
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