Debt Service - Payment of interest and principal on an obligation resulting from bond sales or lease-purchase agreements. Debt Service (Fund 305) – A fund used to account for resources and expenditures related to retirement of the City’s general obligation debt service, sometimes referred to as an “interest and sinking fund.” The basis of accounting employed is “modified accrual”. Department - A major administrative unit of the City, which indicates overall management responsibility for an operation or a group of related operations within a functional area. Economic Development (Fund 195) - Accounts for revenues received from 3/8-cent sales tax, which is dedicated to economic development within the city. This is a pass through fund. These monies are paid, immediately upon receipt, to the DeSoto Economic Development Corporation that administers these funds. The basis of accounting employed is “modified accrual”. Electronic Equipment Replacement (Fund 420) - Accounts for all revenue and expenditures related to upgrading the computer system for the city. The basis of accounting employed is “modified accrual”. Encumbrance - The commitment of appropriated funds to purchase an item or service. Energy Management (Fund 230) - Accounts to fund all energy related expenditures and retain savings to pay debt service for the financing of energy related capital improvements. The basis of accounting employed is "modified accrual". Enterprise Fund - A fund established to account for operations that are financed and operated in a manner similar to private business. It is the City's intent to recover the costs of providing a service primarily through user charges. Equipment Replacement (Fund 420) - This fund accounts for money dedicated to equipment replacement for the City of DeSoto. This fund accounts for all revenue and expenditures related to replacing property, plant and equipment greater than $5,000 as required by the City’s vehicle replacement program. The basis of accounting employed is “modified accrual”. Expenditures - Outflow of non-enterprise funds paid or to be paid for an asset obtained or goods and services obtained. Expenses - Outflow of enterprise funds paid or to be paid for an asset obtained or goods and services obtained.
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