FY 25 Harford County Approved Operating Budget

ENTERPRISE FUND A fund or group of funds established to provide and operate County services and facilities such as utilities, in a business like nature with the intent of supporting these goods and services provided to the general public by user charges. ENTITLEMENTS Payments to which local governmental units are entitled, pursuant to an allocation formula determined by the agency providing the monies, usually the state or the federal government.

EPA Environmental Protection Agency

EXPENDITURE To pay out or spend.

EXPENSE Charges incurred (whether paid immediately or unpaid) for operations, maintenance, interest or other charges.

FAMIS Financial Accounting Management Information System

FASB Financial Accounting Standards Board

FEE A charge for service to the user or beneficiary of the service. According to the State law, charges must be related to the cost of providing the service.

FICA Federal Insurance Contributions Act

FIDUCIARY FUNDS Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statement because the resources of those funds are not available to support Harford County Government’s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. Information is presented separately for the pension trust funds within the supplementary information to the financial statements in a combining statement of fiduciary net assets and a combining statement of changes in fiduciary net assets. FISCAL IMPACT SYSTEM The net financial effect of a change to a capital project or an agency’s operating budget for the current fiscal year. FISCAL POLICY The County Government’s policies with respect to revenues, expenditures, and debt management as these relate to County services, programs, and capital investments. Fiscal policy provides a set of principles for the planning and programming of budgets, uses of revenues, and financial management.

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