Capital Assets
Tangible asset's original acquisition cost that must meet or exceed this amount in order to be recognized and capitalized on the City's financial books
What is $10,000?
Operating, Project Support, Planning, Capital
What are Types of Grant Funding
Financial institution commonly used by municipalities to hold operating cash and process daily receipts and disbursements
What is a bank?
Group of funds that includes governmental, proprietary, and fiduciary funds, each intended to ensure transparency and compliance in public financial management
What are fund categories?
Level of confidence provided by internal controls
What is Reasonable Assurance?
Assets that exceed a certain cost threshold and have a useful life in excess of one year
What are capital assets?
Costs that can be identified specifically with a particular final cost objective, i.e., a particular award, project, service, or other activity
What are direct costs?
Investment objective typically comes first in a municipal investment policy, ahead of liquidity and yield
What is safety of principal?
Fund type used to track legally restricted resources meant for specific purposes, separate from the General Fund
What is a Special Revenue Fund?
Fundamental purpose of internal controls
What is Process?
Type of asset held by local governments that include easements or rights-of-ways
What is a intangible asset?
Advanced funding returned to granting agency or funds not spent during the grant's period of performance
What are Deobligated Funds
This strategy involves matching investment maturities with anticipated cash needs to ensure funds are available when required.
What is maturity matching? (or cash flow matching)
Governmental fund type that manages resources for building major facilities such as streets, buildings, and infrastructure
What is a Capital Projects Fund?
Pervasive effect on the basic components of a comprehensive framework of internal control
What is Control Environment?
Capital assets that specifically benefit the general public (like sidewalks and streets) that are classified under this specific term
What is infrastructure?
Federal agency responsible for negotiating and approving indirect cost rates for a non-profit organization on behalf of all Federal agencies
What is a Cognizant Agency
This measure compares the weighted average time until a bond portfolio's cash flows are received and is often used to assess interest-rate sensitivity.
What is a ladder? (investment ladder or laddered portfolio)
Basis of accounting used in governmental funds that records revenues when they are measurable and available, rather than when cash is received
What is the modified accrual basis?
Three effective actions if the segregation of incompatible duties is not feasible
What is Rotating Duties, Making Comparisons Over Time, Considering logical Relationships Among Data
Systematic allocation of the cost of a capital asset over its estimated useful life, which is required on government-wide financial statements
What is depreciation or amortization?
Required component of the single audit report under GAGAS and the Uniform Guidance?
What is an opinion?
The risk that a municipality will be unable to access cash when needed without incurring significant losses is known as this type of risk.
What is liquidity risk?
Characteristics that distinguish governmental fund accounting from business accounting by prioritizing stewardship over profitability
What is accountability?
The significance of a potential risk is a function of these four basis
What is the Likelihood of Occurrence, Potential Impact, Speed of Impact, and Duration of Impact