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- continued <br />Enterprise Fund - A grouping of activities whose expenditures are wholly or partially offset by <br />revenues collected from consumers in the form of fees and charges. <br />Expenditures - The total cost of a program or capital project. <br />Fire District - Special voter - approved districts within the County established to furnish fire <br />protection to residents and supported by property taxes. <br />Fiscal Year - A 12 -month period (July 1 through June 30) in which the annual operating budget <br />applies and at the end of which an assessment is made of the County's financial condition and <br />performance of its operations. <br />Fixed Asset - An asset of long -term character. For budgetary purposes, a fixed asset is defined <br />as an item costing $250 or more with an expected life of more than one year. <br />Fringe Benefits - For budgeting purposes, fringe benefits include employer payments for social <br />security, retirement, group health and life insurance, dental insurance, and worker's <br />compensation. <br />Full-time Equivalent (FTE) - One FTE equals 40 -hour per week permanent position. <br />Fund - An accounting entity created to record the financial activity for a selected financial group. <br />Fund Balance - Funds accumulated through the under expenditure of appropriations and /or the <br />act of exceeding anticipated revenue. <br />Function - A broad grouping of activities and departments whose objectives and expenditures <br />are inter - related. Examples of functions within Orange County include Human Services, <br />Education, Public Safety, etc. <br />General Fund - A fund that provides the accounting for most of the basic government services, <br />such as elections, social services, sanitation, inspections, health, or law enforcement. <br />General Obligation Bonds - Bonds issued by a government that are backed by the full faith and <br />credit of its taxing authority. <br />Goal - A broad statement of desired conditions to be maintained or achieved through the efforts <br />of an organization. <br />Grants - A contribution of cash or other assets from another government or non - profit <br />foundation to be used for a specified purpose. <br />M-391 <br />