A.R.S. – Arizona Revised Statutes
The principal codification of laws for the State of Arizona.
An annual budget in which expenditures or uses do not exceed available
resources. Current year spending as well as future spending obligations must be taken into
Budgeting for Results
A budgeting strategy where decisions are based on or informed by
performance information that describes the cost or efficiency of producing an activity and the
results achieved for customers—those who receive or use the services or products of a
department or program. This is accomplished by structuring the accounting and budgeting
systems according to the structure of departments' strategic plans.
Comprehensive Annual Financial Report. The audited financial statements of the
County, prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP).
Capital Projects Fund
A fund established to account for the proceeds of bond issues and
other financial resources for the acquisition, construction or reconstruction of major capital
Central Services Cost Allocation Plan
An allocation of General Fund Central Service
department’s costs (i.e., human resources, internal audit) to all non-General Fund departments
through a consistent, logical methodology in proportion to the service or benefit received.
Debt Service Fund
A fund used to account for the accumulation of resources for and
payment of general long-term debt principal and interest such as that associated with general
obligation, special assessment, and stadium district bonds.
An organizational unit headed by a director or elected official. In terms of
financial structure, departments can have multiple funding sources, (i.e., general fund, special
revenue etc.) that are based on specified uses. The combinations of the various funds are
consolidated at the department level.
Fiscal Year (FY)
An accounting period of 12 months. Maricopa County government operates
on a fiscal year that begins on July 1 and ends on the following June 30.
Full Time Equivalent (FTE)
A value equivalent to the number of employees paid full time
(forty hours per week or from 2,080 to 2,096 hours per year, depending on the calendar).
A fiscal and accounting entity with a self-balancing set of accounts segregated for the
purpose of carrying out specific activities or obtaining certain objectives in accordance with
regulations, restrictions, or limitations.
An amount composed of accumulated excess or deficiency of
revenues less expenditures in a fund. This is measured at the beginning or end of a fiscal year.
A fund accounting for all financial resources of the County, except those
required to be accounted for in other funds, which serve as the County’s primary operating fund.
Generally Accepted Accounting Principles (GAAP)
Those accounting principles
sanctioned by recognized authoritative bodies such as the Governmental Accounting Standards
Board (GASB) and the Financial Accounting Standards Board (FASB).
County General Fund, special revenue funds, debt service funds, and
capital projects funds.
Governmental Accounting Standards Board (GASB)
Organized in 1984 as an operating
entity of the Financial Accounting Foundation (FAF) to establish standards of financial
accounting and reporting for state and local governmental entities. The goals of these standards
are to improve the quality and usefulness of information for users of financial reports.
A cost billed to one County department by another County department for
base level or discretionary services provided.
Internal Service Fund (ISF)
A proprietary fund that may be used to report any activity that
provides goods or services to other departments on a cost-reimbursement basis.
Managing for Results (MFR)
Managing for Results is a comprehensive and integrated
management system that focuses on achieving results for the customer. MFR provides a
common framework under which strategic planning, budgeting, and performance measurement
are aligned in a unified, cyclical process with five components that support the process:
Planning for Results, Budgeting for Results, Delivering Services, Analyzing and Reporting
Results, and Evaluating and Improving Results.
Identifies the expenditure type (e.g., cash, accounts payable, real property
taxes, salaries and wages).
A category of expenditures within the budget that includes salaries,
benefits, temporary help, special pay, overtime, salary adjustments, and personnel allocations
Legally separate entities that are reported as blended component units of
Maricopa County. The Special Districts include the Maricopa County Library District, Flood
Control District of Maricopa County, and Maricopa County Stadium District. Pursuant to GAAP,
the Special Districts are reported as part of the County for financial reporting purposes.
Special Revenue Fund
A fund that accounts for the proceeds of specific revenue sources
(other than major capital projects) that is legally restricted to specific-purpose expenditures.