A numerical code that details financial responsibility for revenue and expenditures. Funds are committed when a requisition is issued through the Purchasing Division of the City. The City's obligation to pay the principal and interest of all bonds and other debt instruments according to a pre-determined payment schedule. The process of estimating and recording the lost usefulness or expired useful life from a fixed asset that cannot or will not be restored by repair and will be replaced. The cost of the fixed asset's lost usefulness is the depreciation or the cost to reserve in order to replace the item at the end of its useful life.
Committed funds become encumbered when a purchasing requisition becomes an actual purchase order.
Rate schedules for these services are established to insure that revenues are adequate to meet all necessary expenditures. Enterprise funds within the City of Fort Worth are established for services such as water and sewer, parking facilities, airports, solid waste management, and golf courses. The amount of projected revenue to be collected during the fiscal year. It may also be defined as the proposed financing sources estimated to finance the proposed projected expenditure. Decreases in the use of net financial resources other than through interfund transfer.