The commitment of appropriated funds to purchase an item or service. There are other exemptions for disability, government owned and non-profit owned property. Expenditures include current operating expenses which require the current or future use of net current assets, debt service, and capital outlays. The tax rate adopted in the final public hearing. Martin County's fiscal year begins October 1 and ends September 30th of each year.
Examples are public safety, public health, public welfare, etc.
A fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. This fund is supported by ad valorem taxes, licenses and fees, and other general revenues to provide county-wide operations. Property taxes are the main revenue used to repay general obligation bonds, but if bondholders are not repaid, they have a legal claim against any revenue or asset of the government. G.O. debt, as these bonds are called, may only be incurred in Florida if approved by voters in a referendum. A governmental accounting fund used to account for the financing of goods or services provided by one County department to another on a cost reimbursement basis.