Category: Administration_Finance

CAPITAL ASSET

The acquisition of property, facility, or equipment whose cost exceeds $5,000 per unit. Capital costs include installation, delivery cost, staff training, sales and use taxes, and general and administrative overhead costs.

CURRENT BUDGET

The original budget plus all budget amendments adopted by formal MTA action. Budget amendments are changes to the “scope work.” The Project Manager has the authority to approve budget fund shifts from one budget category to another via the Project…

DEBT SERVICE FUND

Funds to account for those resources used to repay the principal and interest on long-term debt.

ELECTRONIC FUNDS TRANSFER

The exchange of money via telecommunications. EFT refers to any financial transaction that originates at a terminal and transfers a sum of money from one account to another.

ENCUMBRANCES

Commitments related to unperformed contracts for goods or services. A purchase order is the most common encumbrance.

ENTERPRISE FUND

Fund established to finance and account for the acquisition, operation, and maintenance of governmental facilities and services that are entirely or predominantly self-supporting by user charges; or where the governing body of the governmental unit has decided periodic determination of…

EXPENSE RECOVERY RATIO

Total system-generated revenue (including farebox revenue) divided by Section 15 operating costs.

FINANCIAL AUDIT

An audit designed to determine the accuracy of financial records and information.

FIS

Financial Information System. The name of the computer services function at the MTA.