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.
Category: Administration_Finance
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.
ECHO
Electronic Clearing House Operations Payment System – Federal.
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.