Glossary of Terms - Budget Related
Ad Valorem Taxes - Property taxes.
Bond - A written promise to pay a specified sum of money at a fixed time in the
future, and carrying interest at a fixed rate, usually payable periodically.
COLA - Cost of living adjustment.
Consolidated Tax - Compilation of sales, cigarette, liquor, personal property
transfer, basic city county relief tax (BCCRT), supplemental city county relief tax
(SCCRT), government services tax and motor vehicle privilege tax revenues that
are distributed by the state.
Debt Service - The amount of interest and principal that the City must pay each
year on net direct long-term debt plus the interest it must pay on direct shortterm
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Fiscal Year - A 12-month period designated as the operating year for
accounting and budgeting purposes in an organization; the City has a fiscal year
from July 1 through the following June 30.
Fund Balance - The excess of the assets of a fund over its liabilities, reserves and
General Obligation Bond - Bonds that finance a variety of public projects such
as streets, buildings and improvements; the repayment of these bonds is usually
made from the debt portion of property taxes, and these bonds are backed by
the full faith and credit of the issuing government.
Intergovernmental Resources - Funds received from federal, state and other
local government sources in the form of grants, shared revenues and payments
in lieu of taxes.
Operating Transfers In/Out - Amounts transferred from one fund to another to
assist in financing the services of the recipient fund.
Resources - Total amounts available for appropriation including projected
revenues, fund transfers, bond proceeds and beginning fund balances.
Revenue-Supported Bonds - Bonds usually sold for constructing a project that
will produce revenue for the government; that revenue is pledged to pay the
principal and interest of the bond.