Page 383 - Budget Book FY2020-2021
P. 383
B U D G E T G L O S S A R Y
Accrual Basis Indicates revenues are recorded which the City follows in the preparation and
when they are earned (whether or not cash is adoption of the budget.
received at the time) and expenditures are
recorded when goods and services are received Budget Document The instrument used by
(whether cash disbursements are made at the the budget-making authority to present a
time or not). comprehensive financial plan of operations to
the City Commission.
Ad Valorem Tax A tax which is levied in
proportion to the value of the property against Budget Message A general discussion of the
which it is levied. This commonly referred to proposed budget as presented in writing by the
as a property tax. budget making authority to the legislative
body.
Appraised Value To make an estimate of
value for the purpose of taxation. (Property Capital Projects Fund A fund created to
values are established by the Hidalgo County account for financial resources to be used for
Appraisal District). the acquisition or the construction of major
capital facilities or equipment.
Appropriation Authorization granted by a
legislative body to make expenditures and to Capital Outlay Expenditures resulting in the
incur obligations. The appropriation contains acquisition or addition to fixed assets.
specific limitations as to the amount, purpose,
and time when it may be expended. City Commission The Mayor and six
Commissioners collectively acting as the
Appropriation Ordinance The office legislative and policy making body of the City.
enactment, by the City Commission, to legally
authorize City Staff to obligate and expend Civil Service Personnel All certified police
resources. officers and fire fighters.
Assessed Value The total taxable value placed Current Taxes Taxes levied and due within
on real estate and other property as a basis for one year.
levying taxes.
Debt Service Payment of interest and
Bond A written promise to pay a sum of principal to holders of a government's debt
money on a specific date(s) at a specific interest instruments.
rate. The interest payments and the repayment
of the principal are detailed in a bond Debt Service Fund A fund established to
ordinance. account for the accumulation of resources for,
and the payment of, long-term debt principal
Budget A plan of financial operations and interest.
embodying an estimate of proposed
expenditures for a given period and the Delinquent Taxes Taxes that remains unpaid,
proposed means of financing them. after the date on which a penalty for non-
payment is attached. (example: tax statements
Budget Calendar The schedule of key dates are mailed out in October and become
-333-
