Page 355 - Honorable Mayor and Members of the City Council

BUDGET GLOSSARY

The 2018-19 Annual Budget contains specialized and technical terminology that is unique to public finance and
budgeting. To assist the reader of the Annual Budget Document in understanding these terms, a budget glossary has
been included.

ACCOUNT A code designed for convenience in referencing classification information for
computer operations. The code specifically designates character and object code
information.

ACCRUAL ACCOUNTING A basis of accounting in which revenues are recognized in the period in which they
are earned and become measurable, and expenses are recognized in the period
incurred instead of when cash is actually received or spent. For example, in accrual
accounting, revenue that was earned between January 1 and March 31, but for which
payment was not received until April 15, is recorded as being received on March 31
rather than on April 15.

ACTIVITY CLASSIFICATION Expenditure classification according to the specific function performed by the
organizational units.

APPROPRIATION A legal authorization made by the City Council that permits the City to make
expenditures and to incur obligations for specific purposes. An appropriation is
usually limited in amount and to the time period in which it may be expended.

APPROPRIATION ORDINANCE The official enactment by the City to establish legal authority for City officials to
obligate and to expend resources.

APPRAISED VALUE The estimated value of a piece of property for the purpose of taxation.

ASSESSED VALUATION A value that is established for real or personal property for use as a basis for levying
property values. (Note: Property values in the City of Benbrook are established by the
Tarrant Appraisal District).

CITY OF BENBROOK 2018-19 ANNUAL BUDGET
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