Page 356 - Honorable Mayor and Members of the City Council

BUDGET GLOSSARY

AUDIT A comprehensive investigation of the manner in which the government's resources
were actually utilized. The audit can be classified as a financial audit or a performance
audit. A financial audit is a review of the accounting system and related financial
information to determine how government funds were spent and whether
expenditures complied with the legislative body's appropriations. A performance
audit consists of a review of how well the government met its stated goals.

BALANCE SHEET A financial statement that discloses the assets, liabilities, reserves, and balances of a
specific governmental fund as of a specified date.

BOND A written promise to pay a specific sum of money at a specified date or dates in the
future, together with periodic interest at a specified rate. The most common types of
bonds are general obligation and revenue bonds. These bonds are most frequently
used for construction of large capital projects such as streets, drainage, and buildings.
The repayment of both the principal and interest are detailed in a bond ordinance.

BONDED DEBT That portion of indebtedness represented by outstanding bonds.

BOND ORDINANCE An ordinance or resolution adopted by the legislative body that authorizes a bond
issue.

BUDGET A financial plan, for a specified period (fiscal year), of operations that matches all
planned revenues and expenditures with services provided to the residents of the
City.

BUDGET ADJUSTMENT A procedure, established by the City Charter, used to revise a budget amount after the
budget has been adopted by the City Council.

BUDGET CALENDAR The schedule of key dates which the City Staff follows in the preparation, adoption,
and administration of the budget.

CITY OF BENBROOK 2018-19 ANNUAL BUDGET
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