Page 167 - Microsoft Word - Budget FY 19

Intergovernmental Revenue: Revenue received from another government entity for a specified
purpose. In Forest Hill, these are the funds from Tarrant County, the State of Texas, and through the
recovery of indirect costs from federal and state agencies.

Inventory: A detailed listing of property currently held by the government showing quantities,
descriptions and values of the property, units of measure, and unit prices.

Invoice: A bill requesting payment for goods or services by a vendor or other governmental unit.

Levy: To impose taxes, special assessments, or service charges for the support of City activities.

Line-Item Budget: A budget that lists each expenditure category (salary, materials, telephone service,
travel, etc.) separately along with the dollar amount budgeted for each specified category.

Long -Term Debt: Any un-matured debt that is not a fund liability and at the same time has a maturity of
more than one year.

Modified Accrual Accounting : A basis of accounting in which revenues should be recognized in the
accounting period in which they become available and measurable and expenditures are recorded in the
accounting period that they are incurred. Since this type of accounting basis is a conservative financial
approach, it is recommended as the standard for most governmental funds.

Objective: The reason for making specific efforts or taking deliberate actions with the intent to attain or
accomplish an identified goal, targeted level, or meet a defined purpose.

Operating Budget: The portion of the budget pertaining to daily operations that provide basic
governmental services. The operating budget contains appropriations for such expenditures as
personnel, supplies, utilities, materials, travel, and fuel and the proposed means of financing them.

Operating Fund: A fund restricted to a single fiscal year.

Performance: The execution or accomplishment of work which produces results.

Performance Budget: A budget that focuses upon activities rather than line items. Workload and unit
cost data are collected in order to assess the efficiency of services. Typical data collected might include
miles of streets paved per year, cost of paved streets per mile, tons of garbage collected per employee
hour, or cost per employee hour of garbage collection.

Performance Measures:

Specific quantitative and qualitative measures of work performed as an objective of the department.

Program Budget: A budget that focuses upon the goal and objectives of an agency or jurisdiction rather
than upon its organizational budget units or object classes or expenditures.

Property Tax: Taxes levied on both real and personal property according to the property's valuation and
the tax rate.

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