Page 396 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget
P. 396
Section 12 Appendix
Glossary of Terms
equipment to detect defects Objectives: Specific, days of receipt of invoice or the
and the making of repairs. measurable targets set in goods or services, whichever
relation to goals. comes later. If this is not
Modified Accrual Accounting: satisfied, the Town may be
This method of accounting is a Operating Budget: Plan for charged interest on the unpaid
combination of cash and current expenditures and the balance at the rate of 1% per
accrual accounting since proposed means of financing month.
expenditures are immediately them. The annual operating
incurred as a liability while budget is the primary means by Property Tax: Taxes levied on
revenues are not recorded until which most of the financing, both real and personal
they are received or are acquisition, spending, and property according to the
Measurable” and “ available service delivery activities of the property’ s valuation and the
for expenditure”. This type of Town are controlled. The use of tax rate.
accounting basis is annual operating budgets is
conservative and is required by State law. Property Tax Reduction Sales
recommended as the standard Tax (PTR): ½ cent sales tax
for most government funds. Operating Expenditure: approved by the Town of
Expenditure on an existing item Westlake voters in May 2006.
Municipal: Of or pertaining to of property or equipment that is Texas law allowed the Town to
a Town or its government. not a capital expenditure. collect the new ½ cent sales
tax that does not share the
Non-departmental: Accounts Ordinance: An authoritative restrictive spending limitations
for expenditures or professional command or order. This term is on revenues designated to the
services and other general used for laws adopted by a 4A Economic Development
government functions, which municipality. Fund ½ cent sales tax. 4A sales
cannot be allocated to tax was dissolved and replaced
individual departments. Performance Measures: with this sales tax.
Specific quantitative measures
Non-major Funds: Funds whose of work performed within an Proposed Budget: The financial
revenues, activity or program. They may plan initially developed by
expenditures/ expenses, assets, also measure results obtained departments and presented by
or liabilities ( excluding through an activity or program. the Town Manger to the Town
extraordinary items) are at least Council for approval.
10 percent of corresponding Personal Property: Items that
totals for all governmental and can be owned but are not real Proprietary Funds: Operation
enterprise funds. property – divided into two that operates like a private
types: tangible and intangible. operation, in which services are
Non-exempt: Personnel eligible financed through user charges
to receive overtime pay when Personnel Services: and expenditures include the
overtime work has been Expenditures for salaries, wages full cost of operations.
authorized or requested by the and related fringe benefits of
supervisor. Town employees. Public Hearing: An open
meeting regarding proposed
Object Code: The standard Prompt Payment Act: Adopted operating or capital budget
classification of the in July 1985 by the State, the allocations, which provide
expenditures such as office Act requires the Town to pay for citizens with an opportunity to
supplies or rental of equipment. goods and services within 30
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