Page 453 - City of Bedford FY20 Approved Budget

Net Assets: Assets in excess of a fund's liabilities that are restricted, invested in capital assets, net of
related debt and/or unrestricted.

Old Bedford School (O.B.S.): The Old Bedford School is a restored building built in 1915. It was
Bedford's first brick schoolhouse. The facility is available for meetings, performances and weddings.
The Old Bedford School is a division of Parks, Recreation, and Special Events and is funded out of
the Tourism Fund.

Operating and Maintenance (O. & M.): The component of the ad valorem tax rate that funds day-
to-day operating expenses.

Operating Budget: Plans of current expenditures and the proposed means of financing them. The
annual operating budget is the primary means by which most of the financing, acquisition, spending,
and services delivery activities of the City are controlled. State Law requires the use of annual
operating budgets.

Outcomes: A type of performance measure which addresses strategic results and gauges the
effectiveness of services or programs, shows the extent to which goals, outcomes or objectives have
been achieved and/or what has changed or been accomplished as a result of the service.

Outputs: A type of performance measure reporting the number of units provided, the amount of
services provided or the number of people served by a department or division.

Performance Measures: Specific quantitative measures of work performed within an activity or
program. They may also measure results obtained through an activity or program.

Personnel Services: The costs associated with compensating employees for their labor, including
salaries and fringe benefits.

Property Taxes: Used to describe all revenues received in a period from current taxes, delinquent
taxes, penalties and interest on delinquent taxes. Property taxes are levied on both real and personal
property according to the property's valuation and tax rate.

Proprietary Fund: A class of fund types that account for a local government’s businesslike
activities. Proprietary funds are of two types: enterprise funds and internal service funds. Both use
the accrual basis of accounting and receive their revenues from charges to users. (See also Enterprise
Fund.)

Public Hearing: The portion of open meetings held to present evidence and provide information on
both sides of an issue.

Reserve: An account used to indicate that a portion of fund resources is restricted for a specific
purpose, or is not available for appropriation and subsequent spending.

Retained Earnings: The accumulated earnings of an enterprise fund which have been retained in the
fund and which are not reserved for any specific purpose.

Revenue: Funds that the government receives as income.

419