Page 286 - FY2020Colleyville

which establishes the City’s government structure and provides for the
distribution of powers and duties among the various branches of
government.

CITY COUNCIL: The Mayor and six (6) Council members collectively acting
as the legislative and policymaking body of the City.

CONTRACTUAL SERVICES: Services purchased by the City such as utility
services, insurance, maintenance contracts, and outside consulting.

CREDIT RATING: A letter rating assigned to an entity by a bond rating
agency, which illustrates the entity’s creditworthiness. For Standard and
Poor’s and Fitch Ratings, the highest tier rating is “AAA,” which Colleyville
has achieved from both agencies.

CURRENT TAXES: Taxes levied and due within one year.

D

DEBT SERVICE: The City's obligation to pay the principal and interest of all
bonds and other debt instruments according to a pre-determined payment
schedule.

DELINQUENT TAXES: Taxes remaining unpaid on or after the date on
st
which a penalty for non-payment is attached. February 1 is the date the
unpaid taxed become delinquent in the City.

DEPARTMENT: A major administrative division of the City, which indicates
overall responsibility for an operation or a group of related operations within
a functional area.

DEPRECIATION: That portion of the cost of a capital asset that is charged
as an expense during a particular period. This is the process of estimating
and recording the expired useful life of a fixed asset that cannot or will not
be restored by repair and will be replaced.

E

EFFECTIVE TAX RATE: A rate, which generates the same amount of
revenues from property, which is taxed in both years.

ENCUMBRANCES: Obligations in the form of purchase orders and contracts
which are chargeable to an appropriation and for which a part of the
appropriation is reserved because the goods or services have not been

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