Page 290 - FY2020Colleyville

(O)PERATIONS AND (M)AINTENANCE: Represents the portion of taxes
assessed for the operations and maintenance of General Fund Services.

OPERATING BUDGET: A financial plan outlining estimated revenues and
expenditures and other information for a specified period (usually a fiscal
year). The "proposed budget" is the financial plan presented by the City
Manager for consideration by the City Council, and the "adopted budget" is
the financial plan ultimately approved and authorized by the City Council.

OPERATING EXPENSES: Proprietary fund expenses directly related to the
fund’s primary service activities.

OPERATING REVENUES: Proprietary fund revenues directly related to the
fund’s primary service activities. They consist primarily of user charges for
services.

ORDINANCE: A formal legislative enactment by the governing body of a
municipality. It is not in conflict with any higher form of law, such as a state
statute or constitutional provision; it has the full force and effect of law
within the boundaries of the municipality to which it applies.

P

PER CAPITA DEBT: Total tax supported debt outstanding divided by
population.

PERSONNEL SERVICES: Expenditures made for salaries and related benefit
costs.

POLICY: A definite course of action adopted after a review of information
and directed at the realization of goals.

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: used to account for a government's ongoing
organizations and activities that are similar to businesses found in the
private sector. These funds are considered self-supporting in that the
services rendered by them are generally financed through user charges or
on a cost reimbursement basis.

283