Page 171 - Haltom City FY20 Approved Budget

City of Haltom City Annual Budget, FY 2020
Supplemental Information

Ad Valorem Tax: A tax computed from the assessed valuation of land, improvements and
properties.

Amendment: In budgetary terms, a revision to the Appropriation Ordinance approved by the City
Council.

Appropriation: An authorization made by the legislative body of a government that permits
officials to incur obligations against and to make expenditures of governmental resources.
Specific appropriations are usually made at the fund level and are granted for a one-year period.

Appropriation Ordinance: The official enactment by the legislative body establishing the legal
authority for officials to obligate and expend resources.

Assessed Valuation: A valuation set upon real estate or other property by a government as a
basis for levying taxes. Sometimes called appraised value.

Assets: Resources owned or held by that have monetary value.

Balanced Budget: The fiscal conditioned reached when reserves on hand, coupled with
projected current period revenues, equals the adopted budget of expenditures or expenses.

Bond: A written promise to pay a sum of money on a specific date at a specified interest rate.
The interest payments and the repayment of the principal are detailed in a bond ordinance. The
most common types of bonds are general obligation and revenue bonds. These are most
frequently used for construction of large capital projects, such as buildings, streets, bridges,
infrastructures, drainage, water systems and sewer systems.

Budget: The City’s financial plan for a specific fiscal year that contains both the estimated
revenues to be received during the year and the proposed expenditures to be incurred to achieve
stated objectives.

Budget Calendar: A schedule of key dates or milestones that the City departments follow in the
preparation, adoption and administration of the budget.

Budgetary Basis of Accounting: The method used to determine when revenues and
expenditures are recognized for budgetary purposes.

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