Page 175 - Haltom City FY20 Approved Budget

City of Haltom City Annual Budget, FY 2020
Supplemental Information

Maintenance and Operation (M&O): That portion of the property tax rate and subsequent
property tax revenue appropriated to the financing of general government operations within the
General Fund.

Modified Accrual Basis of Accounting: Basis of accounting according to which (a) revenues
are recognized in the accounting period in which they become available and measurable and (b)
expenditures are recognized in the accounting period in which the fund liability is incurred, if
measurable, except for unmatured interest on general long-term debt and certain similar accrued
obligations, which should be recognized when due.

Long Term Debt: Debt with a maturity of more than one year after the date of issuance.

Operating Budget: The portion of the budget that pertains to daily operations that provide basic
governmental services. The operating budget contains appropriations for such expenditures as
personnel, supplies, utilities, materials, travel, and fuel.

Operating Fund: The City classifies General and Enterprise Funds as Operating Funds.

Payment in Lieu of Taxes: A payment that a property owner not subject to taxation makes to a
government to compensate it for services that the property owner receives that normally are
financed through property taxes.

Performance Measures: Specific quantitative and qualitative measures of work performed as an
objective of the department.

Property Tax: Property taxes are levied on both real and personal property according to the
property’s valuation and the tax rate.

Proprietary Funds: Funds that focus on the determination of operating income, changes in net
assets, financial position, and cash flows. There are two different types of proprietary funds:
enterprise funds and internal service funds.

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