Page 427 - City of Westlake FY20 Budget

Section 12 Appendix
Glossary of Terms

departments, especially focusing on amount for all governmental and • Objectives: Specific, measurable
training and equipment, and enterprise funds. targets set in relation to goals.
examines the locations of the fire
stations in the community. • Maintenance: The upkeep of physical • Operating Budget: Plan for current
properties in condition for use or expenditures and the proposed
• L.F. (Linear feet): Length in feet. occupancy. Examples are the means of financing them. The annual
inspection of equipment to detect operating budget is the primary
• Levy: To impose taxes, special defects and the making of repairs. means by which most of the
assessments, or service charges for financing, acquisition, spending, and
the support of Town activities. Also, • Modified Accrual Accounting: This service delivery activities of the Town
the amount of tax for an individual method of accounting is a are controlled. The use of annual
property or the sum of all individual combination of cash and accrual operating budgets is required by
amounts of tax. accounting since expenditures are State law.
immediately incurred as a liability
• Liabilities: Probably future sacrifices while revenues are not recorded until • Operating Expenditure: Expenditure
of economic benefits, arising from they are received or are on an existing item of property or
present obligations of an entity to “Measurable” and “available for equipment that is not a capital
transfer assets or to provide services expenditure”. This type of expenditure.
to other entities in the future accounting basis is conservative and
because of past transactions or is recommended as the standard for • Ordinance: An authoritative
events; what you owe. most government funds. command or order. This term is used
• Municipal: Of or pertaining to a for laws adopted by a municipality.
• Lift Station: The Town’s collection Town or its government.
system relies on gravity to collect • Performance Measures: Specific
water. When the system gets to an • Non-departmental: Accounts for quantitative measures of work
unreasonable depth, a lift station expenditures or professional services performed within an activity or
pumps the water to a higher and other general government program. They may also measure
elevation so the gravity process can functions, which cannot be allocated results obtained through an activity
begin again. to individual departments. or program.
• Line-item budget: A budget format
in which departmental outlays are • Non-major Funds: Funds whose • Personal Property: Items that can be
grouped per the items that will be revenues, expenditures, expenses, owned but are not real property –
purchased. assets, or liabilities (excluding divided into two types: tangible and
extraordinary items) are at least 10 intangible.
• MGD: Million gallons per day. percent of corresponding totals for all
governmental and enterprise funds. • Personnel Services: Expenditures for
• Maintenance and Operations salaries, wages and related fringe
(M&O): Taxes that are generated by • Non-exempt: Personnel eligible to benefits of Town employees.
the taxing unit for general expenses. receive overtime pay when overtime
work has been authorized or • Prompt Payment Act: Adopted in
• Major Funds: Funds whose revenues, requested by the supervisor. July 1985 by the State, the Act
expenditures/expenses, assets, or requires the Town to pay for goods
liabilities (excluding extraordinary • Object Code: The standard and services within 30 days of receipt
items) are at least 10 percent of classification of the expenditures of invoice or the goods or services,
corresponding totals for all such as office supplies or rental of whichever comes later. If this is not
governmental or enterprise funds and equipment. satisfied, the Town may be charged
at least 5 percent of the aggregate interest on the unpaid balance at the
rate of 1% per month.

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