Page 428 - City of Westlake FY20 Budget
P. 428

Section 12 Appendix
                                                                                        Glossary of Terms


          •  Property Tax: Taxes levied on both   •  Resources: Total dollars available for   •  Supplies: A cost category for minor
            real and personal property according   appropriations, including estimated   items (individually priced at less than
            to the property’s valuation and the   revenues, fund transfers, and     $5,000) required by departments to
            tax rate.                           beginning fund balances.            conduct their operations.

          •  Property Tax Reduction Sales Tax   •  Retained Earnings:  The excess of   •  TMRS: Acronym for the Texas
            (PTR):  ½ cent sales tax approved by   total assets over total liabilities for an   Municipal Retirement System, a
            the Town of Westlake voters in May   enterprise fund.  Retained earnings   pension plan for employees of
            2006.  Texas law allowed the Town to   include both short-term and long-  member cities within the State of
            collect the new ½ cent sales tax that   term assets and liabilities for an   Texas.
            does not share the restrictive      enterprise fund.
            spending limitations on revenues                                      •  TRA:  Trinity River Authority – A
            designated to the 4A Economic     •  Revenues:  Funds that the          separate governmental entity
            Development Fund ½ cent sales tax.    government receives as income.  It   responsible for providing water and
            4A sales tax was dissolved and      includes such items a tax payment,   wastewater services in the Trinity
            replaced with this sales tax.       fees from specific services, receipts   River basin.  The Town contracts with
                                                from other governments, fines for   TRA for treatment of wastewater.
          •  Proposed Budget:  The financial plan   forfeitures, grants, shared revenues
            initially developed by departments   and interest income.             •  TXDOT: Texas Department of
            and presented by the Town Manger                                        Transportation
            to the Town Council for approval.   •  ROW: Acronym for right-of-way.
                                                                                  •  Transfer-In:  Funds expended in one
          •  Proprietary Funds: Operation that   •  Sales Tax: A general “sales tax” is   fund and received in other.
            operates like a private operation, in   levied on persons and businesses
            which services are financed through   selling merchandise or services in the   •  User Charges: The payment of a fee
            user charges and expenditures       town limits on a retail basis. The   for direct receipt of a public service
            include the full cost of operations.   categories for taxation are defined by   by the party benefiting from the
                                                state law.  Monies collected under   service.
          •  Public Hearing: An open meeting    authorization of this tax are for the
            regarding proposed operating or     use and benefit of the town.      •  Working Capital: Budgeted working
            capital budget allocations, which                                       capital is calculated as a fund’s
            provide citizens with an opportunity   •  SCADA: Acronym that stands for   current assets less current liabilities
            to voice their views on the merits of   Supervisory Control and Data    and outstanding encumbrances.
            the proposals.                      Acquisition.  SCADA refers to a     Working capital does not include
                                                system that collects data from various   long-term assets or liabilities.  For
          •  PVC: Acronym for polyvinyl chloride,   sensors at a remote location and then   budgetary purposes, working capital,
            a plastic compound used for water   sends this data to a central computer   rather than retained earnings, is
            and sewer pipes.                    which then manages and controls the   generally used to reflect the available
                                                data.                               resources of enterprise funds.
          •  Reserve: An account used to indicate
            that a portion of fund resources is   •  Special Revenue Fund: A fund used
            restricted for a specific purpose or is   to account for the proceeds of
            not available for appropriation and   specific revenue sources that are
            subsequent spending.                legally restricted to expenditure for
                                                specified purposes.
          •  Resolution:  A formal statement of
            opinion or determination adopted by
            an assembly or another formal group.



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