Page 428 - City of Westlake FY20 Budget

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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