Page 435 - City of Bedford FY21 Budget

Budgetary Control: The control of management of the organization in accordance with an approved budget
for the purposes of keeping expenditures within the limitations of available appropriations and revenues.

Budget Document: The compilation of the spending plans for the various funds, along with supporting
schedules, tables, and charts which, in total, comprises the annual revenue and expenditures plan.

Capital Outlay: An expenditure which results in the acquisition of, or addition to, fixed assets, and meets
these criteria: has an anticipated useful life of more than one year; can be permanently identified as an
individual unit of property; belongs to one of the following categories: Land, Buildings, Equipment and
Vehicles; constitutes a tangible, permanent addition to the value of City assets; cost generally exceeds at
least $1,000; does not constitute repair or maintenance; and, is not readily susceptible to loss.

Capital Project Funds: The capital project funds are used to account for the acquisition or construction of
capital facilities being financed from general obligations or certificate of obligation bond proceeds, grants,
or transfers from other funds.

Certificates of Obligation (C.O.): Tax supported bonds that are similar to general obligation bonds and can
be issued after meeting strict publication requirements and with final approval by the City Council.

City Charter: The document of a home rule City which establishes the City's government structure and
provides for the distribution of duties and powers among the various branches of government.

City Council: The Mayor and six Council members collectively acting as the legislative and policymaking
body of the City.

Current Taxes: Taxes levied and due within one year.

Debt Service: The City's obligations pay the principal and interest of all bonds and other debt instruments
according to predetermined payment schedule.

Department: A major administrative organizational unit of the City that indicates overall management
responsibility for one or more divisions.

Depreciation: (1) Expiration in service life of capital assets attributable to wear and tear, deterioration,
action of the physical elements, inadequacy or obsolescence. (2) That portion of the cost of a capital asset
that is charged as an expense during a particular period.

Distinguished Budget Presentation Program: A voluntary program administered by the Government
Finance Officers Association to encourage governments to publish efficiently organized and easily readable
budget documents and to provide peer recognition and technical recommendations to the fiscal officers
preparing them.

Division: A major administrative organizational unit of the City that indicates overall management
responsibility for one or more activities.

Effectiveness: A type of performance measure relating to customer/client/public satisfaction with quality,
timeliness or other aspects of the service or product delivered.

399