Page 438 - City of Bedford FY21 Budget

Outputs: A type of performance measure reporting the number of units provided, the amount of services
provided, or the number of people served by a department or division.

Performance Measures: Specific quantitative measures of work performed within an activity or program.
They may also measure results obtained through an activity or program.

Personnel Services: The costs associated with compensating employees for their labor, including salaries
and fringe benefits.

Property Taxes: Used to describe all revenues received in a period from current taxes, delinquent taxes,
penalties and interest on delinquent taxes. Property taxes are levied on both real and personal property
according to the property's valuation and tax rate.

Proprietary Fund: A class of fund types that account for a local government’s businesslike activities.
Proprietary funds are of two types: enterprise funds and internal service funds. Both use the accrual basis of
accounting and receive their revenues from charges to users. (See also Enterprise Fund.)

Public Hearing: The portion of open meetings held to present evidence and provide information on both
sides of an issue.

Reserve: An account used to indicate that a portion of fund resources is restricted for a specific purpose or
is not available for appropriation and subsequent spending.

Retained Earnings: The accumulated earnings of an enterprise fund which have been retained in the fund
and which are not reserved for any specific purpose.

Revenue: Funds that the government receives as income.

Revenue Bonds: Bonds whose principal and interest are payable exclusively from earnings of an enterprise
fund, in addition to a pledge of revenues.

Special Revenue Fund: A fund whose revenue source(s) is restricted or committed to a specific purpose
other than capital projects or debt service. Usually has one or more revenue resources that is not a transfer
from another fund. For example, the Tourism Fund is a special revenue fund that is primarily financed by
hotel occupancy taxes. Revenue from this fund is used to finance the ongoing operations of several tourism-
related facilities and special events.

Tax Rate: A percentage applied to all taxable property to raise general fund revenue.

Taxes: Compulsory charges levied by a government for the purpose of financing services performed for the
common benefit.

Working Capital: The measurement of the operating liquidity of a proprietary fund by subtracting the
current liabilities from the current assets.

402