Page 303 - Benbrook FY2021

LINE-ITEM BUDGET A budget that lists each expenditure category (salary, supplies, travel, repairs, etc.) separately, along
with the dollar amount budgeted for each specific category.

LONG-TERM DEBT Debt with a maturity of more than one year after the date of issuance.

MODIFIED ACCRUAL A basis of accounting in which expenditures are accrued but revenues are accounted

ACCOUNTING for on a cash basis. This accounting technique is a combination of cash and accrual accounting since
expenditures are immediately incurred as a liability while revenues are not recorded until they are
actually received.

OBJECT CODE An expenditure category, such as salaries, supplies, travel, electricity, or communications equipment.
Object codes are grouped together to form character classifications.

OPERATING BUDGET The portion of the budget that pertains to daily operations that provide the basic governmental services.
The General Fund and the Debt Service Fund comprise the City's operating budget.

ORDINANCE A formal legislative enactment by the governing board of a municipality.

PERFORMANCE BUDGET A budget wherein expenditures are based primarily upon measurable performance of activities and
work programs.

PERFORMANCE Specific quantitative and qualitative measurements of work performed as an objective
MEASUREMENT of the activity, department, division, or fund.

PROGRAM BUDGET A budget that focuses upon the goals and objectives of an agency or jurisdiction rather than upon its
organizational budget units or object classes of expenditures.

PROPERTY TAX Property taxes are levied on both real and personal property according to the property's valuation and
the tax rate.

RECONCILIATION A detailed summary of the increases and decreases from one budget year to the next.

REQUISITION A written request from one department to the Purchasing Agent for specific goods or services. This action
precedes the authorization of a purchase order.

303 | P a g e