Page 348 - Watauga FY21 Budget
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GLOSSARY OF TERMS
Tax Levy: The resultant product when the tax rate per one hundred dollars is multiplied by the tax
base.
Tax Rate: An amount applied to the taxable value of assessed property, expressed as cents per
$100 of assessed property, e.g. $0.591216/$100 of valuation.
Tax Roll: The official list of taxable property for a given tax year and the amount of taxes levied
against each taxpayer.
Texas Municipal Retirement System (T.M.R.S.): An agent multiple-employer public retirement
system. Watauga provides pension benefits for all permanent employees through a joint
contributory plan in the statewide Texas Municipal Retirement System.
Utility Franchise Tax: A tax paid by a utility for a special privilege granted by the Watauga City
Council, permitting the continued use of public property, such as city streets, and usually involving
the elements of monopoly and regulation.
Warrants: A legal writ authorizing an officer to make an arrest, seizure, or search.
Working Capital: Current assets less current liabilities. The measure of working capital indicates
the relatively liquid portion of total enterprise fund capital, which constitutes a margin or buffer for
meeting obligations.
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