Page 646 - City of Bedford FY22 Budget

Ce rti{ ca te s of O b lig a tion (C. O . ): Tax s uppo r t ed bo nds t hat ar e s i m i l ar t o g eneral o bl i g at i o n bo nds and can be i s s ued af t er
m eet i ng s t r i ct publ i cat i o n r equi r em ent s and wi t h { nal appr o v al by t he Ci t y Co unci l .

City Ch a rte r: The do cum ent o f a ho m e r ul e Ci t y whi ch es t abl i s hes t he Ci t y ' s g o v er nm ent s t r uct ur e and pr o v i des f o r t he
di s t r i but i o n o f dut i es and po wer s am o ng t he v ar i o us branches o f g o v er nm ent .

City Cou n cil: The May o r and s i x Co unci l m em ber s co l l ect i v el y act i ng as t he l eg i s l at i v e and po l i cy m aki ng bo dy o f t he Ci t y .

Con su m e r Price I n d e x: The s t at i s t i cal m eas ur e o f chang es , i f any , i n t he o v eral l pr i ce l ev el o f co ns um er g o o ds and s er v i ces .
The i ndex i s o f t en cal l ed t he "co s t -o f -l i v i ng i ndex."

Cost-B e n e { t A n a lysis: A deci s i o n-m aki ng t o o l t hat al l o ws a co m par i s o n o f o pt i o ns bas ed o n t he l ev el o f bene{ t der i v ed and
t he co s t t o achi ev e t he bene{ t f r o m di f f er ent al t er nat i v es .

Cu rre n t T a xe s: Taxes l ev i ed and due wi t hi n o ne y ear .

D e b t B u rd e n : The am o unt o f debt car r i ed by an i s s uer us ual l y expr es s ed as a m eas ur e o f v al ue ( i .e., debt as a per cent ag e o f
as s es s ed v al ue, debt per capi t a, et c.) . S o m et i m es debt bur den r ef er s t o debt s er v i ce co s t s as a per cent ag e o f t he t o t al annual
budg et .

D e b t Se rvice : The r epay m ent co s t , us ual l y s t at ed i n annual t er m s and bas ed o n an am o r t i zat i o n s chedul e, o f t he pr i nci pal and
i nt er es t o n any par t i cul ar bo nd i s s ue.

D e p a rtm e n t: A m aj o r adm i ni s t rat i v e o r g ani zat i o nal uni t o f t he Ci t y t hat i ndi cat es o v eral l m anag em ent r es po ns i bi l i t y f o r o ne
o r m o r e di v i s i o ns .

D e p re cia tion : ( 1) Expi rat i o n i n s er v i ce l i f e o f capi t al as s et s at t r i but abl e t o wear and t ear , det er i o rat i o n, act i o n o f t he phy s i cal
el em ent s , i nadequacy o r o bs o l es cence. ( 2) That po r t i o n o f t he co s t o f a capi t al as s et t hat i s char g ed as an expens e dur i ng a
par t i cul ar per i o d.

D istin g u ish e d B u d g e t Pre se n ta tion Prog ra m : A v o l unt ar y pr o g ram adm i ni s t er ed by t he G o v er nm ent F i nance O f { cer s
As s o ci at i o n t o enco urag e g o v er nm ent s t o publ i s h ef { ci ent l y o r g ani zed and eas i l y r eadabl e budg et do cum ent s and t o pr o v i de
peer r eco g ni t i o n and t echni cal r eco m m endat i o ns t o t he { s cal o f { cer s pr epar i ng t hem .

D ivision : A m aj o r adm i ni s t rat i v e o r g ani zat i o nal uni t o f t he Ci t y t hat i ndi cat es o v eral l m anag em ent r es po ns i bi l i t y f o r o ne o r
m o r e act i v i t i es .

Effe ctive n e ss: A t y pe o f per f o r m ance m eas ur e r el at i ng t o cus t o m er/cl i ent /publ i c s at i s f act i o n wi t h qual i t y , t i m el i nes s o r o t her
as pect s o f t he s er v i ce o r pr o duct del i v er ed.

Ef{ cie n cy: A t y pe o f per f o r m ance m eas ur e r el at i ng i nput s t o o ut put s t o expr es s ef { ci ency m eas ur es as co s t s per uni t o f
o ut put and/o r pr o duct i v i t y per l abo r ho ur .

En cu m b ra n ce : A r es er v at i o n o f f unds t o co v er o bl i g at i o ns ar i s i ng f r o m pur chas e o r der s , co nt ract s , o r s al ar y co m m i t m ent s
t hat ar e char g eabl e t o , but no t y et pai d f r o m , a s peci { c appr o pr i at i o n acco unt .
En te rp rise Fu n d s: An ent er pr i s e f und i s a s eparat e acco unt i ng and { nanci al r epo r t i ng m echani s m f o r m uni ci pal s er v i ces f o r
whi ch a f ee i s char g ed i n exchang e f o r g o o ds o r s er v i ces . It al l o ws a co m m uni t y t o dem o ns t rat e t o t he publ i c t he po r t i o n o f
t o t al co s t s o f a s er v i ce t hat i s r eco v er ed t hr o ug h us er char g es and t he po r t i o n t hat i s s ubs i di zed by t he t ax l ev y , i f any . W i t h an
ent er pr i s e f und, al l co s t s o f s er v i ce del i v er y --di r ect , i ndi r ect , and capi t al co s t s —a r e i dent i { ed. Thi s al l o ws t he co m m uni t y t o
r eco v er t o t al s er v i ce co s t s t hr o ug h us er f ees i f i t cho o s es . Ent er pr i s e acco unt i ng al s o enabl es co m m uni t i es t o r es er v e t he
"s ur pl us " o r net as s et s unr es t r i ct ed g enerat ed by t he o perat i o n o f t he ent er pr i s e rat her t han cl o s i ng i t o ut t o t he g eneral f und
at y ear -end. S er v i ces t hat m ay be t r eat ed as ent er pr i s es i ncl ude, but ar e no t l i m i t ed t o , wat er , s ewer , ho s pi t al , and ai r po r t
s er v i ces .

Exe m p tion s: A di s char g e, es t abl i s hed by s t at ut e, f r o m t he o bl i g at i o n t o pay al l o r a po r t i o n o f a pr o per t y t ax. The exem pt i o n i s
av ai l abl e t o par t i cul ar cat eg o r i es o f pr o per t y o r per s o ns upo n t he t i m el y s ubm i s s i o n and appr o v al o f an appl i cat i o n t o t he
as s es s o r s . Pr o per t i es exem pt f r o m t axat i o n i ncl ude ho s pi t al s , s cho o l s , ho us es o f wo r s hi p, and cul t ural i ns t i t ut i o ns . Per s o ns who
m ay qual i f y f o r exem pt i o ns i ncl ude di s abl ed v et erans , bl i nd i ndi v i dual s , s ur v i v i ng s po us es , and s eni o r s .

City of Bedford, TX | Budget Book 2022 Page 646