Page 646 - City of Bedford FY22 Budget
P. 646

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
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