Page 649 - City of Bedford FY22 Budget
P. 649

O f{ cia l Sta te m e n t:   A  do cum ent   pr epar ed  f o r   po t ent i al   i nv es t o r s   t hat   co nt ai ns   i nf o r m at i o n  abo ut   a  pr o s pect i v e  bo nd  o r   no t e
            i s s ue  and  t he  i s s uer .  The  o f { ci al   s t at em ent   i s   t y pi cal l y   publ i s hed  wi t h  t he  no t i ce  o f   s al e.  It   i s   s o m et i m es   cal l ed  an  o f f er i ng
            ci r cul ar   o r   pr o s pect us .

            O ld    B e d ford    Sch ool   (O . B . S. ):    The   O l d   B edf o r d   S cho o l    i s    a   r es t o r ed   bui l di ng    bui l t    i n   19 15.   It    was    B edf o r d' s    { r s t    br i ck
            s cho o l ho us e.  The  O l d  B edf o r d  S cho o l   i s   a  di v i s i o n  i n  Co m m uni t y   S er v i ces   and  i s   f unded  o ut   o f   t he  To ur i s m   F und.

            O p e ra tin g  a n d  Ma in te n a n ce  (O .  & M. ):   The  co m po nent   o f   t he  ad  v al o r em   t ax  rat e  t hat   f unds   day -t o -day   o perat i ng   expens es .
            O p e ra tin g  B u d g e t:  Pl ans   o f   cur r ent   expendi t ur es   and  t he  pr o po s ed  m eans   o f   { nanci ng   t hem .  The  annual   o perat i ng   budg et   i s
            t he  pr i m ar y   m eans   by   whi ch  m o s t   o f   t he  { nanci ng ,  acqui s i t i o n,  s pendi ng ,  and  s er v i ces   del i v er y   act i v i t i es   o f   t he  Ci t y   ar e
            co nt r o l l ed.  S t at e  Law  r equi r es   t he  us e  o f   annual   o perat i ng   budg et s .

            O u tcom e s:    A   t y pe   o f    per f o r m ance   m eas ur e   whi ch   addr es s es    s t rat eg i c   r es ul t s    and   g aug es    t he   ef f ect i v enes s    o f    s er v i ces    o r
            pr o g ram s ,   s ho ws    t he   ext ent    t o    whi ch   g o al s ,   o ut co m es    o r    o bj ect i v es    hav e   been   achi ev ed   and/o r    what    has    chang ed   o r    been
            acco m pl i s hed  as   a  r es ul t   o f   t he  s er v i ce.

            O u tp u ts:    A   t y pe   o f    per f o r m ance   m eas ur e   r epo r t i ng    t he   num ber    o f    uni t s    pr o v i ded,   t he   am o unt    o f    s er v i ces    pr o v i ded,   o r    t he
            num ber   o f   peo pl e  s er v ed  by   a  depar t m ent   o r   di v i s i o n.

            O ve rla p p in g  D e b t:   A  co m m uni t y ' s   pr o po r t i o nat e  s har e  o f   t he  debt   i ncur r ed  by   an  o v er l appi ng   g o v er nm ent   ent i t y ,  s uch  as   a
            r eg i o nal   s cho o l   di s t r i ct ,  r eg i o nal   t rans i t   aut ho r i t y ,  et c.

            Pe rform a n ce    Me a su re s:    S peci { c   quant i t at i v e   m eas ur es    o f    wo r k   per f o r m ed   wi t hi n   an   act i v i t y    o r    pr o g ram .   They    m ay    al s o
            m eas ur e  r es ul t s   o bt ai ned  t hr o ug h  an  act i v i t y   o r   pr o g ram .

            Pe rson n e l Se rvice s:   The  co s t s   as s o ci at ed  wi t h  co m pens at i ng   em pl o y ees   f o r   t hei r   l abo r ,  i ncl udi ng   s al ar i es   and  f r i ng e  bene{ t s .

            Prin cip a l:   The  f ace  am o unt   o f   a  bo nd,  excl us i v e  o f   accr ued  i nt er es t .

            Prog ra m :   A  co m bi nat i o n  o f   act i v i t i es   t o   acco m pl i s h  an  end.

            Prop e rty T a xe s:   Us ed   t o    des cr i be   al l   r ev enues   r ecei v ed  i n  a  per i o d  f r o m    cur r ent    t axes ,  del i nquent   t axes ,   penal t i es    and  i nt er es t
            o n  del i nquent   t axes .  Pr o per t y   t axes   ar e  l ev i ed  o n  bo t h  r eal   and  per s o nal   pr o per t y   acco r di ng   t o   t he  pr o per t y ' s   v al uat i o n  and  t ax
            rat e.
            Prop rie ta ry Fu n d :   A   cl as s    o f   f und   t y pes    t hat    acco unt    f o r    a   l o cal   g o v er nm ent ’s   bus i nes s l i ke  act i v i t i es .   Pr o pr i et ar y    f unds    ar e   o f
            t wo    t y pes :   ent er pr i s e   f unds    and   i nt er nal    s er v i ce   f unds .   B o t h   us e   t he   accr ual    bas i s    o f    acco unt i ng    and   r ecei v e   t hei r    r ev enues
            f r o m   char g es   t o   us er s .  ( S ee  al s o   Ent er pr i s e  F und.)

            Pu b lic He a rin g :   The  po r t i o n  o f   o pen  m eet i ng s   hel d  t o   pr es ent   ev i dence  and  pr o v i de  i nf o r m at i o n  o n  bo t h  s i des   o f   an  i s s ue.

            Pu rch a se d  Se rvice s:   The  co s t   o f   s er v i ces   t hat   ar e  pr o v i ded  by   a  v endo r .

            Re fu n d in g  of D e b t:   Trans act i o n  wher e  o ne  bo nd  i s s ue  i s   r edeem ed  and  r epl aced  by   a  new  bo nd  i s s ue  under   co ndi t i o ns
            g eneral l y   m o r e  f av o rabl e  t o   t he  i s s uer .

            Re se rve :  An  acco unt   us ed  t o   i ndi cat e  t hat   a  po r t i o n  o f   f und  r es o ur ces   i s   r es t r i ct ed  f o r   a  s peci { c  pur po s e  o r   i s   no t   av ai l abl e  f o r
            appr o pr i at i o n  and  s ubs equent   s pendi ng .

            Re se rve  Fu n d :   An  am o unt   s et   as i de  annual l y   wi t hi n  t he  budg et   o f   a  t o wn  t o   pr o v i de  a  f undi ng   s o ur ce  f o r   ext rao r di nar y   o r
            unf o r es een  expendi t ur es . 

            Re ta in e d   Ea rn in g s:   The   accum ul at ed   ear ni ng s    o f   an   ent er pr i s e  f und  whi ch   hav e   been   r et ai ned  i n  t he   f und   and  whi ch   ar e   no t
            r es er v ed  f o r   any   s peci { c  pur po s e.
            Re va lu a tion :   The  as s es s o r s   o f   each  co m m uni t y   ar e  r es po ns i bl e  f o r   dev el o pi ng   a  r eas o nabl e  and  r eal i s t i c  pr o g ram   t o   achi ev e
            t he  f ai r   cas h  v al uat i o n  o f   pr o per t y   i n  acco r dance  wi t h  co ns t i t ut i o nal   and  s t at ut o r y   r equi r em ent s .  The  nat ur e  and  ext ent   o f   t hat
            pr o g ram   wi l l   depend  o n  t he  as s es s o r s ’  anal y s i s   and  co ns i derat i o n  o f   m any   f act o r s ,  i ncl udi ng ,  but   no t   l i m i t ed  t o ,  t he  s t at us   o f



                 City of Bedford, TX | Budget Book 2022                                                    Page 649
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