Page 649 - City of Bedford FY22 Budget
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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