Page 206 - Burleson FY22 City Budget

Effective Tax Rate GO
The rate which produces the same revenues in terms of the total amount of Acronym for General Obligation.
taxes as compared to the prior year.
GFOA
Encumbrances Acronym for Government Finance Officers Association
Commitments in the form of purchase orders or contracts which are
chargeable to an appropriation and for which a part of the appropriation is General Debt Service Fund
reserved. The General Debt Service Fund is used to pay principal and interest on
General Obligation Bonds.
Enterprise Fund
A fund established to account for operations that are financed and operated General Fund
in a manner similar to private business enterprises--where the intent of the This fund typically includes most of the basic operation services, such as
governing body is that the costs of providing goods or services to the police and fire protection, public works, parks and recreation, library and
general public on a continuing basis be financed or recovered primarily general administration. General Fund revenues include: tax revenues,
through user fees. licenses and permits, intergovernmental revenue, service fees, fines and
forfeitures, and interest.
ETJ
Acronym for Extra Territorial Jurisdiction General Obligation Bonds
Bonds that finance public projects such as streets, municipal facilities, and
Expenditures park improvements. The repayment of these bonds is made from property
The outflow of funds paid or to be paid for an asset obtained or goods and taxes, and these bonds are backed by the full faith and credit of the issuing
services obtained, regardless of when the expense is actually paid. government.
Expenses Generally Accepted Accounting Principles (GAAP)
Charges incurred (whether paid immediately or unpaid) for operation, Uniform minimum standards and guidelines to financial accounting and
maintenance, interest and other charges. reporting. GAAP governs the form and content of the basic financial
statements of an entity. They encompass the conventions, rules and
FF procedures necessary to define accepted accounting practices at a
Acronym for Firefighter. particular time. They include not only broad guidelines of general
application, but also detailed practices and procedures. They provide a
FY standard by which to measure financial presentations.
Abbreviation for Fiscal Year.
Goals
Fiscal Year Goals describe the purpose or benefit the division/department plans to
The time period designated by the City signifying the beginning and ending provide to the community and/or organization it serves. Goals identify the
period for recording financial transactions. The City of Burleson's budget end result the division or department desires to achieve with its activities,
year is from October 1 to September 30. but goals are often ongoing and may not be achieved in one year.

Fixed assets Governmental Funds
Assets of a long-term character which are intended to continue to be held or Governmental Funds are those through which most governmental
used, such as land, buildings, improvements other than buildings, functions are financed.
machinery and equipment. In Burleson, an item is capitalized as a fixed The generally follow the modified accrual basis of accounting, therefore the
asset if it is over $5000 in value and has a useful life in excess of one year. primary focus is on financial position and changes in net assets vs. net
income determination.
Franchise Tax
A charge paid for the use of City streets and public right-of-way and is in lieu Hotel/Motel Fund
of all other municipal charges, fees, street rentals, pipe taxes or rentals, Hotel/Motel Fund is used to account for the receipts and allocation of the
easement or others such as inspection fee, and/or charges of every kind City’s 7% room occupancy tax imposed on the rental of hotel-motel room
except only ad valorem and special assessment taxes for public located within the corporate city limits and extraterritorial jurisdiction of the
improvements (e.g., gas, telephone, cable television and banks). City.

Full-Time Equivalent (FTE) Hotel/Motel Tax
A measure of authorized personnel calculated by equating 2,080 hours of A tax levied upon the occupancy of any room or space furnished by any
work per year with the full-time equivalent of 1 position. hotel where such cost of occupancy is at the rate of two ($2.00) dollars or
more per day. In Burleson and its extraterritorial jurisdiction, a room tax of
Fund seven (7%) is levied. Revenue from this tax is used by the City and
An independent fiscal and accounting entity with a self-balancing set of Burleson Area Chamber of Commerce for promoting and advertising the
accounts recording cash and/or other resources together with all related City.
liabilities, obligations, reserves, and equities which are segregated for the
purpose of carrying on specific activities or attaining certain objectives. IH
Acronym for Interstate Highway.
Fund Balance
Fund balance is the excess of assets over liabilities and is therefore also IT
known as surplus funds. Acronym for Information Technology.

GIS
Acronym for Geographical Information System.

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