Page 123 - Forest Hill FY22 Annual Budget

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I Glossary (Continued)

Program Budget: A budget that focuses upon the goal and objectives of an agency or jurisdiction rather
than upon its organizational budget units or object classes or expenditures.

Property Tax: Taxes levied on both real and personal property according to the property's valuation and
the tax rate.

Reconciliation: A detailed analysis of changes in revenue or expenditure balances within a fund.

Requisition: A written request from a department to the purchasing office for specific goods or services.
This action precedes the authorization of a purchase order.

Reserve: An account used to indicate that a portion of a fund's balance is legally restricted for a specific
purpose and is, therefore, not available for general appropriations.

Retained Earnings: The difference between assets and liabilities for enterprise and internal service funds.

Revenue: Increases in the net current assets of a governmental fund type from other than expenditure
refunds and residual equity transfers, and increases in net total assets of a proprietary fund type from other
than expense refunds, capital contributions and residual equity transfers. Included are such items as tax
payments, fees from specific services, receipts from other governments, fines, forfeitures, grants, shared
revenues, and interest income.

Revenue Bonds: Bonds usually sold for constructing a project that will produce revenue for the
government. All or part of the revenue is used to pay the principal and interest of the bond.

Rollover: Rollovers are the desired uses of fund balance for the purpose of meeting prior year
commitments. Rollovers may be requested for items that: a) were budgeted in the prior fiscal year; b) are
from departments that did not spend to their appropriated budget the prior year (i.e. ,have savings); and c)
can demonstrate that the funds were encumbered for the purpose identified in the rollover request.

Source of Revenue: Revenues are classified according to their source or point of origin.

Unassigned Balance: The amount of an appropriation that is neither expended nor encumbered. It is the
amount of money still available for future purchases.

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