Page 548 - FortWorthFY22AdoptedBudget

Glossary and Acronyms

Assessed Valuation: A value that is established for real or personal property for use as a basis for levying property
taxes.

Assessor: A person either elected or appointed by the governing body that calculates taxes and prepares the tax
bills.

Audit: A comprehensive examination of how an organization’s resources were utilized, concluding in a written
report of the findings. A financial audit is a review of the accounting system and financial information to determine
how government funds were spent and whether expenditures complied with the legislative body's appropriations.
A performance audit consists of a review of how well the organization met its stated goals.

Authorized Position (A.P.): A position included in the budget document, authorized by the City Council as part of
the total authorized strength of a department. Positions are specifically approved by designated classification
titles and corresponding salary levels, based on an analysis by the Human Resources Department of the tasks to
be performed.

Balanced Budget: A budget in which planned expenditures can be met by current income from taxation and other
central government receipts.

Balance Sheet: A financial statement that discloses the assets, liabilities, and equity of a specific governmental
fund as of a specific date.

Basis of Accounting: A term used to refer to when revenues, expenditures, expenses, and transfers - and the
related assets and liabilities - are recognized in the accounts and reported in the financial statements. Specifically,
the basis of accounting relates to the timing of the measurements made, regardless of the nature of the
measurement, through either the cash method or the accrual method.

Benchmark: A standard or point of reference against which processes, results, or data may be compared or
assessed. Benchmarks may be internal or external.

Bond: An interest-bearing certificate of debt; a written contract by an issuer to pay to the lender a fixed principal
amount on a stated future date, and a series of interest payments on the principal amount until it is paid.

Budget: A financial plan for a specified period (i.e., a fiscal year) that includes all planned expenditures for various
municipal services and the proposed means of financing them.

Budget Calendar: The schedule of key dates or milestones which the city departments follow in the preparation,
adoption, and administration of the budget.

Budget Document: The instrument used by the city staff to present a comprehensive financial program to the City
Council.

Budget Message: The opening section of the Budget Document that provides the City Council and the public with
a general summary of the most important aspects of the budget, changes from the current and previous fiscal
years, and the views and recommendations of the city manager. The Budget Message is also referred to as the
City Manager's Message or Budget Transmittal Letter.

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