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Glossary and Acronyms

Municipal Bonds: Debt securities issued by a state, municipality, or county to finance its capital expenditures.
Municipal bonds are exempt from federal taxes and most state and local taxes, especially if you live in the state
in which the bond is issued.

Net Income: Proprietary fund excess of operating revenues, non-operating revenues, and operating transfers in
over operating expenses, non-operating expenses, and operating transfers out.

Net Position: Net Position is the difference between (a) assets and deferred outflows of resources and (b) liabilities
and deferred inflows of resources in a proprietary fund.

No-New-Revenue Rax Rate: Enables the public to evaluate the relationship between taxes for the prior year and
for the current year, based on a tax rate that would produce the same amount of taxes if applied to the same
properties taxed in both years.

Objective: The reason for making specific efforts or taking deliberate actions with the intent to attain or
accomplish an identified goal, targeted level, or meet a defined purpose; the broad, continuous goals of a
department.

Operating Budget: The portion of the budget concerning daily operations that provide basic governmental
services. The operating budget contains appropriations for such expenditures as personnel, supplies, utilities,
materials, travel, and fuel and the proposed means of financing them.

Operating Fund: A fund that records activity on a single fiscal year basis.

Operating Revenue: Revenues from regular taxes, fees, fines, permits, charges, for service, and similar sources.
Operating Revenues exclude proceeds from long-term debt instruments used to finance capital projects and other
financial sources.

Operating Statement: The financial statement disclosing the financial results of operations of an entity during
an accounting period in conformity with Generally Accepted Accounting Principles (GAAP). In governmental
financial reporting, operating statements and statements of changes in fund equity are combined into "all-
inclusive" operating statement formats.

Operating Transfers: Interfund transfers (e.g., legally authorized transfers from a fund receiving revenue to the
fund through which the resources are to be expended) where there is no intent to repay. See Interfund Transfers
and Residual Equity Transfers.

Other Local Taxes: Refers to specialized taxes that are limited to certain products, activities, or occupations; they
include alcoholic beverage and other product-specific tax, hotel occupancy taxes, and communication provider
taxes.

Other Revenue: Refers to miscellaneous receipts that fall outside of the other listed categories and include third-
party reimbursement for labor costs and include some internal service charges.

Outcome: The actual effects, impacts, or results of programs, projects, or initiatives. Outcomes can be measured
based on their efficiency or effectiveness.

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