Page 268 - Grapevine FY22 Adopted Budget v2

Prompt Payment Act - Adopted in July, 1985 by the State, the Act required the City to pay for
goods and services within 30 days of receipt of invoice or the goods or services, whichever
comes later. If this is not satisfied, the City may be charged interest on the unpaid balance at the
rate of 1 % per month.

Public Hearing – An open meeting regarding proposed operating or capital budget allocations,
which provide citizens with an opportunity to voice their views on the merits of the proposals.

Purchase Order – An agreement to buy goods and services from a specific vendor, with a
promise to pay on delivery.

Rainy Day funds – Revenue stabilization reserves that provide resources when tax revenues
temporarily decline.

Resolution – A formal statement of opinion or determination adopted by an assembly or other
formal group.

Resources - Total dollars available for appropriations, including estimated revenues, fund
transfers, and beginning fund balances.

Revenue - Funds that the government receives as income. It includes such items as tax
payments, fees from specific services, receipts from other governments, fines for forfeitures,
grants, shared revenues, and interest income.

Salary Savings – The reduced expenditures for salaries that result when a position remains
unfilled for part of a year or when a more senior employee is replaced by a newer employee at a
lower salary.

Revenue Bond – Bonds secured only by revenue from particular projects built or maintained by
local government. An example would be the Water and Sewer system.

SFLUE - Single Family Living Unit Equivalent, the unit established as the lowest common
denominator to which all properties can be referenced. It serves as the basis for charging the
stormwater utility fee.

Special Assessments - A compulsory levy made against certain properties to defray part or all of
the cost of a specific improvement or service deemed to primarily benefit those properties.

Special Revenue Funds - Funds, exclusive of the General Fund and capital funds, which are
separately administered because they are associated with a distinct function or enterprise.

Strategic Goals /Objectives - Elements or sub-elements of a strategic plan. The City's planned
response to address service delivery needs and priorities.

TAAF - Texas Amateur Athletic Federation

268