Page 362 - Hurst Adopted FY22 Budget
P. 362

APPROVED FISCAL YEAR 2022 BUDGET




              CAFR – Comprehensive Annual Financial Report.  Government financial statements that comply with
              generally accepted accounting principles (GAAP).
              Calculated Effective Tax Rate - State law in Texas prescribes a formula for calculating the effective tax
              rate for cities.  The net effect of the formula is to produce a tax rate that goes down when property
              values  rise  because of inflation and vice versa.  The intent is to generate a rate that produces
              approximately the same revenue as the year before.  The formula does make adjustments for newly
              annexed property and newly constructed property for the effective tax rate calculation.

              Capital Improvement Program - A plan for purchasing capital expenditures over a period of years to
              meet capital needs arising from the long-term work program or otherwise.  It sets forth each project or
              other  contemplated expenditure in which the government is to have part and specifies the full
              resources estimated to be available to finance the projected expenditures.

              Capital Projects Fund - A fund created to account for financial resources to be used for the acquisition
              or the construction of major capital facilities or equipment.

              Capital Outlays - Expenditures which result in the acquisition of or addition to, the fixed assets.

              CARES Act - The Coronavirus Aid, Relief, and Economic Security  (CARES)  Act  was  passed  by
              Congress with overwhelming, bipartisan support and signed into law by President Trump on March
              27th, 2020.

              CDBG – Community Development Block Grant.

              Certificates of Obligation - Tax supported bonds that are similar to general obligation bonds and can
              be issued after meeting strict publication requirements and with final approval by the City Council.

              City Charter - The document of a home rule City similar to a constitution, which establishes the City's
              government structure and provides for the distribution of powers and duties among the various
              branches of government.


              City Council - The Mayor and six (6) Council members collectively acting as the legislative and policy
              making body of the City.

              Code of Ideals – As part of the City’s customer service initiative, City employees developed a Code of
              Ideals to serve as a written statement of their shared values and goals.
              Community Development Block Grant (CDBG) - A type of federal grant to improve infrastructure in
              specified portions of the community.

              Community Services Half Cent Sales Tax Fund - A fund established to record receipts and related
              expenses of a 1/2 percent sales tax for Community Services purposes.

              Congestion Mitigation and Air Quality  (CMAQ) -  A type of federal grant to fund  transportation
              improvements.

              Contractual Services - The costs related to services performed for the City by individuals, business, or
              utilities.

              Crime Control and Prevention District - The State Legislature in 1989 allowed certain cities and
              counties to establish a district and impose a local sales tax to fund its programs.  Since that time,
              eligibility has been extended.

              Current Taxes - Taxes levied and due within one year.


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