Page 465 - Microsoft Word - FY 2021 tax info sheet

GLOSSARY OF TERMS
INTERFUND (INTRA GOVERNMENTAL) M&O. Acronym for "maintenance and
TRANSFERS. Transfers made from one City operations." (1) The recurring costs associated
fund to another City fund for purposes such as with a department or activity; (2) the portion of the
reimbursement of expenditures, general and tax rate that is applied to the General Fund (see
administrative services, payments-in-lieu of TAX RATE).
taxes, or debt service.
MIXED BEVERAGE TAX. A tax imposed on the
INTERGOVERNMENTAL REVENUES. Rev- gross receipts of a licensee for the sale,
enues from other governments in the form of preparation or serving of mixed beverages.
grants, entitlements, shared revenues or
payments-in-lieu of taxes. MODIFIED ACCRUAL BASIS OF
ACCOUNTING. A basis of accounting in which
−K− expenditures are accrued but revenues are
recorded when "measurable" or are available for
expenditure.
KELLER CRIME CONTROL PREVENTION
DISTRICT (KCCPD). A special taxing district
authorized by an election in the City of Keller in
November 2001, levying an additional 3/8-cent −N−
(0.375%) sales tax, designated for Police/Public
Safety programs or capital improvements. In May NEFDA. Acronym for “Northeast Fire Department
2006, voters authorized the tax for an additional Association.” A regional association developed
15 years. In November 2007, voters authorized a by a group of cities in Northeast Tarrant County,
reduction in the rate to 0.25%. Sometimes Texas, for the purpose of combining manpower,
referred to as "Crime Tax." ideas, and education for specialty operations.
There are currently 13 area cities that comprise
KELLER DEVELOPMENT CORPORATION or participate in NEFDA.
(KDC). A non-profit corporation authorized by
Section 4B, Article 5190.6 of the Industrial NETCO. Acronym for “Northeast Trunked Radio
Corporation Act of 1979. The Corporation is Consortium.” An 800 MHz trunked radio system
governed by a seven-member board, consisting providing the infrastructure that serves the cities
of four members of the City Council and three of Bedford, Colleyville, Euless, Grapevine, Keller
other members, who are appointed by the City and Southlake. Each participating city shares in
Council. The Corporation receives the ½ cent 1/6 of the maintenance and replacement cost of
sales tax, which is dedicated for park the system.
improvements. The Corporation also has the
power to issue long-term debt which is payable NETCOM. Acronym for “Northeast Tarrant
from the ½ cent sales tax. Communications Center.” A combined
dispatch/communications center located in
KELLER INDEPENDENT SCHOOL DISTRICT Keller, that provides consolidated enhanced 911
(KISD). The local independent school district, services for the cities of Keller, Colleyville,
where an elected board of directors (trustees) Southlake, and Westlake.
provide for the administration and operation of
schools within the KISD. The City of Keller is NO NEW REVENUE TAX RATE. Defined by
included within the boundaries of KISD, but the State law. In general, the tax rate that will raise
KISD is a separate legal entity. the same amount of property tax revenue as the
previous year, based on properties taxed in both
−L− years. Formally known as the Effective Tax Rate.

LIABILITY. Debt or other legal obligations NON-RECURRING EXPENSES/REVENUES.
arising out of transactions in the past that must be Resources/expenses recognized by the City that
liquidated, renewed, or refunded at some future are unique and occur only one time without
date. The term does not include encumbrances. pattern in one fiscal year.

−M− −O−

OBJECTIVE. A specific statement of desired end
which can be measured.

463