Page 308 - City of Mansfield FY22 Operarting Budget

Current Taxes Taxes that are levied and due within one year.

Debt Services The City’s obligation to pay the principal and interest of all
bonds and other debt instruments to a pre-determined payment
schedule.

Delinquent Taxes Taxes that remains unpaid on and after the date on which a
penalty for non-payment is attached.

Department Purpose The primary reason for the existence of a specific department is
explained through the departmental purpose statement.

Depreciation The process of estimating and recording the lost usefulness,
expired useful life or diminution of service from a fixed asset
that cannot or will not be restored by repair and will be replaced.
The cost of the fixed asset’s lost usefulness is the depreciation or
the cost to reserve in order to replace the item at the end of its
useful life.

Development Fees Fees charged by the City to developers or individuals to recover
the cost of services provided by the City.

Disbursement Payment for goods and services in cash or by check.

Donations A gift to the City that may be either monetary or non-monetary.

Encumbrance The commitment of appropriated funds to purchase an item or
service. To encumber funds means to set aside or commit funds
for future expenditures.

Enterprise Fund A governmental accounting fund in which the services provided
are financed and operated similarly to those of a private
business. The rate schedules for these services are established to
insure that revenues are adequate to meet all necessary
expenditures. An enterprise fund in Mansfield is established for
water and sewer services.

Estimated Revenue The amount of projected revenue to be collected during the
fiscal year. The amount of revenue appropriated is the amount
approved by City Council.

Exempt Personnel who are not eligible to receive overtime pay and are
expected to put in whatever hours are necessary to do the job.

Expenditure This term refers to the outflow of funds paid for an asset
obtained or goods and services obtained regardless of when the
expense is actually paid. This term applies to all funds.
Note: An encumbrance is not expenditure. An encumbrance
reserves funds to be expended.

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