Page 133 - Pantego FY22 Operating Budget

Program Budget – A budget that focuses upon goals and objectives rather than upon organizational
budget units or object classes of expenditures.

Program Description – Describes the nature of service delivery provided at this level of funding. It
clearly explains how service delivery will be different from the prior budget year.

Program Goals – Program goals describe the purpose or benefit the division/department plans to
provide to the community and/or organization it serves. Goals identify the end result the
division/department desires to achieve with its activities, but goals are often ongoing and may not be
achieved in one year.

Program Objectives – Program objectives are quantifiable steps toward accomplishing stated goals.
They should have a specific time frame or measurable achievement. Objectives should be able to be
reached or completed within the current fiscal year. Objective statements are not required for every
activity performed, but should focus on the major steps necessary for achieving established goals.

Property Tax – Taxes that are levied on both real and personal property according to the property’s
valuation and tax rate.

Reserve – An account used to earmark a portion of fund balance to indicate that it is not appropriated
for expenditure. A reserve may also be an account used to earmark a portion of fund equity as legally
segregated for specific future use.

Revenue – Funds that the Town receives as income. It includes such items as tax payments, fees
from specific services, receipts from other governments, fines, forfeitures, grants and interest income.

Revenue Bonds – Bonds usually sold for constructing a project that will produce revenue for the
government. All or part of the revenue is used to pay the principle and interest of the bond.

Sales Tax – A general “sales tax” is levied on persons or businesses selling merchandise or services in
the Town limits on a retail basis. The categories of taxation are defined by State law. Money collected
under authorization of this tax is for the use and benefit of the Town; however, not municipality may
pledge anticipated revenues from this source to secure the payment of funds or other indebtedness.

Sinking Fund – See Debt Service Fund.

Tax Rate – The amount of tax stated in terms of unit of the tax base; for example, $.42 per $100
assessed valuation of property.

Tax Rate Limit – The maximum rate at which a government may levy a tax. The limit may apply to
taxes raised for a particular purpose, or to taxes imposed for all purposes, and may apply to a single
government, to a class of governments, or to all governments operating in a particular area. Overall,
tax rate limits usually restrict levies for all purposes and of all governments, state and local, having
jurisdiction in a given area.

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