Page 304 - Saginaw FY22 Adopted Annual Budget

ARB HEARINGS: The property owner may protest the appraisal of his property value to the Appraisal
Review Board at the ARB Hearings.

ASSESSED VALUATION: A valuation set upon real estate or other property by a government as a basis
for levying taxes.

ATTRITION: A wearing down bit by bit. If an employee leaves the City or is terminated, the position may
not be filled. It will be at the City Manager's review and discretion.

AUDIT: A comprehensive investigation of the manner in which the government's resources were actually
utilized. The audit can be classified as a financial audit or a performance audit. A financial audit is a
review of the accounting system and financial information to determine how government funds were spent
and whether expenditures/expenses complied with the legislative body's appropriations. A performance
audit consists of a review of how well the government met its stated goals.

AUDITOR'S OPINION: A statement signed by an auditor in which he states that he has examined the
financial statements, the system of internal control, the accounting records, and supporting evidence in
accordance with generally accepted auditing standards. He expresses his opinion, based on the
examination, the financial condition of the governmental unit or any of its enterprises, the results from
operations and any facts that he has investigated in his professional capacity.

AUTOMATIC AID: Automatic Aid is when another fire department is automatically dispatched along
with our fire units on certain pre-determined type calls such as structure fires, grass fires, rescue
incidents, etc. Anytime any of the fire departments, in the automatic aid group, respond to a reported
structure fire or major incident, the other fire departments in the group automatically respond.

AUTOMOTIVE DIAGNOSTIC EXCELLENCE (ADE): Once you have passed certain tests you earn
this designation. It is sub group of ASE.

AUTOMOTIVE SERVICE EXCELLENCE (ASE): This is a national institute that provides automotive
diagnostics certification for the mechanics.

BALANCE SHEET: A financial statement that discloses the assets, liabilities, reserves, and balances of
a specific governmental fund as of a specific date.

BALANCED BUDGET: The operating budget should be balanced with the use of current revenues and,
if necessary, a portion of the undesignated surplus. In a balanced budget, budgeted
expenditures/expenses should not exceed budgeted revenues. A structurally balance budget requires
that ongoing revenues equal or exceed ongoing expenditures/expenses.

BIOCHEMICAL OXYGEN DEMAND (B.O.D.): The amount of oxygen needed for a biochemical
oxidation in a given time at a given temperature. An indication of wastewater strength.

BOND: A written promise to pay a sum of money on a specific date(s) at a specified interest rate. The
repayment of both the principal and interest are detailed in a bond ordinance.

BOND FUND: A fund formerly used to account for proceeds of general obligation bond issues. Such
proceeds are now accounted for in a Capital Projects Fund. The Capital Projects Fund is primarily an
accounting entity. The indentures of many revenue bond issues identify the "Bond Fund" as the fund into
which proceeds for capital projects are deposited, managed, and disbursed. The term Bond Fund is also
used to refer to a mutual investment fund consisting of bonds.

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