Page 506 - Southlake FY22 Budget

APPEnDIX

BUDGET GLOSSArY

Budget: A plan of financial operation embodying an estimate of proposed expenditures for a given period and the
proposed means of financing them. Used without any modifier, the term usually indicates a financial plan for a single
fiscal year.

Budget Amendment: A procedure used by the City staff and City Council to revise a budget appropriation.

Budget Calendar: The schedule of key dates involved in the process of adopting and then executing an adopted budget.

Budget Hearing: The public hearings conducted by City Council to consider and adopt the annual budget.

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Capital Assets: Assets of significant value which have a useful life of several years. Also referred to as fixed assets.

Capital Budget: Major capital improvements which are beyond the routine operation of the city are budgeted under
separate capital project funds. These projects, which often require more than one year for completion, include items
such as expansion of roads and reconstruction of intersections. In total, these projects are referred to as the Capital
Budget and are not included in the annual operating budget.

Capital Improvements Program (CIP): A plan for capital expenditures to be incurred each year over a fixed period
of years, identifying the expected beginning and ending date, and the amount to be expended in each year and the
method of financing those expenditures.

Capital Outlays: Annual operating expenditures for the acquisition of, or addition to, fixed assets. These expenditures
generally cost more than $5,000, including construction projects, land acquisition, major renovations or repairs to
existing grounds or facilities, and equipment purchases.

Capital Projects: Projects which purchase or construct capital assets. Typically a capital project encompasses a purchase
of land and/or the construction of a building or facility.

Certificate of Obligations (COs): Similar to general obligation bonds except the certificates require no voter approval.

Commercial Vehicle Enforcement Fund: This fund accounts for fines collected from commercial vehicle violations.
Use of these funds is restricted for commercial vehicle enforcement, per State law.

Community Enhancement and Development Corporation (CEDC): The Community Enhancement and Development
Corporation was formed when Southlake voters approved the special levy of a 3/8 cent sales tax in 2015. The funds
are dedicated toward the construction of Phase II of The Marq Southlake, a community events and recreation facility.
Funds will also be used to support operational expenses related to The Marq as well as special economic development
projects.

Community Enhancement and Development Corporation (CEDC) Debt Service Fund: The Community Enhancement
and Development Corporation Debt Service Fund is used to account for the accumulation of financial resources for

BUDGET BOOK | FY 2022 City of Southlake 505
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