Page 507 - Southlake FY22 Budget

APPEnDIX

BUDGET GLOSSArY

payment of long-term principle and interest costs for debt incurred to construct The Marq Southlake Phase II.

Contingency: A budgetary reserve set aside for emergencies or unforeseen expenditures.

Court Security Fund: The Court Security Fund is used to account for municipal court fees assessed to provide for court
security.

Court Technology Fund: The Court Technology Fund is used to account for municipal court fees assessed to provide
for court technology.

Crime Control & Prevention District (CCPD): A citizen approved district that utilizes a half-cent sales tax for the purchase
of land and capital improvements for the Department of Public Safety.

Crime Control & Prevention District (CCPD) Operating Fund: The Crime Control & Prevention District Operating Fund
is a special revenue fund established to account for the operations of the Crime Control District, which was established
for the financing and development of crime control projects within the City of Southlake. This fund is funded primarily
through the receipt of municipal sales taxes.

Current Assets: Those assets which are available or can be made readily available to finance current operations or to
pay current liabilities.

Current Liabilities: Debt or other legal obligations arising out of transactions in the past which must be liquidated,
renewed, or refunded within one year.

D

Debt Service: The annual payment of principal and interest on the City’s indebtedness.

Deficit: The excess of the liabilities of a fund over its assets. The excess of expenditures over revenues during an
accounting period; or, in the case of proprietary funds, the excess of expense over income during an accounting period.

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

Depreciation: The periodic expiration of an asset’s useful life. Depreciation is a requirement, in proprietary type funds
(such as enterprise and internal service funds).

E

Economic Development Investment Fund: The Southlake 2030 Economic Development & Tourism Strategic Plan
includes the following as recommendation 4.3: “Southlake should establish a fund to use to attract and retain
employers, as well as to help retain and expand existing businesses.” This fund was created in 2013 for that purpose.

506 FY 2022 City of Southlake | BUDGET BOOK
WWW.CITYOFSOUTHLAKE.COM