Page 509 - Southlake FY22 Budget

APPEnDIX

BUDGET GLOSSArY

funds. Includes such operations as police, fire, engineering, planning, finance and administration.

General Obligation Bonds: Bonds for which the full faith and credit of the issuing government are pledged for payment.

General Obligation Debt Service Fund: The General Obligation Debt Service Fund is used to account for the accumulation
of financial resources for the payment of principle, interest and related costs on general long-term debt paid primarily
from taxes levied by the City. The fund balance of the General Obligation Debt Service Fund is reserved to signify the
amounts that are restricted exclusively for debt service expenditures.

H

Homestead Exemption: A partial exemption of property taxes for owners of a residence. Qualifications include owning
the house on January 1 and living in the house on January 1 of the tax year in question.

Hotel Occupancy Tax Fund: The fund used to account for the received revenue from taxes imposed on hotel guests
who pay for a room or space in a hotel. The Hotel Occupancy Tax is authorized under the Texas Tax Code, Chapter 351.
The City of Southlake adopted Ordinance No. 769 in February 2000, levying a 7% (.07) tax on the cost of a room.

I

Indicator: A quantitative measure or index which may represent the degree of presence or magnitude of change in a
condition.

Interfund Transfer: Money transferred from one fund to another.

K

Key Accountability Indicator: A statement that describes in specific and measurable terms the results that the program
is expected to achieve within a certain time-frame.

L

Levy: To impose a tax, special assessment or service charge for the support of government activities. The term most
commonly refers to the real and personal property tax levy.

Liability: Debt or other legal obligation arising out of transactions in the past which must be liquidated, renewed or
refunded at some future date.

Library Donations Fund: This fund was established to account for resources donated for use by City library services.

508 FY 2022 City of Southlake | BUDGET BOOK
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