Page 510 - Southlake FY22 Budget

APPEnDIX

BUDGET GLOSSArY

Long-Term Debt: Debt with a maturity of more than one year after the date of issuance.

M

Mandate: A requirement imposed by one unit of government on another unit of government.

Modified Accrual Accounting: A basis of accounting in which expenditures are accrued but revenues are accounted
for on a cash basis. This accounting technique is a combination of cash and accrual accounting since expenditures
are immediately incurred as a liability while revenues are not recorded until they are actually received or are
“measurable” and “available for expenditure”. Since this type of accounting basis is a conservative financial approach,
it is recommended as the standard for most governmental funds.

N

No New Revenue Tax Rate: Tax rate that will generate the same amount of property tax dollars as the previous year,
excluding new construction and annexations, when the two years are compared. Formerly referred to as the effective
tax rate.

O

Operating Budget: The annual appropriation to maintain the provision of City services to the public.

Operating Transfer In: Transfer from other funds which are not related to rendering of service.

P

P-Card: Acronym for procurement card. A City-issued credit card which allows employees to make purchases in a cost
effective manner.

Parks Dedication Fund: The Parks Dedication Fund was established to account for resources restricted for use by the
parks department. The primary source of revenue for the Parks Dedication Fund is user charges for the use of City
parks.

Proprietary Fund: See Enterprise Fund.

Proposed Budget: The recommended and unapproved City budget submitted to the City Council and public in August
of each year.

BUDGET BOOK | FY 2022 City of Southlake 509
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