Page 513 - Southlake FY22 Budget

APPEnDIX

BUDGET GLOSSArY

Tax Increment Finance (TIF) Operating Fund: The Tax Increment Finance Operating Fund was established to account
for the general operations of the TIF, which was formed to finance and make public improvements. The TIF is funded
primarily through the assessment of ad valorem taxes.

Technology Infrastructure and Security Fund: The Technology Infrastructure and Security Fund was created in FY 2017
to build capacity for current and future technology needs. Expenditures in this fund are used to maintain, enhance and
replace technology infrastructure and enterprise software to ensure the City receives the most reliable and best value
with technology investments. In order to keep up with the increasing number and complexity of security threats, this
fund also supports technology security projects and programs.

Transfers: Internal movements of revenue and expenses among funds in the budget to provide needed sources of funding
for expenses incurred on behalf of another fund.

U

Utility Fund: The Utility Fund, also known as the Water and Sewer Enterprise Fund, is used to account for the acquisition,
operation and maintenance of Southlake’s municipal water and sewer utility, supported primarily by user charges to the
public.

V

Vehicle Replacement Fund: The Vehicle Replacement Fund is used for the acquisition and replacement of the City’s fleet.

Voter-Approval Tax Rate: The highest tax rate the taxing unit can set before the City is required to hold an automatic
election for approval. Under the Texas Property Tax Reform and Transparency Act of 2019, requires a city to hold an
automatic election on the November uniform election date if it adopts a rate exceeding the 3.5 percent voter-approval
rate. This rate is formerly referred to as the rollback tax rate.

W

Working Capital: The year-end balance of current assets less current liabilities.

Workload Measure: A unit of measure to identify the amount of work or product generated from specific activities. They
form the basis for determining the unit’s success at reaching its performance objectives.

512 FY 2022 City of Southlake | BUDGET BOOK
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