Page 375 - HurstFY23AnnualBudget

APPROVED BUDGET FISCAL YEAR 2022-2023

Budgetary Control - The control or management of a government or enterprise in accordance with an
approved budget for the purpose of keeping expenditures within the limitations of available
appropriations and available revenues.

Calculated Effective Tax Rate - State law in Texas prescribes a formula for calculating the effective tax
rate for cities. The net effect of the formula is to produce a tax rate that goes down when property values
rise because of inflation and vice versa. The intent is to generate a rate that produces approximately the
same revenue as the year before. The formula does make adjustments for newly annexed property and
newly constructed property for the effective tax rate calculation.

Capital Improvement Program - A plan for purchasing capital expenditures over a period of years to
meet capital needs arising from the long-term work program or otherwise. It sets forth each project or
other contemplated expenditure in which the government is to have part and specifies the full resources
estimated to be available to finance the projected expenditures.

Capital Projects Fund - A fund created to account for financial resources to be used for the acquisition
or the construction of major capital facilities or equipment.

Capital Outlays - Expenditures which result in the acquisition of or addition to, the fixed assets.

CARES Act - The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by
Congress with overwhelming, bipartisan support and signed into law by President Trump on March 27th,
2020.

CDBG – Community Development Block Grant.

Certificates of Obligation - Tax supported bonds that are similar to general obligation bonds and can be
issued after meeting strict publication requirements and with final approval by the City Council.

City Charter - The document of a home rule City similar to a constitution, which establishes the City's
government structure and provides for the distribution of powers and duties among the various branches
of government.

City Council - The Mayor and six (6) Council members collectively acting as the legislative and policy
making body of the City.

Code of Ideals – As part of the City’s customer service initiative, City employees developed a Code of
Ideals to serve as a written statement of their shared values and goals.

Community Development Block Grant (CDBG) - A type of federal grant to improve infrastructure in
specified portions of the community.

Community Services Half Cent Sales Tax Fund - A fund established to record receipts and related
expenses of a 1/2 percent sales tax for Community Services purposes.

Congestion Mitigation and Air Quality (CMAQ) - A type of federal grant to fund transportation
improvements.

Contractual Services - The costs related to services performed for the City by individuals, business, or
utilities.

Crime Control and Prevention District - The State Legislature in 1989 allowed certain cities and
counties to establish a district and impose a local sales tax to fund its programs. Since that time,
eligibility has been extended.

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