Page 376 - HurstFY23AnnualBudget

APPROVED BUDGET FISCAL YEAR 2022-2023

Current Taxes - Taxes levied and due within one year.

Debt Service Fund - A fund established to account for the accumulation of resources for, and the
payment of, long-term debt principal and interest.

Delinquent Taxes - Taxes that remain unpaid after the date on which a penalty for nonpayment is
attached, i.e., tax statements are mailed out in October and become delinquent if unpaid by January 31.

Department - A major administrative organizational unit of the City, which indicates overall
management responsibility for one or more divisions.

Depreciation - A means of allocating a portion of a fixed asset's cost to each period that the asset
helps generate revenue.

Disabled Citizen Exemption - A deduction of $35,000 from the total assessed value of owner-occupied
property for citizens with disabilities determined upon application to the Tarrant Appraisal District.

Distinguished Budget Presentation Program - A voluntary program administered by the Government
Finance Officers Association to encourage governments to publish efficiently organized and easily
readable budget documents and to provide peer recognition and technical assistance to the fiscal officers
preparing them.

Division - A major administrative organizational unit of the City, which indicates overall management
responsibility for one or more activities.

Encumbrance - The commitment of appropriated funds to purchase an item or service. To encumber
funds means to set aside or commit funds for a future expenditure.

Enterprise Fund - A fund established to account for operations of the water and sewer system. It is
operated in a manner similar to private business enterprises where the intent is cost recovery.

Estimated - The amount of projected revenues or expenditures to be collected during the fiscal year.

Exempt - Personnel not eligible to receive overtime pay and who are expected to put in whatever
hours are necessary to complete their job assignments. Compensatory time off, as partial
compensation for overtime hours worked, may be allowed by the respective department head.

Expenditures/Expenses - A decrease in the net financial resources of the City due to the acquisition of
goods and services.

Financial Policies - Financial policies are used to enable the City to achieve a sound financial position.
They are in writing and are updated and endorsed on an annual basis.

Fiscal Year - A 12-month period to which the Annual Budget applies. The City of Hurst has specified
October 1 to September 30 as its fiscal year.

Fleet Service Fund - This fund is used to account for the financing of goods or services provided by one
department or agency to other departments or agencies of the City, or to other governments, on a cost
reimbursement basis.

Franchise Fee - A fee paid by public service utilities for use of public property in providing their
services to the citizens of the community.

373