Page 136 - CityofKennedaleFY23Budget

APPENDIX E: BUDGET GLOSSARY

ACCRUAL BASIS OF ACCOUNTING
Method of accounting that recognizes that the financial effect of transactions, events, and inter-fund activities
when they occur — regardless of the timing of related cash flows

AD VALOREM (PROPERTY) TAX
Tax levied in proportion to the value of the property against which it is levied

APPRAISED VALUE
Estimated values of all properties within the jurisdiction that are subject to ad valorem or property tax; Property
values for the City of Kennedale are established by the Tarrant Appraisal District (TAD)

APPROPRIATION
Authorization granted by a legislative body to make expenditures and/or to incur obligations; Contains specific
limitations as to the amount, purpose, and time when it may be expended

APPROPRIATION (BUDGET) ORDINANCE
Enactment by the City Council to legally authorize City staff to obligate and expend resources

ASSESSED VALUE
Total taxable value placed on real estate and other property as a basis for levying taxes

AUTHORIZED POSITIONS
Personnel positions approved and authorized in the Adopted Budget to be staffed/filled during the year

BALANCE SHEET
Statement disclosing assets, liabilities, reserves, and balances of a specific fund on a specific date

BEGINNING FUND BALANCE
Monies available after payment of all expenses and deductions for that fund’s prior year encumbrances

BOND
Written promise to pay a sum of money on a certain date at a specific interest rate, as detailed in the authorizing
Bond Ordinance

BUDGET
Plan of financial operations embodying an estimate of expenditures for a given period and the means of financing
those expenditures

BUDGET CALENDAR
Approved schedule of key dates that the City follows in the preparation and adoption of a budget

BUDGET DOCUMENT
Instrument used by the budget-making authority to present a comprehensive financial plan of operations to the
City Council

BUDGET MESSAGE / TRANSMITTAL LETTER / MANAGER’S MESSAGE
Written discussion of the budget to the legislative body by the budget-making authority

CAPITAL OUTLAY
Expenditures for fixed assets (e.g., equipment, vehicles, and minor facility improvements) that are funded from the
operating budget

CITY COUNCIL
The Mayor and five Councilmembers functioning as the legislative and policy-making body of the City

CURRENT TAXES
Taxes levied and due within one year

DEBT SERVICE
Payment of principal and interest to the holders of a government’s debt instruments
DEBT SERVICE FUND
Fund used for the accumulation of resources for the payment of long-term debt principal and interest

DELINQUENT TAXES
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