Page 299 - CityofMansfieldFY23Budget
P. 299

Current Taxes               Taxes that are levied and due within one year.

               Debt Services               The City’s obligation to  pay the principal and interest of all
                                           bonds and other debt instruments to a pre-determined payment
                                           schedule.

               Delinquent Taxes            Taxes that remains unpaid on and after the date on which a
                                           penalty for non-payment is attached.

               Department Purpose          The primary reason for the existence of a specific department is
                                           explained through the departmental purpose statement.

               Depreciation                The process  of estimating and recording the lost  usefulness,
                                           expired useful life or diminution of service from a fixed asset
                                           that cannot or will not be restored by repair and will be replaced.
                                           The cost of the fixed asset’s lost usefulness is the depreciation or
                                           the cost to reserve in order to replace the item at the end of its
                                           useful life.

               Development Fees            Fees charged by the City to developers or individuals to recover
                                           the cost of services provided by the City.

               Disbursement                Payment for goods and services in cash or by check.

               Donations                   A gift to the City that may be either monetary or non-monetary.

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

               Enterprise Fund             A governmental accounting fund in which the services provided
                                           are financed and operated similarly to those of a private
                                           business. The rate schedules for these services are established to
                                           insure  that  revenues  are  adequate  to  meet  all  necessary
                                           expenditures. An enterprise fund in Mansfield is established for
                                           water and sewer services.

               Estimated Revenue           The amount  of projected  revenue to be collected during the
                                           fiscal year.  The amount of revenue appropriated is the amount
                                           approved by City Council.

               Exempt                      Personnel who are not eligible to receive overtime pay and are
                                           expected to put in whatever hours are necessary to do the job.

               Expenditure                 This term refers to the  outflow of funds paid for an asset
                                           obtained or goods and services obtained regardless of when the
                                           expense is actually paid.  This term applies to all funds.
                                           Note:  An encumbrance is not expenditure. An encumbrance
                                           reserves funds to be expended.


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