Page 444 - Southlake FY23 Budget

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Budget Glossary
BUDGET GLOSSARY

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.

BUDGET BOOK | FY 2023 City of Southlake 443
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