Page 383 - FY 2023-24 ADOPTED BUDGET

expenditures are immediately incurred as a liability while
revenues are not recorded until they are actually received.

OBJECT CODE An expenditure category, such as salaries, supplies, travel,
electricity, or communications equipment. Object codes are
grouped together to form character classifications.

OPERATING BUDGET The portion of the budget that pertains to daily operations
that provide the basic governmental services. The General
Fund and the Debt Service Fund comprise the City's operating
budget.

ORDINANCE A formal legislative enactment by the governing board of a
municipality.

PERFORMANCE A budget wherein expenditures are based primarily upon
BUDGET measurable performance of activities and work programs.

PERFORMANCE Specific quantitative and qualitative measurements of work
MEASUREMENT performed as an objective of the activity, department,
division, or fund.

PROGRAM BUDGET A budget that focuses upon the goals and objectives of an
agency or jurisdiction rather than upon its organizational
budget units or object classes of expenditures.

PROPERTY TAX Property taxes are levied on both real and personal property
according to the property's valuation and the tax rate.

RECONCILIATION A detailed summary of the increases and decreases from one
budget year to the next.

REQUISITION A written request from one department to the Purchasing
Agent for specific goods or services. This action precedes the
authorization of a purchase order.

RESERVES An account used to indicate a portion of a fund balance is
restricted for a specific purpose and is therefore not available
for general appropriations.

REVENUE Funds that the government receives as income. Revenue
includes such items as: tax payments, fees from specific

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