Page 351 - HasletFY24AdoptedBudget

Accounts Payable: A liability account reflecting amounts on open accounts
owing to private persons or organizations for goods and services received by a
government (but not including amounts due to other funds of the same
government or to other governments).

Accounts Receivable: An asset account reflecting amounts owing to open
accounts from private persons or organizations for goods and services furnished
by a government.

Accrual Accounting: A basis of accounting in which revenues are recognized in
the accounting period in which they are earned, and expenses are recognized in
the period in which they are incurred

Ad Valorem Tax: A tax assess against property (land, improvements, and
personal property) for the purpose of financing general operations of the City and
debt service requirements.

Appraisal Review Board (ARB): This is a group of local citizens authorized to
check the Appraisal District’s work and resolve disputes with taxpayers.

Appraised Value: The market value of real and personal property located in the
City as of January 1 each year, determined by the Tarrant Appraisal District
(TAD) and Denton Central Appraisal District (DCAD).

Appropriation: An authorization made by the City Council that permits officials to
incur obligations against and to make expenditures of governmental resources.
Appropriations are made for fixed amounts and are granted, in the operating
budget, for a one-year period.

Appropriation Ordinance: The official enactment by the City Council establishing
the legal authority for City officials to obligate and expend resources.

Assessed Valuation: A value that is established for real or personal property for
use as a basis for levying property taxes. The Tarrant Appraisal District and
Denton Central Appraisal District establishes property values in Haslet.

Assessment Ratio: The ratio at which tax rate is applied to tax base. State Law
currently sets the assessment ratio at 100%

Assets: Resources owned or held by the City, which have monetary value.

Audit: An official inspection of an organization’s accounts to ascertain if the
financial statements present a true, fair and accurate view of the concern and
that the books are properly maintained.

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