Page 352 - HasletFY24AdoptedBudget

Balanced Budget: A budget where expenditures are equal to income or
sometimes where expenditures are less than income. A balanced budget can
include a planned draw down of fund balances.

Bond: A written promise to pay a sum of money on a specific date at a specific
interest rate.

Bond Ordinance: An ordinance authorizing a bond issue.

Bond Rating: Designation of the quality of bonds or notes issued by state and
local governmental units. Ratings are provided by agencies or corporations that
seek thereby to render a professional judgement concerning the quality of the
security being rated.

Budget: A plan of financial operation embodying an estimate of proposed
expenditures for a given period and the proposed means of financing them. The
operating budget is the financial plan adopted for a single fiscal year. The
proposed budget designate the financial plan initially developed by department
and presented by the City Administrator to the Council for approval. The adopted
budget is the plan as modified and finally approved by that body. The approved
budget is authorized by ordinance and this specifies the legal spending limits for
the year.

Budget Calendar: The schedule of dates used as a guide to complete the
various steps of the budget preparation and adoption processes.

Budgetary Basis: The City’s accounting records for general governmental
operations are maintained on a modified accrual basis, with the revenues
recognized when they become both available and measurable and expenditures
are recognized when the services or good are received and the liabilities are
incurred. Accounting records for the City’s proprietary fund is maintained on an
accrual basis.

Budgetary Control: The control or management of a governmental or enterprise
fund in accordance with an approved budget to keep expenditures within the
limitations of available appropriations of revenue.

Capital Improvement Plan (CIP): The City’s schedule of capital projects that are
planned out for a minimum of the next five years

Capital Outlay: A type of expenditure within the budget, which results in the
acquisition of an asset which has a value of at least $5,000 and a useful life of
three years or more.

Haslet Adopted Budget FY 2023-2024 344