Page 353 - HasletFY24AdoptedBudget

Certificate of Obligation (C.O.): A type of municipal debt that is unconditionally
back that can be issued without voter approval, usually by a vote of the City
Council. Often used for smaller projects.

City Council: The Mayor and five (5) Council Members collectively acting as the
legislative and policy-making body of the City.

Court Security Fee: Fee collected by the court for convictions of misdemeanor
offenses in the Municipal Court. Funds to be used to finance items used for the
purpose of providing security services for the housing of the Municipal Court.

Court Technology Fee: Fee collected by the court for convictions of
misdemeanor offenses in the Municipal Court. Funds to be used to finance the
purchase of technological enhancements and service and maintenance
agreements for the Municipal Court.

Current Taxes: Property taxes that are levied and due within one year.

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

Debt Service Fund: A fund established to account for the accumulation of
resources for the payment of principal and interest on long term debt. May also
be called Interest and Sinking Fund (I&S).

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

Department: A major administrative organizational unit of the City, which
indicates overall management responsible for one or more divisions.

Depreciation: (1) Expiration in service life of capital assets attributable to wear
and tear, deterioration, action of the physical elements, inadequacy or
obsolescence. (2) That portion of the cost of a capital asset that is charged as
an expense during a particular period.

Effective Tax Rate: The rate that will generate the same revenue as the year
before. State law in Texas prescribes a formula for calculating the effective tax
rate for cities. The net effect of the formula is to produce a tax rate that decrease
when property values rise because of inflation and vice versa. The formula does
make adjustments for newly annexed property and newly constructed property
for the effective tax rate calculation; however, for notice and hearing
requirements, the benefit of new growth is excluded.

Haslet Adopted Budget FY 2023-2024 345