Page 286 - CityofMansfieldFY24Budget

BUDGET GLOSSARY

The Annual Budget contains specialized terminology that is unique to public finance and budgeting. To
assist the reader of the Annual Budget document in understanding these terms, a budget glossary has been
included in the document.

Accounts Receivable An asset account reflecting amounts owed by private individuals
or organizations for goods/services furnished by a government.

Accrual Accounting A basis of accounting in which debits and credits are recorded at
the time they are incurred as opposed to when cash is actually
received or spent. For example, in accrual accounting, revenue
which was earned between April 1 and June 30, but for which
payment was not received until July 10, is recorded as being
received on June 30 rather than on July 10.

Actual Revenue or expenditure totals for a given period, as opposed to
“Budget” numbers which are estimated for a given period.
Ad Valorem
A tax based on the value of real and personal property.

Annual Comprehensive The official financial report of the City that includes an audit
Financial Report (ACFR) opinion as well as basic financial statements and supporting
schedules necessary to demonstrate compliance with financial
related legal and contractual provisions.

Appropriations An authorization made by the City Council which permits the
City to incur obligations and to make expenditures of resources.

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

Arbitrage The reinvestment of the proceeds of tax-exempt securities
in materially higher yielding taxable securities.

Assessed Valuation A value that is established for real or personal property for use
as a basis for levying property taxes. (Note: property values are
established by the Tarrant Appraisal District.)

Assets Resources owned or held by the City that have monetary value.

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