Page 294 - CityofMansfieldFY24Budget

Proposed Budget The final draft of the budget that is presented by the City
Manager to the City Council and the public for consideration,
acceptance, and action.

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

Proprietary Fund Funds to provide the same type of information as the
government-wide fund statements, except in more detail.

Purchase Order A document that authorizes the delivery of specified
merchandise or the rendering of certain services and the making
of a charge for them.

Reconciliation A detailed summary of increases and decreases in departmental
expenditures from one budget year to another.

Requisition A written request from a department to the Budget/Accounting
office for specific goods or services. This action precedes the
authorization of a purchase order.

Reserve An account used to indicate that a portion of a fund's balance is
legally restricted for a specific purpose and is, therefore, not
available for general appropriation.

Resolution An order of a governing body. Requires less legal formality and
has lower legal status than an ordinance. Statutes or charter will
specify which actions must be by ordinance and which may be
by resolution (for cities, revenue-raising measures such as taxes,
special assessments, and service charges always require
ordinances). See "Ordinance."

Revenue Funds that the government receives as income. It includes such
items as tax payments, fees from specific services, receipts from
other governments, fines, forfeitures, grants, shared revenues
and interest income.

Revenue Bonds Bonds usually sold for constructing a project that will produce
revenue for the government. The revenue is used to pay the
principal and interest of the bond.

Risk Management An organized attempt to protect a government's assets against
accidental loss in the most economical method.

Special Revenue Fund A fund used to account for the proceeds of specific revenue
sources (other than special assessments, expendable trusts, or
major capital projects) that are reserved for specific purposes.

Source of Revenue Revenues are classified according to their source or point of
origin.

292