Page 309 - Southlake FY24 Budget

Budget Glossary

K N

Key Accountability Indicator: A statement that No New Revenue Tax Rate: Tax rate that will
describes in specific and measurable terms the generate the same amount of property tax
results that the program is expected to achieve dollars as the previous year, excluding new Appendix
within a certain time-frame. construction and annexations, when the two
years are compared. Formerly referred to as the
L effective tax rate.

Levy: To impose a tax, special assessment or O
service charge for the support of government
activities. The term most commonly refers to the Operating Budget: The annual appropriation
real and personal property tax levy. to maintain the provision of City services to the
public.
Liability: Debt or other legal obligation arising
out of transactions in the past which must be Operating Transfer In: Transfer from other funds
liquidated, renewed or refunded at some future which are not related to rendering of service.
date.
P
Library Donations Fund: This fund was
established to account for resources donated for P-Card: Acronym for procurement card. A City-
use by City library services. issued credit card which allows employees to
make purchases in a cost effective manner.
Long-Term Debt: Debt with a maturity of more
than one year after the date of issuance. Parks Dedication Fund: The Parks Dedication
Fund was established to account for resources
M restricted for use by the parks department.
The primary source of revenue for the Parks
Mandate: A requirement imposed by one unit of Dedication Fund is user charges for the use of
government on another unit of government. City parks.

Modified Accrual Accounting: A basis of Proprietary Fund: See Enterprise Fund.
accounting in which expenditures are accrued
but revenues are accounted for on a cash basis. Adopted Budget: The recommended and
This accounting technique is a combination of unapproved City budget submitted to the City
cash and accrual accounting since expenditures Council and public in August of each year.
are immediately incurred as a liability while
revenues are not recorded until they are actually
received or are “measurable” and “available
for expenditure”. Since this type of accounting
basis is a conservative financial approach, it
is recommended as the standard for most
governmental funds.

FY 2024 City of Southlake | Budget Book 309