Page 312 - Southlake FY24 Budget

Budget Glossary

U

Utility Fund: The Utility Fund, also known as
the Water and Sewer Enterprise Fund, is used
to account for the acquisition, operation and
maintenance of Southlake’s municipal water and
Appendix
sewer utility, supported primarily by user charges
to the public.

V

Vehicle Replacement Fund: The Vehicle
Replacement Fund is used for the acquisition
and replacement of the City’s fleet.

Voter-Approval Tax Rate: The highest tax rate
the taxing unit can set before the City is required
to hold an automatic election for approval. Under
the Texas Property Tax Reform and Transparency
Act of 2019, requires a city to hold an automatic
election on the November uniform election date
if it adopts a rate exceeding the 3.5 percent
voter-approval rate. This rate is formerly referred
to as the rollback tax rate.

W

Working Capital: The year-end balance of
current assets less current liabilities.

Workload Measure: A unit of measure to identify
the amount of work or product generated
from specific activities. They form the basis for
determining the unit’s success at reaching its
performance objectives.

312 FY 2024 City of Southlake | Budget Book