Page 542 - Bedford-FY24-25 Budget

Expenditures: A classi cation of expenditures that is used for coding any department disbursement, such as
Objects of
“personal services,” “expenses,” or “capital outlay.”

Statement: A document prepared for potential investors that contains information about a prospective bond or note
Of{cial
issue and the issuer. The of cial statement is typically published with the notice of sale. It is sometimes called an offering
circular or prospectus.

Old Bedford School (O.B. S .): The Old Bedford School is a restored building built in 1915. It was Bedford's rst brick schoolhouse.
The Old Bedford School is a division in Community Services and is funded out of the Tourism Fund.

Operating Budget: Plans of current expenditures and the proposed means of nancing them. The annual operating budget is
the primary means by which most of the nancing, acquisition, spending, and services delivery activities of the City are
controlled. State Law requires the use of annual operating budgets.

Outcomes: A type of performance measure which addresses strategic results and gauges the effectiveness of services or
programs, shows the extent to which goals, outcomes or objectives have been achieved and/or what has changed or been
accomplished as a result of the service.

Outputs: A type of performance measure reporting the number of units provided, the amount of services provided, or the
number of people served by a department or division.

Debt: A community's proportionate share of the debt incurred by an overlapping government entity, such as a
Overlapping
regional school district, regional transit authority, etc.

Measures: Speci c quantitative measures of work performed within an activity or program. They may also
Performance
measure results obtained through an activity or program.

Personnel Ser vices: The costs associated with compensating employees for their labor, including salaries and fringe bene ts.

Principal: The face amount of a bond, exclusive of accrued interest.

Program: A combination of activities to accomplish an end.

Proper ty Taxes: Used to describe all revenues received in a period from current taxes, delinquent taxes, penalties and interest
on delinquent taxes. Property taxes are levied on both real and personal property according to the property's valuation and tax
rate.

Fund: A class of fund types that account for a local government’s businesslike activities. Proprietary funds are of
Proprietar y
two types: enterprise funds and internal service funds. Both use the accrual basis of accounting and receive their revenues
from charges to users. (See also Enterprise Fund.)

Public Hearing: The portion of open meetings held to present evidence and provide information on both sides of an issue.

Purchased Ser vices: The cost of services that are provided by a vendor.

Debt: Transaction where one bond issue is redeemed and replaced by a new bond issue under conditions
Refunding of
generally more favorable to the issuer.

Reser ve: An account used to indicate that a portion of fund resources is restricted for a speci c purpose or is not available for
appropriation and subsequent spending.

Reser ve Fund: An amount set aside annually within the budget of a municipality to provide a funding source for extraordinary
or unforeseen expenditures.

Retained Earnings: The accumulated earnings of an enterprise fund which have been retained in the fund and which are not
reserved for any speci c purpose.

Revaluation: The assessors of each community are responsible for developing a reasonable and realistic program to achieve
the fair cash valuation of property in accordance with constitutional and statutory requirements. The nature and extent of that
program will depend on the assessors’ analysis and consideration of many factors, including, but not limited to, the status of

City of Bedford, TX | Adopted Budget FY 2024-2025 Page 542