Page 138 - TownofWestlakeFY25BudgetOrd1005

Infrastructure: Basic public investments such as streets, storm drainage, water and sewer lines, streetlights and
sidewalks.

Inter-fund Transfer: The transfer of money from one fund to another.

Investments: Securities and real estate held to produce revenues in the form of interest, dividends, rentals, or
lease payments.

Insurance Service Office (ISO): The system to determine the rating of a fire department. A scale of 1 to 10, with 1
being the best score. This ISO rating schedule examines many factors relating to local fire departments, especially
focusing on training and equipment, and examines the locations of the fire stations in the community.

Levy: To impose taxes, special assessments, or service charges for the support of Town activities. Also, the amount
of tax for an individual property or the sum of all individual amounts of tax.

Liabilities: Probably future sacrifices of economic benefits arising from present obligations of an entity to transfer
assets or to provide services to other entities in the future because of past transactions or events; what is owed.

Lift Station: The Town’s collection system relies on gravity to collect water. When the system gets to an
unreasonable depth, a lift station pumps the water to a higher elevation so the gravity process can begin again.

Line-item Budget: A budget format in which departmental outlays are grouped per the items that will be
purchased.

Maintenance and Operations ( M&O): Taxes that are generated by the taxing unit for general expenses.

Major Funds: Funds whose revenues, expenditures/ expenses, assets, or liabilities (excluding extraordinary items)
are at least 10 percent of corresponding totals for all governmental or enterprise funds and at least 5 percent of
the aggregate amount for all governmental and enterprise funds.

Maintenance: The upkeep of physical properties in condition for use or occupancy. Examples are the inspection
of equipment to detect defects and the making of repairs.

Modified Accrual Accounting: This method of accounting is a combination of cash and accrual accounting since
expenditures are immediately incurred as a liability while revenues are not recorded until they are received or are
Measurable” and “ available for expenditure”. This type of accounting basis is conservative and is recommended
as the standard for most government funds.

Municipal: Of or pertaining to a Town or its government.

No-New-Revenue Tax Rate: The rate that would generate the same amount of levy from the same existing
property as the prior year’s rate and calculated on the current year’s values. Replacement of the effective rate
formerly used for Truth-in-Taxation purposes.

Non-departmental: Accounts for expenditures or professional services and other general government functions,
which cannot be allocated to individual departments.

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