Page 139 - TownofWestlakeFY25BudgetOrd1005

Non-major Funds: Funds whose revenues, expenditures, expenses, assets, or liabilities ( excluding extraordinary
items) are not at least 10 percent of corresponding totals for all governmental and enterprise funds.

Non-exempt: Personnel eligible to receive overtime pay when overtime work has been authorized or requested
by the supervisor.

Object Code: The standard classification of the expenditures such as office supplies or rental of equipment.

Objectives: Specific, measurable targets set in relation to goals.

Operating Budget: Plan for current expenditures and the proposed means of financing them. The annual
operating budget is the primary means by which most of the financing, acquisition, spending, and service delivery
activities of the Town are controlled. The use of annual operating budgets is required by State law.

Operating Expenditure: Expenditure on an existing item of property or equipment that is not a capital
expenditure.

Ordinance: An authoritative command or order. This term is used for laws adopted by a municipality.

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

Personal Property: Items that can be owned but are not real property – divided into two types: tangible and
intangible.

Personnel Services: Expenditures for salaries, wages and related fringe benefits of Town employees.

Prompt Payment Act: Adopted in July 1985 by the State, the Act requires the Town to pay for goods and services
within 30 days of receipt of invoice or the goods or services, whichever comes later. If this is not satisfied, the
Town may be charged interest on the unpaid balance at the rate of 1% per month.

Property Tax: Taxes levied on both real and personal property according to the property’ s valuation and the tax
rate.

Property Tax Reduction Sales Tax (PTR): ½- cent sales tax approved by the Town of Westlake voters in May 2006.
Texas law allowed the Town to collect the new ½-cent sales tax that does not share the restrictive spending
limitations on revenues designated to the 4A Economic Development Fund ½- cent sales tax. 4A sales tax was
dissolved and replaced with this sales tax.

Proposed Budget: The financial plan initially developed by departments and presented by the Town Manger to
the Town Council for approval. Legally required to be published 30 days prior to adoption and available for public
inspection.

Proprietary Funds: Operation that operates like a private operation, in which services are financed through user
charges and expenditures include the full cost of operations.

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