Page 140 - TownofWestlakeFY25BudgetOrd1005

Public Hearing: An open meeting regarding proposed operating or capital budget allocations, which provide
citizens with an opportunity to voice their views on the merits of the proposals.

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

Resolution: A formal statement of opinion or determination adopted by an assembly or another formal group.

Resources: Total dollars available for appropriations, including estimated revenues, fund transfers, and beginning
fund balances.

Retained Earnings: The excess of total assets over total liabilities for an enterprise fund. Retained earnings include
both short-term and long-term assets and liabilities for an enterprise fund.

Revenues: Funds that the government receives as income. It includes such items a tax payment, fees from specific
services, receipts from other governments, fines for forfeitures, grants, shared revenues and interest income.

Sales Tax: A general “ sales tax” is levied on persons and businesses selling merchandise or services in the town
limits on a retail basis. The categories for taxation are defined by state law. Monies collected under authorization
of this tax are for the use and benefit of the town.

Supervisory Control and Data Acquisition ( SCADA): System that collects data from various sensors at a remote
location and then sends the data to a central computer which then manages and controls the data.

Special Revenue Fund: A fund used to account for the proceeds of specific revenue sources that are legally
restricted to expenditure for specified purposes.

Supplies: A cost category for minor items ( individually priced at less than $ 5,000) required by departments to
conduct their operations.

Texas Municipal Retirement System ( TMRS): Pension plan for employees of member cities within the State of
Texas.

Trinity River Authority ( TRA): A separate governmental entity responsible for providing water and wastewater
services in the Trinity River basin. The Town contracts with TRA for treatment of wastewater.

Transfer In/ Out: Funds moved from one fund to another to achieve specific spending objectives.

User Charges: The payment of a fee for direct receipt of a public service by the party benefiting from the service.

Voter Approval Tax Rate ( VATR): Maximum tax rate which the Council can legally adopt without a general
election. Includes a maximum percentage increase and any available unused increment from the prior three (3)
years. Replaces the rollback rate used in previous Truth-in-Taxation calculations.

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