Page 578 - Bedford-FY25-26 Budget

City Charter:
distribution of duties and powers among the various branches of government.

City Council: The Mayor and six Council members collectively acting as the legislative and policymaking body of the City.

Consumer Price Index:
index is often called the "cost-of-living index."

A decision-making tool that allows a comparison of options based on the level of bene t derived and
Cost-Bene
the cost to achieve the bene t from different alternatives.
Current Taxes: Taxes levied and due within one year.

Burden: The amount of debt carried by an issuer usually expressed as a measure of value (i.e., debt as a percentage of
Debt
assessed value, debt per capita, etc.). Sometimes debt burden refers to debt service costs as a percentage of the total annual
budget.

Debt Service:
interest on any particular bond issue.

Department: A major administrative organizational unit of the City that indicates overall management responsibility for one or
more divisions.

Depreciation: (1) Expiration in service life of capital assets attributable to wear and tear, deterioration, action of the physical
elements, inadequacy or obsolescence. (2) That portion of the cost of a capital asset that is charged as an expense during a
particular period.

A voluntary program administered by the Government Finance Of cers
Distinguished Budget Presentation Program:
Association to encourage governments to publish ef ciently organized and easily readable budget documents and to provide
peer recognition and technical recommendations to the scal of cers preparing them.

Division:
more activities.
Effectiveness: A type of performance measure relating to customer/client/public satisfaction with quality, timeliness or other
aspects of the service or product delivered.
A type of performance measure relating inputs to outputs to express ef ciency measures as costs per unit of output
Ef
and/or productivity per labor hour.

Encumbrance: A reservation of funds to cover obligations arising from purchase orders, contracts, or salary commitments that
are chargeable to, but not yet paid from, a speci c appropriation account.

Funds: An enterprise fund is a separate accounting and nancial reporting mechanism for municipal services for
Enterprise
which a fee is charged in exchange for goods or services. It allows a community to demonstrate to the public the portion of
total costs of a service that is recovered through user charges and the portion that is subsidized by the tax levy, if any. With an
enterprise fund, all costs of service delivery--direct, indirect, and capital costs—are identi ed. This allows the community to
recover total service costs through user fees if it chooses. Enterprise accounting also enables communities to reserve the
"surplus" or net assets unrestricted generated by the operation of the enterprise rather than closing it out to the general fund
at year-end. Services that may be treated as enterprises include, but are not limited to, water, sewer, hospital, and airport
services.
Exemptions: A discharge, established by statute, from the obligation to pay all or a portion of a property tax. The exemption is
available to particular categories of property or persons upon the timely submission and approval of an application to the
assessors. Properties exempt from taxation include hospitals, schools, houses of worship, and cultural institutions. Persons who
may qualify for exemptions include disabled veterans, blind individuals, surviving spouses, and seniors.

Expenditure: An outlay of money made by municipalities to provide the programs and services within their approved budget.

Fiduciary Funds:
organizations, other governmental units, and other funds. These include pension (and other employee bene t) trust funds,
investment trust funds, private-purpose trust funds, and custodial funds.

City of Bedford, TX | Proposed Budget FY 2025-2026 Page 578