Page 581 - Bedford-FY25-26 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 division in Community Services and is funded out of the Tourism Fund.

Operating and Maintenance (O. & M.):
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:
number of people served by a department or division.

Overlapping Debt:
regional school district, regional transit authority, etc.

Performance Measures:
measure results obtained through an activity or program.

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

Program:
Property 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
Proprietary
two types: enterprise funds and internal service funds. Both use the accrual basis of accounting and receive their revenues
from charges to users.
Public Hearing: The portion of open meetings held to present evidence and provide information on both sides of an issue.

Purchased Services: 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.
Reserve: 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.

Reserve Fund:
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
the existing valuation system, the results of an in-depth sales ratio study, and the accuracy of existing property record
information.

City of Bedford, TX | Proposed Budget FY 2025-2026 Page 581