Page 250 - BudgetBookCover_FY26_Adopted.pdf

Operating Budget

Plans of 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 are controlled. The use of annual operating budgets is required by the City's Charter and State Law.

Ordinance

A formal legislative enactment by the governing body of a municipality.

Park Venue Sales Tax

Approved by voters in 1999, is a 0.25% sales tax dedicated to funding improvements and additions to the city’s municipal parks.

Personnel Services

The costs associated with compensating employees for their labor. This includes salaries and fringe benefits.

Proposed Budget

The financial plan initially developed by departments and presented by the City Manager to the City Council for approval.

Property Tax

An annual or semi-annual tax paid to one or more governmental jurisdictions based on the real and personal property's assessed valuation and the tax rate,
done in compliance with the State Property Tax Code.

Proprietary Fund

A governmental accounting fund having profit and loss aspects; therefore, it uses the accrual rather than modified accrual accounting method. The two types of
proprietary funds are the Enterprise Fund and the Internal Service Fund.

Ratings

Designations used by credit rating agencies to give relative indications of credit quality. Municipal bonds rated Baa or BBB and above are considered to be
investment-grade.

Refunding Bonds

Bonds issued to retire bonds already outstanding.

Reserve

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

Resolution

A formal statement of opinion or determination adopted by an assembly or other formal group.

Revenue

Funds that the City receives as income. Revenue increases fund balance.

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