Page 175 - CityofKennedaleFY26AdoptedBudget

Objectives - Specific statements of desired ends, which can be measured.

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 of a government are controlled. The use of an annual operating budget is
usually required by law.

Operating Costs – Outlays for such current period items as expendable supplies, contractual services,
and utilities.

Ordinance - A formal legislative enactment by the governing board of a municipality. If it is not in
conflict with any higher form of law, such as a State statute or constitutional provision, it has the full
force and effect of law within the boundaries of the municipality to which it applies. The difference
between an ordinance and a resolution is that the latter requires less legal formality and has a lower
legal status. Revenue raising measures, such as the imposition of taxes, special assessments and service
charges, universally require ordinances. Ordinances and other legislation are not passed until the plans
for and costs of endorsements are known.
Performance Measures - Specific quantitative measures of work performed within an activity or
program. They may also measure results obtained through an activity or program.

Projected - The amount of projected revenues, expenditures or activity to be collected or accomplished
during the fiscal year.

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.

Proprietary Funds – Such as the City’s Enterprise and Internal Service funds are used to account for
services provided by one department or agency of a government to other departments, other
governmental units, or the general public on a user charge basis.

Public Hearing - The portions of open meetings held to present evidence and provide information on
both sides of an issue.

No New Revenue Rate - The no-new-revenue tax rate enables the public to evaluate the relationship
between taxes for the prior year and for the current year, based on a tax rate that would produce the
same amount of taxes if applied to the same properties taxed in both years.
Reserve - An amount that exceeds the operating needs of the Fund. This is measured in days.

Revenue - Funds that the government receives as income.

Revenue Bonds - Bonds whose principal and interest are payable exclusively from a revenue source
pledged as the payment source before issuance.

Risk Management - An organized attempt to protect a government's assets against accidental loss in the
most economic method.

CITYOFKENNEDALE.COM/FINANCE 174