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City of Mansfield Annual Budget and Service Program Fiscal Year 2025-2026 Table of Contents

apportionment along with one year’s committed interest computed from October 1 to October 1 is added to the tax bill
until the betterment has been paid.

Bond:
specified sum of money, alternately referred to as face value, par value or bond principal, to the buyer of the bond on a
specified future date (maturity date), together with periodic interest at a specified rate. The term of a bond is always
greater than one year. (See Note)

Bond and Interest Record: (Bond Register) – The permanent and complete record maintained by a treasurer for each
bond issue. It shows the amount of interest and principal coming due each date and all other pertinent information
concerning the bond issue.

Bonds Authorized and Unissued:
project, any remaining balance of authorized and unissued bonds may not be used for other purposes, but must be
rescinded by the community's legislative body to be removed from community's books.

Bond Issue: Generally, the sale of a certain number of bonds at one time by a governmental unit.

Bond Rating (Municipal): A credit rating assigned to a municipality to help investors assess the future ability, legal
obligation, and willingness of the municipality (bond issuer) to make timely debt service payments. Stated otherwise, a
rating helps prospective investors determine the level of risk associated with a given fixed-income investment. Rating
agencies, such as Moody's and Standard and Poors, use rating systems, which designate a letter or a combination of
letters and numerals where AAA is the highest rating and C1 is a very low rating.

Budget: A plan for allocating resources to support particular services, purposes and functions over a specified period of
time. (See Performance Budget, Program Budget)

Capital Assets:
and has an initial useful live extending beyond a single financial reporting period. Capital assets include land and land
improvements; infrastructure such as roads, bridges, water and sewer lines; easements; buildings and building
improvements; vehicles, machinery and equipment. Communities typically define capital assets in terms of a minimum
useful life and a minimum initial cost. (See Fixed Assets)

Capital Budget:
improvements. Among other information, a capital budget should identify the method of financing each recommended
expenditure, i.e., tax levy or rates, and identify those items that were not recommended. (See Capital Assets, Fixed Assets)

Cash:
agent designated as custodian of cash and bank deposits.

Cash Flow: The movement of money into or out of an organization, showing its liquidity and ability to meet financial
obligations.

Cash Management: The process of monitoring the ebb and flow of money in an out of municipal accounts to ensure cash
availability to pay bills and to facilitate decisions on the need for short- term borrowing and investment of idle cash.

Certificate of Deposit (CD): A bank deposit evidenced by a negotiable or non-negotiable instrument, which provides on
its face that the amount of such deposit plus a specified interest payable to a bearer or to any specified person on a certain
specified date, at the expiration of a certain specified time, or upon notice in writing.

Classification of Real Property:
residential, open space, commercial, and industrial. Having classified its real properties, local officials are permitted to

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