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

Program Budget: A budget that relates expenditures to the programs they fund. The emphasis of a program budget is on
output.

Proprietary Funds: Funds used to record the financial transactions of governmental entities when they engage in
activities that are intended to recover the cost of providing goods or services to the general public on a user-fee basis.

Purchased Services:

Refunding of Debt:
generally more favorable to the issuer.

Reserve Fund: An amount set aside annually within the budget of a town to provide a funding source for extraordinary or
unforeseen expenditures.

Revaluation:
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.
Revenues:
services.

Revenue Anticipation Note (RAN): A short-term loan issued to be paid off by revenues, such as tax collections and state
aid. RANs are full faith and credit obligations.

Revenue Bond: A bond payable from and secured solely by specific revenues and thereby not a full faith and credit
obligation.

Revolving Fund:
appropriation to support the service.

Sale of Real Estate Fund: A fund established to account for the proceeds of the sale of municipal real estate other than
proceeds acquired through tax title foreclosure.

Stabilization Fund: A fund designed to accumulate amounts for capital and other future spending purposes, although it
may be appropriated for any lawful purpose.

Surplus Revenue:

Tax Rate:
assessed valuation of taxable real and personal property.

Tax Title Foreclosure: The procedure initiated by a municipality to obtain legal title to real property already in tax title and
on which property taxes are overdue.

Trust Fund:
custodian of trust funds, the treasurer invests and expends such funds as stipulated by trust agreements, as directed by
the commissioners of trust funds or by the community's legislative body. Both principal and interest may be used if the
trust is established as an expendable trust. For nonexpendable trust funds, only interest (not principal) may be expended
as directed.

Uncollected Funds: Recently deposited checks included in an account’s balance but drawn on other banks and not yet
credited by the Federal Reserve Bank or local clearinghouse to the bank cashing the checks. (These funds may not be

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