Page 391 - CityofSouthlakeFY27Budget

TABLE OF CONTENTS
BUDGET GLOSSARY
K N
Key Accountability Indicator: A statement that
describes in specific and measurable terms the
results that the program is expected to achieve
within a certain time-frame.
L effective tax rate.
Levy: To impose a tax, special assessment or
service charge for the support of government
activities. The term most commonly refers to the
real and personal property tax levy.
Liability: Debt or other legal obligation arising
out of transactions in the past which must be
liquidated, renewed or refunded at some future
date.
Library Donations Fund: This fund was
established to account for resources donated for
use by City library services.
Long-Term Debt: Debt with a maturity of more
than one year after the date of issuance.
M restricted for use by the parks department.
Mandate: A requirement imposed by one unit of
government on another unit of government.
Modified Accrual Accounting: A basis of
accounting in which expenditures are accrued
but revenues are accounted for on a cash basis.
This accounting technique is a combination of
cash and accrual accounting since expenditures
are immediately incurred as a liability while
revenues are not recorded until they are actually
received or are “measurable” and “available
for expenditure”. Since this type of accounting
basis is a conservative financial approach, it
is recommended as the standard for most
governmental funds.
No-New-Revenue Tax Rate: Tax rate that will
generate the same amount of property tax
dollars as the previous year, excluding new Appendix
construction and annexations, when the two
years are compared. Formerly referred to as the
O
Operating Budget: The annual appropriation
to maintain the provision of City services to the
public.
Operating Transfer In: Transfer from other funds
which are not related to rendering of service.
P
P-Card: Acronym for procurement card. A City-
issued credit card which allows employees to
make purchases in a cost effective manner.
Parks Dedication Fund: The Parks Dedication
Fund was established to account for resources
The primary source of revenue for the Parks
Dedication Fund is user charges for the use of
City parks.
Proprietary Fund: See Enterprise Fund.
Proposed Budget: The recommended and
unapproved City budget submitted to the City
Council and public in August of each year.
Public Safety Equipment Replacement Fund:
Established in FY 2027, this fund provides
dedicated funding for the planned replacement
of critical life-safety equipment used by Police
and Fire personnel, allowing costs to be
budgeted proactively rather than absorbed as
unplanned expenses.
FY 2027 City of Southlake | Budget Book 391