Page 505 - FY 2022-23 Proposed Budget

GLOSSARY

Annual Comprehensive Financial Report: The annual publication of the City’s financial condition at the conclusion
of the fiscal year. The report is prepared to conform to Generally Accepted Accounting Principles (GAAP) for
governmental units and presents the financial data in conformity with the Adopted Budget.

Appropriation: A legal authorization to incur obligations and to make expenditures for specific purposes.

Assessed Valuation: The valuation that the County Assessor sets upon real estate and certain personal property in
the City as a basis for levying property taxes.

Authorized Positions: Regular positions authorized for employment during the fiscal year in the budget.

Balance Available: Available cash balances at July 1 in special purpose funds that are projected to be unobligated
from prior years and available for appropriation in the budget. Section 3 of the budget shows the calculations for
each fund.

Board of Commissioners: The Mayor appoints commissioners, subject to confirmation by the City Council, to
manage operations for certain City departments. Each Board consists of five or more members.

Bond: A bond is a debt instrument issued for a period of more than one year. The issuer is obligated to repay the
bondholder a specified principal amount on a certain date, together with interest.

Bond Proceeds: The money received by the issuer of a new issue of bonds. These moneys are used to primarily
finance capital projects and to pay certain costs of issuance as may be provided in the bond documents.

Budget: A plan of financial activity for a specified fiscal year indicating all planned revenues and appropriations for
the year.

Budget Stabilization Fund: A fund created to prevent overspending during prosperous years and provide resources
to help maintain service levels during years of slow revenue growth or declining revenue.

Budget Summary Book: Supplement to the budget that concisely highlights items in the budget such as the budget
goals, financial overview, and the departmental overview of its mission, goals, and budget considerations.

Bureau: A major division of the Department of Public Works that is responsible for certain tasks of the Department
such as construction and maintenance of public buildings, streets, bridges, sewers, storm drains, and related
improvements. The budget treats each bureau as a separate entity.

Capital and Technology Improvement Expenditure Program: Expenditures for the acquisition, construction,
expansion, or rehabilitation of the City’s physical plant (such as streets, sewers, and storm drains), facilities
(such as fire and police stations, libraries, and shops), and information technology infrastructure and systems.

Capital Finance Administration Fund: A fund established to consolidate lease payments and related expenses
from long-term financing obligations.

Certificate of Participation: A certificate of participation, which looks very much like a bond, represents a pro-rata
share in the pledged revenue stream made by a public agency pursuant to a lease financing or an installment
purchase agreement, subject to appropriation.

Commercial Paper: Short-term notes with maturities ranging from one to 270 days, usually backed by a letter of
credit with a bank, which are intended to be “rolled over” in a series of current refinancing as portions of the issue
mature from time to time. Generally, the maturity of the commercial paper sold on each rollover is determined by
market conditions at the time of rollover.

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