Budget Glossary of Terms


Account Number – In accordance with the state chart of accounts, each class of expenditures and revenues is assigned a specific account number for use within the City’s accounting system.

Accrual Basis of Accounting – The “basis of accounting” in which revenues are recorded when earned and expenses are recorded at the time they are incurred; instead of when cash is actually received or disbursed.

ACFR – Annual Comprehensive Financial Report

Ad Valorem Tax – A “value-based” tax and commonly referred to as “property tax.” This is the tax levied on both real and personal property. The tax is calculated by multiplying the millage rate (set by the taxing authority) by the taxable value of the property.

ADA – See Americans with Disabilities Act.

Adopted Budget – Revenues and appropriations approved by the City Commissions for the next fiscal year.

AFSCME – See American Federation of State, County and Municipal Employees.

Allocate – To divide a lump-sum appropriation that is designated for expenditure by specific organizational units and/or specific purposes or activities.

Amended Budget – The Adopted Budget that has been formally amended by the City Commission.

American Federation of State, County and Municipal Employees – The union and bargaining unit for certain city employees.

Americans with Disabilities Act – This act became law in 1990. The ADA is a civil rights law that prohibits discrimination against individuals with disabilities in all areas of public life, including jobs, schools, transportation and public and private places that are open to the general public.

Appropriated Fund Balance – A budgetary use of prior year cash reserves.

Appropriation – An authorization granted by the City Commission to make expenditures and to incur obligations for purposes specified in the Budget ordinance.

Aquifer, Storage and Recover – An underground water storage system where water reserves are stored in a “bubble” to be used during times of low water availability.

ASR – See Aquifer, Storage and Recover.

Assessed Valuation – A valuation set upon property by the County Property appraiser as a basis for levying taxes.

Asset – Resources owned or held by a government that possesses monetary value.

Assigned Fund Balance – A portion of fund balance that reflects a government’s intended use of resources. Such intent would have to be established at either the highest level of decision making, or by a body or an official designated for that purpose.

Audit – An official examination of an organizations’ accounts and verification of a company's financial and accounting records and supporting documents typically by an independent body professional, such as a Certified Public Accountant.

Authorized Positions – Number of positions authorized by the City Commissions in the annual operating budget.

Available Fund Balance – Funds remaining from the prior year and available for appropriation and expenditure in the current year.


Balanced Budget – For the budget cycle and by fund, the total revenue sources equals the total appropriations for expenditures and reserves.

BEA – Bureau of Economic Analysis - A division of the United States Federal Government’s Department of Commerce that is responsible for the analysis and reporting of economic data used to confirm and predict economic trends and business cycles.

Bond - A written promise to pay a sum of money on a specific date at a specific interest rate. The most common types of bonds are general obligation and revenue bonds. These are most frequently used for construction of large capital projects such as buildings, streets and water and sewer systems.

Bond Rating – A rating from a schedule of grades issued by a bond rating agency indicating the probability of timely repayment of principal and interest on bonds issued by a municipality.

Budget – A plan of financial activity for a specified period of time that indicates all planned revenues and expenditures for the specified period.

Budget Amendment – A procedure allows for revising a budget appropriation.

Budget Calendar – The schedule of key dates or milestones the City follows in the preparation, adoption and administration of the budget.

Budgetary Control – The control mechanism used by a government or enterprise to keep expenditures, in accordance with an approved budget, within the limitations of available appropriations and available revenues.

Budget Document – The official written statement prepared in order to present a comprehensive financial program of an organization. A budget document serves as 1) a policy document; 2) an operations guide; 3) a financial plan; and 4) as a communications device.

Budget Hearing – As required by law, the City Commission conducts two public hearings to receive and consider input from the public and to propose and adopt a millage rate and the annual budget.

Budget Message – A general discussion by the City Manager to the City Commissioners and the citizens describing the government’s fiscal and management plan for the upcoming fiscal year.


CAD – See Computer Aided Dispatch Software System.

Capital Asset – Acquired asset having a unit cost of at least $1,000 and a useful life of more than one year.

Capital Expenditure – A category of budgetary appropriation that includes expenses related to buildings, machinery and equipment and results in additions to a fixed asset inventory.

Capital Improvement Program – A five-year financial plan for construction of physical assets such as buildings, streets, sewers and recreation facilities. The plan extends over several future years indicating the beginning and ending date of each project, the amount to be expended in each year and the method of financing those expenditures.

CDBG – See Community Development Block Grant.

Charges for Service – Revenue derived from charging fees for providing certain government services. These revenues can be received from private individuals or entities, or other governmental units.

CIP – See Capital Improvement Program.

Click2Gov – Software that facilitates on-line payments for customers of the City.

COLA – See Cost of Living Adjustment.

Collective Bargaining Agreement – A legal contract between an employer and a verified representative of a recognized bargaining unit that states specific terms and conditions of employment (e.g., working hours and conditions, salaries, fringe benefits and matters affecting health and safety of employees).

Commercial Paper – An unsecured, short-term debt instrument issued by a corporation whose maturities rarely range any longer than 270 days. The debt is usually issued at a discount, reflecting prevailing market interest rates.

Committed Fund Balance – A portion of fund balance that represents resources whose use is constrained by limitations that the government imposes upon itself at its highest level of decision making (normally the governing body) and that remain binding unless removed in the same manner. The underlying action that imposed the limitation would need to occur no later than the close of the reporting period.

Community Development Block Grant – A general purpose federal grant primarily used to facilitate the production and preservation of low and moderate income housing.

Comprehensive Annual Financial Report – A complete set of financial statements published soon after the close of each fiscal year by each general-purpose local government in conformity with GAAP and audited in accordance with generally accepted auditing standards.

Comprehensive Plan – A comprehensive plan is an official public document which is adopted by a local government. The contents of the plan are comprehensive, general, and long range. “Comprehensive” means that the plan addresses all geographical parts of the community and all functional elements that can affect physical development. “General” means that the plan includes general policies and designations, not detailed regulations. “Long Range” means that the plan looks beyond pressing current issues to problems and possibilities years in the future.

Computer Aided Dispatch Software System – is a method of dispatching taxicabs, couriers, field service technicians, mass transit vehicles or emergency services assisted by computer. A dispatcher may announce the call details to field units over a two-way radio.

Consumer Price Index – A statistical description of price levels provided by the U.S. Department of Labor. The index is used as a measure of the increase in the cost of living (i.e., economic inflation).

Contingency – An appropriation of funds to cover unforeseen events that may occur throughout the fiscal year.

Continuation Budget – The base proposed budget that reflects all costs necessary to maintain City services at the same level as adopted in the prior fiscal year, including additional costs or personnel necessary to maintain that level of service.

Cost Allocation – A method used to distribute the costs of central administrative functions such as accounting and personnel to non-general government funds.

Cost of Living Adjustment – An upward adjustment in salary levels to offset the adverse effect of inflation on employee compensation.

CPI – See Consumer Price Index.

Curotto Can – An automated carry can for refuse collection vehicles in the solid waste and recycling industry manufactured by Curotto-Can.


Debt Service – The payment of principal and interest on borrowed funds such as bonds.

Deficit – The excess of the liabilities of a fund over its assets or the amount by which expenditures exceed revenues in an accounting period.

DEP – See Department of Environmental Protection.

Department – A major work unit or functional unit having related activities aimed at accomplishing a major service or regulatory program for which the City is responsible.

Department of Environmental Protection – The state governmental agency with oversight responsibility for regulations of environmental issues, including storm water, wastewater, beaches, wetlands, and hazardous materials. The DEP is the result of a merger of the old Department of Natural Resources and the Department of Environmental Regulations.

Depreciation – The decrease in value of physical assets due to use and the passage of time.

Distinguished Budget Presentation Awards Program – A voluntary awards program administered by the Government Finance officers Association to encourage governments to prepare effective budget documents.

Division – A unit of organization that is comprised of a specific operation within a functional area. City departments may contain one or more divisions.

Dependent Special District – A special taxing district whose governing body and budget is established by the City Commissioners.


EHEAP – See Emergency Home Energy Assistance for the Elderly Program.

EKG – See electrocardiogram.

Electrocardiogram – A paper or digital recording of the electrical signals in the heart. It is used to determine heart rate, heart rhythm and other information regarding the heart’s condition.

Emergency Home Energy Assistance for the Elderly Program – This state program assists low-income households with at least one-person age 60 and older, when the household is experiencing a home energy emergency. Program beneficiaries may receive vouchers to purchase blankets, portable heaters and fans. The program can also help pay for repairs to existing heating or cooling equipment or for re-connection fees.

Encumbrance – An amount of money committed for the payment of goods and services not yet received or paid for, usually supported by an outstanding purchase order.

Enterprise Fund – Activities of government that are operated and accounted for as businesses. Enterprises rely principally on revenue derived from user fees to fund operations. In the City of North Port, the North Port Utilities is the sole enterprise operation.

Environmental Systems Research Institute, Inc. – develops geographic information systems (GIS) and mapping software for organizations in commercial, government, natural resources and utilities industries.

ESRI – See Environmental Systems Research Institute, Inc.

Expenditure – Decrease in net financial resources. Expenditures include operating expenses, capital expenditures and debt service payments that require current or future use of current assets.


FDIC – See Federal Deposit Insurance Corporation.

Federal Deposit Insurance Corporation – This United States corporation originated in 1933 to insure deposits in the United States against bank failure. The FDIC was created to maintain public confidence and encourage stability in the financial system through the promotion of sound banking practices. The FDIC will insure deposits of up to US$250,000 per institution as long as the bank is a member firm.

Federal Insurance Contributions Act – is a United States federal payroll (or employment) contribution directed towards both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers.

Federal Emergency Management Agency – This federal agency provides assistance during emergencies, and provides grant funding for emergencies, including emergency food and shelter.

FEMA – See Federal Emergency Management Agency.

FICA – See Federal Insurance Contributions Act.

Fines and Forfeits – Fines and forfeits are derived from penalties imposed for the commission of statutory offenses, violation or lawful administrative rules and regulations and for neglect of official duty. These revenues include court fines, confiscated property and parking violations.

Fiscal Year – Any period of 12 consecutive months designated as the budget year. The City’s fiscal year begins October 1 and ends September 30, the same as the Federal Government.

Fixed Asset – Assets of a long-term character that are intended to continue to be held or used, such as land, buildings, machinery, equipment and improvements.

Florida Retirement System – Also known as the Defined Benefit Plan, is one of the largest public retirement plans in the United States and comprises roughly three-quarters of total assets under State Board of Administration management.

Forced Main – Pipelines that convey waste water under pressure from the discharge side of a pump or pneumatic ejector to a discharge point.

Franchise Fee – A fee assessed on a business, usually a public utility, in return for granting the business the exclusive right to operate in public rights of way inside the city limits.

Fringe Benefits – For budgeting purposes, fringe benefits are employer payments for social security, retirement, group health and life insurance.

FRS – See Florida Retirement System.

FTE – See Full-Time Equivalent.

Full-Time Equivalent – A measurement of positions in the City. Two part-time positions may equal one FTE.

Fund – An independent fiscal and accounting entity with a self-balancing set of accounts recording cash and/or other resources together with all related liabilities, obligations, reserves, and equities which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. Much like corporations have subsidiary companies, governments have funds.

Fund Balance – The difference between the assets and liabilities of a governmental fund and is the cumulative difference between all revenues and expenditures.

Fund Type – Any one of seven categories into which all funds are classified in governmental accounting. The seven fund types are: general, special revenue, debt service, capital projects, enterprise, internal service and trust and agency.


GAAP – See Generally Accepted Accounting Principles.

GASB – See Governmental Accounting Standards Board.

GDP – See Gross Domestic Product.

General Fund – Used to account for all governmental functions not required to be separately recorded by laws or governmental policy. Most of the essential governmental services such as police protection, landscape maintenance, neighborhood services and general administration are provided by the General Fund.

Generally Accepted Accounting Principles – The Uniform standards and guidelines used for financial accounting and reporting. These standards govern the form and content of the basic financial statements of an entity. These acceptable practices are modified from time to time. GAAP guidance is provided from various sources. The Governmental Accounting Standards Board issues authoritative statements, interpretations of statements, technical bulletins, implementation guides and concept statements of position. The American Institute of CPA’s issues the audit and accounting guides and statements of position.

Geographic Information System – A computer program that uses specific data points to locate infrastructure and structures within the City.

GFOA – See Government Finance Officers Association.

GIS – See Geographic Information System.

Global Positioning System – A global navigation satellite system that provides geolocation and time information to a receiver anywhere on or near the Earth where there is an unobstructed line of sight to four or more satellites.

GPS – See Global Positioning System.

Goal – A broad statement of intended accomplishments or a description of a general condition deemed desirable.

Governmental Accounting Standards Board – Organized in 1984 by the Financial Accounting Foundation, the Board was created to establish standards of financial accounting and reporting for state and local governmental entities. Its standards guide the preparation of external financial reports of those entities.

Government Finance Officers Association – The professional association of state/provincial and local finance officers in the United States and Canada; and has served the public finance profession since 1906.

Governmental Fund – A generic classification used by the Governmental Accounting Standards Board to refer to all funds other than proprietary and fiduciary funds. The General Fund, special revenue funds, capital projects funds and debt service funds are the types of funds referred to as governmental funds.

Grant – Contribution or gift of cash or other asset from another government or agency to be used or expended for a specified purpose, activity or facility.

Gross Domestic Product – The monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory. GDP is commonly used as an indicator of the economic health of a country, as well as to gauge a country’s standard of living.


Half-Cent Sales Tax – A tax collected by the State of Florida and distributed to local governments based on the amount of taxable sales within each county.

Headworks – A civil engineering term for any structure at the head or diversion point of a waterway. It is smaller than a barrage and is used to divert water from a river into a canal or from a large canal into a smaller canal.

Homestead Exemption – A deduction from the taxable value of property occupied by the owner in the State of Florida. The exemption is currently $25,000 for all property owners who qualify.

Human Services – A major category of services provided by a government for the care, treatment and control of human illness, injury or handicap, for the welfare of the community as a whole, or for the housing and education of individuals.


IAFF – See International Association of Fire Fighters.

Impact Fee – A fee imposed on new development as a total or partial reimbursement for the cost of additional facilities made necessary by the growth.

Indirect Cost – A cost that is necessary for the functioning of the organization as a whole, but which cannot be directly assigned to one service.

Infrastructure – The basic installations and facilities on which the continuance and growth of the City depends, such as roads, schools and water and sewer systems.

Infrastructure Surtax – A penny tax applied to the first $5,000 of any single taxable item when sold to the same purchaser at the same time. The tax is restricted to capital improvements and cannot be used for operating expenditures.

Inter Local Agreement – A written agreement between the City and other units of government to share in similar services, projects, emergency assistance, support, funding, etc., to the mutual benefit of all parties.

Interest Earnings – Revenue earned on invested and idle funds. The City pools its cash and invests it in accordance with its adopted investment policy. Interest earnings are then allocated to the individual funds based upon their average daily balance in the cash pool.

Interfund Charges – These are transactions between funds which would be accounted for as revenue or expense if they involved an outside entity. Examples are Fleet Service Charges and administrative charges from the General Fund to other operating funds.

Interfund Transfer – Transfer of resources from one fund to another fund in the same governmental entity. Transfers are not repayable and do not constitute payment or reimbursement of goods provided or services performed.

Intergovernmental Revenue – Revenue received from Federal, State and other government sources including grants, and shared revenues.

Internal Service Fund – A type of fund designed to account for the financing of goods, or services provided by one department for other departments within the city. Goods and services furnished are billed at cost plus an overhead factor designed to cover the indirect expenses of the fund.

International Association of Fire Fighters – This is the union and bargaining unit for the fire fighters and paramedics.


Letter of Credit – A letter from a bank guaranteeing that a buyer’s payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase.

Letter of Transmittal – A general discussion of the proposed budget as presented in writing by the City Manager to the City Commission.

Levy – The act of imposing taxes, special assessments or service charges for the support of city activities.

LIHEAP – See Low Income Home Energy Assistance Program.

Licenses and Permits – Revenues derived from the issuance of local licenses and permits including professional and occupational licenses, building permits and other miscellaneous permits.

Line Items – the classification of objects of expenditure (object codes) by major expense category.

LOC – See Letter of Credit.

Local Option Gas Tax – The Local Option Gas Tax is a 30-year tax, begun in 1983 to fund transportation related improvements in the City.

Low Income Home Energy Assistance Program – This program assists eligible low-income households pay energy bills and reduce energy costs.


Major Fund – A governmental fund or enterprise fund reported as a separate column in the basic fund financial statements. The general fund is always a major fund. Otherwise, major funds are determined by a mathematical calculation. Any other government or enterprise fund may be reported a major fund if the government’s officials believe that fund is particularly important to financial statement users.

Metropolitan Planning Organization – A regional transportation planning agency, which provides a forum for cooperative decision-making concerning regional and local transportation issues.

Metropolitan Statistical Area – A geographical region with a relatively high population density at its core and close economic ties throughout the area. MSAs are established by the Office of Management and Budget, a division of the United States Government, and serve to group counties and cities into specific geographic areas for the purposes of a population census and the compilation of related statistical data.

Mill – The monetary unit equal to of one-thousandth of a U.S. dollar or $1 per $1,000 of taxable property value.

Millage Rate – A rate expressed in thousands. As used with ad valorem (property) taxes, the rate expresses the dollars of tax per one thousand dollars ($1,000) of taxable property values.

Miscellaneous Revenue – Revenue not otherwise specified under Taxes, Licenses and Permits, Intergovernmental, Charges for Services or Fines and Forfeits. They include investment earnings, rents, royalties, and proceeds from asset sales.

Mobility Fee – A fee imposed on new development based upon a long-range transportation plan to provide multi-modal forms of transit.

Modified Accrual Basis of Accounting – The “basis of accounting” refers to when a transaction is recognized. In the modified accrual basis of accounting, revenues are recorded when measurable and available, and expenditures are recorded when the services or goods are received, and the liabilities are incurred.

Moody’s – A credit rating agency that ranks the creditworthiness of borrowers using a standardized ratings scale which measures expected investor loss in the event of default. Securities are assigned a rating from Aaa to C, with Aaa being the highest quality and C the lowest quality.

MPO – See Metropolitan Planning Organization.

MSA – See Metropolitan Statistical Area.

Multi-modal Transportation – A description of a transportation system having multiple or many modes of travel. Example: sidewalks, bike lanes, roadways, railways.

Municipal Revenue Sharing Program – The State Shared Revenue program that provides municipalities with revenues based on an allocation formula developed by the State of Florida.


Non-Ad Valorem Assessments – Assessments for Special Districts that are not based on property value. The basis for this charge is some other measurable criteria such as per lot, per acre or per residence.

Non-major Fund – A governmental fund or enterprise fund reported in the aggregate in a separate column in the basic fund financial statements. If a governmental or enterprise fund does not qualify as a major fund either through the mathematical calculation or due to the government’s official’s decision to include the fund as a major fund, it is considered a nonmajor fund.

Non-Recurring Revenues – One-time or intermittent revenues received, often from short-term grants, insurance recoveries, donations, etc.

Non-spendable Fund Balance – A portion of fund balance that is inherently non-spendable from the vantage point of the current period. Examples of non-spendable fund balance include:

  1. assets that will never convert to cash such as inventories of supplies;
  2. assets that will not convert to cash soon enough to affect the current period such as long-term portion of loans receivable or foreclosed properties; and
  3. resources that must be maintained intact pursuant to legal or contractual requirements such as the principal of an endowment or capital of a revolving loan fund.


Object Code – Account to which an expense or expenditure is recorded in order to accumulate and categorize the various types of payments that are made. These are normally grouped into Personal Services, Operating Supplies, Capital Outlay, and Other for budgetary analysis and financial reporting purposes.

Objective – Desired output-oriented accomplishments that can be measured and achieved within a given time frame.

Object of Expenditures – Expenditures are classified based upon the type of goods or services incurred. Such classifications include:

  • Personal Services
  • Materials and Supplies
  • Contractual Services
  • Contractual Maintenance
  • Capital Outlay
  • Debt Service

One-Time Cost – Non-recurring costs budgeted for one year then removed.

Open-end, no-load Mutual Funds – A type of mutual fund that does not have restrictions on the amount of shares the fund will issue (open-end) and in which the shares are sold without a commission or sales charge (no-load). Open-end funds also buy back shares when investors wish to sell.

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.

Operating Costs – Expenses for such items as expendable supplies, contractual services, and utilities.

Ordinance – A formal legislative enactment by the City Commission or governing body of a municipality. If it is not in conflict with any higher form of law such as a statute or constitutional provision, it has the full force and effect of law within the boundaries of the municipality to which it applies.

Outcome – A condition that exists as the result of either an action taken or of a failure to act. Generally, it is quantifiable.

Outcome Measure – Specific measures that allow an organization to assess its success in achieving or moving towards its goals.


Percent Change – The percentage change between two consecutive fiscal years. If there is no sign at the beginning of the number, this indicates an increase, whereas a minus sign indicates a decrease.

Performance Measurement – A managerial process for determining how a program is accomplishing its mission, goals, and objectives through the delivery of products, services, or processes. Performance measurement is a systematic process of evaluating outcomes of specific government programs and services that are delivered to customers with respect to efficiency and effectiveness.

Personal Services – Expenditures for Salaries/Wages and Benefits (Social Security, Medical/Dental/Life/Workers’ Compensation Insurance and Retirement, etc.) provided for employees by the City.

Physical Environment – A major government services category that exist for the purpose of achieving a satisfactory living environment by controlling and utilizing elements of the environment. Included in this category are water/sewer services and solid waste services.

Prior Year Encumbrance – Obligation from a previous year in the form of a purchase order or contract which is chargeable to an appropriation, and for which a part of the current year appropriation is reserved. It ceases to be an encumbrance when the obligation is paid or otherwise terminated.

Proprietary Fund – A group of funds in which the services provided are financed and operated similar to those of a private business. Proprietary fund types used by the City include the Enterprise and Internal Services Funds.

Public Safety – A major government services category that provides for the security of persons and property. This includes Police Services and Building, Zoning and Code Enforcement.


Real Gross Domestic Product – An inflation-adjusted measure that reflects the value of all goods and services produced in a given year, expressed in base-year prices. Real GDP accounts for changes in the price level and provides a more accurate figure.

Re-appropriation of Funds – The transfer of funds appropriated in one year for projects/programs performed in a subsequent year.

Reclassification – The moving of an existing position from one personnel classification (title) to another.

Recommended Budget – The budget proposed by the City Manager to the City Commission for adoption.

Recurring Costs – Costs incurred on a recurring and generally regular basis throughout a facility’s economic life, typically for operation, normal maintenance and anticipated repair or replacement of components or subsystems.

Recurring Revenues – Revenues that can be expected to be received each year unless specific action is taken to eliminate the source.

Referendum – A vote by the people.

Refunding Bond – A bond issued to pay off another bond to obtain better interest rates and/or bond conditions.

Repurchase Agreement – A form of short-term borrowing for dealers in government securities where the dealer sells the government securities to investors, usually on an overnight basis, and buys them back the following day.

Resolution – A special or temporary order of a legislative body; an order of a legislative body requiring less legal formality than an ordinance or statute.

Resources – Total amounts available for appropriation, including estimated revenue, fund transfers and beginning fund balances.

Restricted Fund Balance – A portion of fund balance that reflects resources that are subject to externally enforceable legal restrictions. Such restrictions typically are imposed by parties altogether outside the government such as creditors (through debt covenants), grantors, contributors, and other governments (through laws and regulations).

Retained Earnings – An equity account reflecting the accumulated earnings of an Enterprise or Internal Service Fund.

Revenue Bonds – A bond backed by a specific or guaranteed revenue stream. The City of North Port has revenue bonds that are backed by the revenues of the Water and Sewer Utility.

Rolled-Back Rate – Under Florida law as property values are increased each year by the property appraiser due to inflation, the City property tax rate is automatically reduced proportionately so that the City does not automatically derive additional revenue. All property tax rate changes are calculated using the rolled-back rate as the base.


SBA – See State Board of Administration.

SIB – See State Infrastructure Bank.

Special Assessment – A compulsory levy made against certain properties to defray part or all of the cost of a specific improvement or service deemed to primarily benefit those properties.

Special Revenue Fund – A fund to account for revenue derived from specific sources that are restricted by law or policy to finance specific activities.

Standard & Poor’s – An American financial services company that publishes financial research and analysis on stocks and bonds. The company issues credit ratings for the debt of public and private corporations and is considered one of the Big Three credit-rating agencies, along with Moody’s and Fitch Ratings.

State Board of Administration – The agency responsible for investing, managing and safeguarding the assets of the Florida Retirement System Trust Fund as well as the assets of a variety of other funds.

State Infrastructure Bank – A revolving loan and credit enhancement program through the Florida Department of Transportation used to leverage funds to improve project feasibility. The SIB can provide loans and other financial assistance to public or private entities. As existing loans are repaid, those repayments are revolved and available for future lending on other eligible SIB projects.

State Shared Revenues – Revenues collected by the State and proportionately shared with counties and/or municipalities on the basis of specific formulas.

Statute – A written law enacted by a duly organized and constituted legislative body.


Tax Base – Taxable property value from which the City receives tax dollars.

Taxable Valuation – The value used for computing the ad valorem taxes levied against property. The taxable value is the assessed value less any exemptions allowed by law. The most common exemption is the $25,000 homestead exemption allowed if the owner uses the property as his/her principal residence. There are also exemptions for disability, government owned and non-profit property.

Tipping Fees – The landfill charges collected for solid waste and yard waste disposal.

Transfers In/Out - Amounts transferred from one fund to another to assist in financing the services for the recipient fund.

TRIM – Truth in Millage – One of many provisions of state legislation enacted in 1980 to direct taxpayer concerns regarding taxes to the appropriate public bodies. The County property appraiser is required annually to prepare and deliver to each taxpayer a notice of proposed property taxes, known as a TRIM Notice, for the upcoming year.

Transportation – The cost of services provided for the safe and adequate flow of vehicles, travelers and pedestrians including the provision and maintenance of roads and streets, transit systems and parking facilities.


Unassigned Fund Balance – The general fund, as the principal operating fund of the government, often will have net resources in excess of what can properly be classified in one of the four fund balance categories. If so, that surplus is presented as unassigned fund balance. If resources were not at least assigned, they could not properly be reported in a fund other than the general fund, therefore, only the general fund can report a positive amount of unassigned fund balance. Any governmental fund in a deficit position could report a negative amount of unassigned fund balance.

Unencumbered Balance – The amount of an appropriation that is neither expended nor encumbered. It is essentially the amount of money still available for future purposes.

User Fees – The payment of a fee for direct receipt of a public service by the party benefiting from the service.


Valuation – The dollar value of property assigned by the County Property Appraiser.

Vision – A description of the desired future, providing a basis for formulating strategies and objectives.


Working Capital – Current assets minus current liabilities. Working capital indicates whether the government has enough short-term assets to cover its short-term debt. It is a measure of both the government’s efficiency and its short-term financial health.

Workload Indicator – A statistical parameter used to indicate the demand for service within a given department or division. Workload indicator is a type of performance measure utilized by departments or divisions to assess its level of service.