HomeMy WebLinkAbout20032685.tiff BUDGET UNIT REQUEST SUMMARY
AGENCY/DEPARTMENT NAME: GENERAL SERVICES AGENCY
BUDGET UNIT TITLE AND NUMBER: PBX Phone Services -- 6400-17400
DEPARTMENT DESCRIPTION: Provide phone services to Weld County and the Court system.
ACTUAL BUDGETED : REQUESTED RECOMMEND
RESOURCES LAST FY CURRENT FY ` NEXT FY NEXT FY
Personnel Services $ 101,625 $ 109,127 $ 119,343 $ 119,343
Supplies 7,236 5,500 8,000 8,000
Purchased Services 568,466 661,891 622,505 622,505
Fixed Charges 131,988 83,482 110,152 110,152
Capital 108,021 0 0 0
Gross County Cost $ 917,336 $ 860,000 $ 860,000 $ 860,000
Revenue 949,293 860,000 860,000 860,000
Net County Cost $ - 31,957 $ 0 $ 0 $ 0
Budget Positions 2 2 2 2
SUMMARY OF CHANGES: Budget reflects a three percent salary increase, plus the addition of
employees using health insurance benefits. Phone costs for local and long distance charges are
down$8,676,due to competition in the telecom industry,even with additional buildings and phones.
Depreciation is up $8,441 for 2004 with the added phone systems for the Law Administration
Building and new jail addition. Phone maintenance is down $13,948. Overhead is up $15,759.
Contract services are down,even with the charge back of$40,669 for the PBX Operator from Clerk
to the Board,and a contingency for the new building costs. All other line items are stable and reflect
historical expenditure patterns. Total budget is unchanged. This budget is a beneficiary of all the
competition in the telecom industry, as the over capacity continues to drive prices downward.
Expenses are fully recovered from revenues from users of the phone system.
OBJECTIVES: To operate and maintain all county phone systems, including research for
replacement, improved productivity, and other service requests.
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g
2003-2685
PBX PHONE SERVICES
(CONTINUED)
6400-17400
PERFORMANCE MEASURES
ACTUAL ESTIMATED PROJECTED
Work Outputs
Incoming calls 3,300,000 3,400,000 3,500,000
Efficiency Measures
FTE'S per 10,000/capita .1026 .0993 .0959
Per capita cost (county support) -$0.1638 0 0
Annual cost per call .2780 .2529 .2457
Effectiveness Measures (desired
results)
Process requests for service within 7 days 100% 100% 100%
FINANCE/ADMINISTRATION RECOMMENDATION: Recommend approval.
BOARD ACTION:
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FINANCE CORPORATION IGS FUND
SUMMARY OF REVENUE
2004
ACCOUNT NUMBER 2003 2004 2004
FUND ORGN ACCT ACCOUNT TITLE BUDGET REQUEST RECOMMEND
MISCELLANEOUS
6500 17700 4624 RENTS FROM BUILDINGS 737,233.00 740,133.00 740,133.00
TOTAL FINANCE CORPORATION IGS FUND 737,233.00 740,133.00 740,133.00
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FINANCE CORPORATION IGS FUND
SUMMARY OF EXPENDITURES
2004
ACCOUNT# 2003 2004 2004
FUND ORGN EXPENDITURE FUNCTION BUDGET REQUEST RECOMMEND
6500 17700 FINANCE CORPORATION 737,233.00 740,133.00 740,133.00
TOTAL FINANCE CORPORATION IGS FUND 737,233.00 740,133.00 740,133.00
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BUDGET UNIT REQUEST SUMMARY
AGENCY/DEPARTMENT NAME: WELD COUNTY FINANCE AUTHORITY
BUDGET UNIT TITLE AND NUMBER: Weld County Finance Authority-- 6500-17700
DEPARTMENT DESCRIPTION: Provides funds to cover the lease/purchase of county buildings.
ACTUAL BUDGETED REQUESTED RECOMMEND
RESOURCES LAST FY CURRENT FY NEXT FY NEXT FY
Personnel Services $ 0 $ 0 $ 0 $ 0
Supplies 0 0 0 0
Purchased Services 0 0 0 0
Fixed Charges 705,056 737,233 740,133 740,133
Capital 0 0 0 0
Gross County Cost $ 705,056 $ 737,233 $ 740,133 $ 740,133
Revenue 742,328 737,233 740,133 740,133
Net County Cost $ - 37,272 $ 0 $ 0 $ 0
Budget Positions -- -- -- --
SUMMARY OF CHANGES: Budget reflects the following county lease/purchase contract:
RENT INTEREST TOTAL
Correctional Facility $ 380.000 $ 360,133 $ 740,133
Total $ 380.000 $ 360.133 $ 740,133
OBJECTIVES: n/a
FINANCE/ADMINISTRATION RECOMMENDATION: Recommend approval.
BOARD ACTION:
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GLOSSARY
GLOSSARY
ACCOUNTING PROCEDURES All processes which discover, record,classify,and summarize
financial information to produce financial reports and to provide
internal control.
ACCRUAL BASIS The basis of accounting under which transactions are
recognized when they occur,regardless of the timing of related
cash flows.
ACCRUED EXPENSES Expenses incurred but not due until a later date.
ACTIVITY A specific and distinguishable line of work performed by one or
more organizational components of a government for the
purpose of accomplishing a function for which the government
is responsible. For example, "food inspection" is an activity
performed in the discharge of the "health" function.
ACTIVITY CLASSIFICATION Expenditure classification according to the specific lines of work
performed by organization units. For example, "sewage
treatment and disposal", "garbage collection", "garbage
disposal", and "street cleaning" are activities performed in
carrying out the function of"sanitation". The segregation of the
expenditures made for each of these activities constitutes an
activity classification.
ALLOCATE To divide a lump-sum appropriation into parts which are
designated for expenditure by specific organizational units
and/or for specific purposes, activities, or objects.
ALLOCATED COSTS Indirect costs distributed to programs or departments via a cost
allocation plan.
ALLOCATION A part of a lump-sum appropriation which is designated for
expenditure by specific organizational units and/or for special
purposes, activities, or objects.
ALLOT To divide an appropriation into amounts which may be
encumbered or expended during an allotment period.
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ALLOTMENT A part of an appropriation which may be encumbered or
expended during an allotment period.
ALLOTMENT PERIOD A period of time less than one fiscal year in length during which
an allotment is effective. Bi-monthly and quarterly allotment
periods are most common.
ANNUAL BUDGET A budget applicable to a single fiscal year.
APPROPRIATION A legal authorization granted by a legislative body to make
expenditures and to incur obligations for specific purposes. An
appropriation is usually limited in amount and as to the time
when it may be expended.
APPROPRIATION BILL,
ORDINANCE, RESOLUTION,
or ORDER A bill, ordinance, resolution, or order by means of which
appropriations are given legal effect. It is the method by which
the expenditure side of the annual operating budget is enacted
into law by the legislative body. In many governmental
jurisdictions, appropriations cannot be enacted into law by
resolution but only by a bill, ordinance, or order.
APPROPRIATION
EXPENDITURE An expenditure chargeable to an appropriation. Since virtually
all expenditures of governments are chargeable to
appropriations, the term expenditures by itself is widely and
properly used.
ASSESSED VALUATION A valuation set upon real estate or other property by a
government as a basis for levying taxes.
AUTHORITY A government or public agency created to perform a single
function ora restricted group of related activities. Usually such
units are financed from service charges, fees, and tolls, but in
some instances they also have taxing powers. An authority may
be completely independent of other governments or partially
dependent upon other governments for its creation,its financing,
or the exercise of certain powers.
AUTHORIZED POSITION A position (job) authorized by the Board of County
Commissioners as part of the annual adopted budget.
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BOND An interest bearing promise to pay with a specific maturity.
BUDGET A plan of financial operation embodying an estimate of proposed
expenditures for a given period and the proposed means of
financing them. Used without any modifier, the term usually
indicates a financial plan for a single fiscal year. The term
"budget" is used in two senses in practice. Sometimes it
designates the financial plan presented to the appropriating body
for adoption and sometimes the plan finally approved by that
body. It is usually necessary to specify whether the budget
under consideration is preliminary and tentative or whether it
has been approved by the appropriating body.
BUDGET DOCUMENT The instrument used by the budget-making authority to present
a comprehensive financial program to the appropriating body.
The budget document usually consists of three parts. The first
part contains a message from the budget-making authority,
together with a summary of the proposed expenditures and the
means of financing them. The second consists of schedules
supporting the summary. These schedules show in detail the
information as to past years'actual revenues,expenditures,and
other data used in making the estimates. The third part is
composed of drafts of the appropriation,revenue,and borrowing
measures necessary to put the budget into effect.
BUDGET MESSAGE A general discussion of the proposed budget as presented in
writing by the budget-making authority to the legislative body.
The budget message should contain an explanation of the
principal budget items, an outline of the government's
experience during the past period and its financial status at the
time of the message, and recommendations regarding the
financial policy for the coming period.
BUDGETARY ACCOUNTS Accounts used to enter the formally adopted annual operating
budget into the general ledger as part of the management
control technique of formal budgetary integration.
BUDGETARY COMPARISONS Governmental GAAP financial reports must include
comparisons of approved budgeted amounts with actual results
of operations. Such reports should be subjected to an
independent audit, so that all parties involved in the annual
operating budget/legal appropriation process are provided with
assurances that government monies are spent in accordance
with the mutually agreed-upon budgetary plan.
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BUDGETARY CONTROL The control or management of a government or enterprise in
accordance with an approved budget for the purpose of keeping
expenditures within the limitations of available appropriations
and available revenues.
BUDGETARY EXPENDITURES Decreases in net current assets. In contrast to conventional
expenditures, budgetary expenditures are limited in amount to
exclude amounts represented by noncurrent liabilities. Due to
their spending measurement focus, governmental fund types
are concerned with the measurement of budgetary
expenditures.
BUDGETED FUNDS Funds that are planned for certain uses but have not been
formally or legally appropriated by the legislative body. The
budget document that is submitted for Board approval is
composed of budgeted funds.
CALLABLE BONDS Bonds which are redeemable by the issuer prior to the maturity
date at a specified price at or above par.
CAPITAL BUDGET A plan of proposed capital outlays and the means of financing
them.
CAPITAL OUTLAY Expenditures for equipment,vehicles,or machinery that results
in the acquisition or addition to fixed assets.
CAPITAL PROGRAM A plan for capital expenditures to be incurred each year over a
fixed period of years to meet capital needs arising from the long-
term work program or otherwise. It sets forth each project or
other contemplated expenditure in which the government is to
have a part and specifies the full resources estimated to be
available to finance the projected expenditures.
CAPITAL PROJECTS FUND A fund created to account for financial resources to be used for
the acquisition or construction of major capital facilities (other
than those financed by proprietary funds, Special Assessment
Funds, and Trust Funds).
CAPITAL RESOURCES Resources of a fixed or permanent character,such as land and
buildings, which cannot ordinarily be used to meet current
expenditures.
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CERTIFICATES OF
PARTICIPATION(COP) Form of financial instrument similar to a bond to facilitate lease/
purchase agreements. Not a debt of the County.
CONSERVATION TRUST State of Colorado lottery funds remitted to the County for parks
and recreation use.
CONTINGENCY ACCOUNT A budgetary reserve set aside for emergencies or unforeseen
expenditures not otherwise included in the budget.
CONTINUING
APPROPRIATION An appropriation which, once established, is automatically
renewed without further legislative action, period after period,
until altered or revoked. The term should not be confused with
INDETERMINATE APPROPRIATION.
COPS UHS Federal community oriented policing grant.
COST ALLOCATION PLAN Identification,accumulation and distribution of costs relative to
the provision of those services, along with the methods used.
CRS Colorado Revised Statutes
DA District Attorney
DEFAULT Failure to pay principal or interest when due. Defaults can also
occur for failure to meet nonpayment obligations, such as
reporting requirements,or when a material problem occurs for
the issuer, such as a bankruptcy.
DEFICIT (1) The excess of the liabilities of a fund over its assets.
(2) The excess of expenditures over revenues during an
accounting period; or, in the case of proprietary funds, the
excess of expense over income during an accounting period.
DEPRECIATION (1) Expiration in the service life of fixed assets, other than
wasting assets attributable to wear and tear, deterioration,
action of the physical elements,inadequacy,and obsolescence.
(2)The portion of the cost of a fixed asset other than a wasting
asset which is charged as an expense during a particular
period. In accounting for depreciation,the costofa fixed asset,
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less any salvage value, is prorated over the estimated service
life of such an asset,and each period is charged with a portion
of such cost. Through this process,the entire cost of the asset
is ultimately charged off as an expense.
DIRECT COSTS Costs that have a clearly identifiable beneficial or causal
relationship to the services performed.
DURATION The weighted maturity of a fixed-income investment's cash
flows, used in the estimation of the price sensitivity of
fixed-income securities for a given change in interest rates.
EDAP Economic Development Action Partnership.
ENCUMBRANCES Obligations in the form of purchase orders, contracts or salary
commitments which are chargeable to an appropriation and for
which a part of the appropriation is reserved. They cease to be
encumbrances when paid or when an actual liability is set up.
ENTERPRISE FUND A fund established to finance and account for the acquisition,
operation and maintenance of governmental facilities and
services which are entirely or predominantly self-supporting by
user charges. The Paramedic Services operates as an
Enterprise Fund.
ESTIMATED REVENUE The amount of projected revenue to be collected during the
fiscal year. The amount of revenue appropriated is the amount
approved by the Board.
EXPENDITURES Decreases in net financial resources. Expenditures include
current operating expenses which require the current or future
use of net current assets,debt service,and capital outlays. The
unmodified use of the term expenditures in this text is intended
to mean budgetary expenditures.
FISCAL PERIOD Any period at the end of which a government determines its
financial position and the results of its operations.
FISCAL YEAR A 12-month period to which the annual operating budget applies
and at the end of which a government determines its financial
position and the results of its operations.
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FIXED ASSETS Assets of a long-term character which are intended to continue
to be held or used,such as land,buildings,improvements other
than buildings, machinery and equipment.
FTE(FULL-TIME
EQUIVALENT) Numeric equivalent of one person occupying one employment
position for one year(equivalent of 2,080 hours or 52 forty-hour
weeks).
FUNCTION A group of related activities aimed at accomplishing a major
service or regulatory program for which a government is
responsible. For example, public health is a function.
FUNCTIONAL
CLASSIFICATION Expenditure classification according to the principal purposes
for which expenditures are made. Examples are public safety,
public health, public welfare, etc.
FUND A fiscal and accounting entity with a self-balancing set of
accounts recording cash and other financial resources,together
with all related liabilities and residual equities or balances,and
changes therein, which are segregated for the purpose of
carrying on specific activities or attaining certain objectives in
accordance with special regulations,restrictions,or limitations.
FUND BALANCE Fund balance is the excess of assets over liabilities and is
therefore also known as surplus funds.
GAAP(GENERALLY
ACCEPTED ACCOUNTING
PRINCIPLES) Standards for financial accounting and reporting.
GENERAL FUND The fund used to account for all financial resources except
those required to be accounted for in another fund.
GENERAL OBLIGATION
BOND A municipal bond secured by the pledge of the issuer's full faith,
credit and taxing power.
GEOGRAPHICAL
INFORMATION SYSTEM(GIS) A computerized data base of all land attributes within the
County. The"base map"contains the least amount of common
data which is supplemented by attribute overlays.
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GRANT A contribution by a government or other organization to support
a particular function. Grants may be classified as either
categorical or block depending upon the amount of discretion
allowed the grantee.
HIGHWAY USER TAX(HUTF) Revenue that is derived from the state gasoline tax, and
restricted for Road and Bridge activities.
INDETERMINATE
APPROPRIATION An appropriation which is not limited either to anydefinite period
of time or to any definite amount. A distinction must be made
between an indeterminate appropriation and a continuing
appropriation. In the first place, whereas a continuing
appropriation is indefinite only as to time, an indeterminate
appropriation is indefinite as to both time and amount. In the
second place, even indeterminate appropriations which are
indefinite only as to time are to be distinguished from continuing
appropriations in that such indeterminate appropriations may
eventually lapse. For example,an appropriation to construct a
building may be made to continue in effect until the building is
constructed. Once the building is completed, however, the
unexpended balance of the appropriation lapses. A continuing
appropriation, on the other hand, may continue forever; it can
only be abolished by specific action of the legislative body.
INDIRECT COSTS Costs associated with, but not directly attributable to, the
providing of a product or service. These costs are usually
incurred by other departments in the support of operating
departments.
INTERFUND TRANSFER Amounts transferred from one fund to another.
INTERGOVERNMENTAL
REVENUE Revenue received from another government for a specified
purpose. In Weld County,these are funds from municipalities,
the State of Colorado, and the Federal Government.
INTERNAL SERVICE FUND Funds used to account for the financing of goods or services
provided by one department to another department on a cost
reimbursement basis, for example, the Printing and Supply
Fund and the Computer Services Fund.
LINE-ITEM BUDGET A budget that lists each expenditure category(salary, materials,
telephone service,travel,etc.)separately,along with the dollar
amount budgeted for each specified category.
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MANDATE Any responsibility, action or procedure that is imposed by one
sphere of government on another through constitutional,
legislative,administrative,executive,or judicial action as a direct
order or that is required as a condition of aid.
MATURITY The date when the principal amount of a security is payable.
MILL LEVY(TAX RATE) Rate applied to assessed valuation to determine property taxes.
A mill is 1/10th of a penny, or$1.00 of tax for each $1,000 of
assessed valuation.
MODIFIED ACCRUAL BASIS The accrual basis of accounting adapted to the governmental
fund type Spending Measurement Focus. Under it, revenues
are recognized when they become both "measurable" and
"available to finance expenditures of the current period".
Expenditures are recognized when the related fund liability is
incurred except for:
(1) inventories of materials and supplies which may be
considered expenditures either when purchased or when used;
(2) prepaid insurance and similar items which need not be
reported;
(3) accumulated unpaid vacation,sick pay,and other employee
benefit amounts which need not be recognized in the current
period,butforwhich larger-than-normal accumulations must be
disclosed in the notes to the financial statements;
(4) interest on special assessment indebtedness which may be
recorded when due rather than accrued,if approximately offset
by interest earnings on special assessment levies; and
(5) principal and interest on long-term debt which are generally
recognized when due. All governmental funds and Expendable
Trust Funds are accounted for using the modified accrual basis
of accounting.
NET BUDGET The net budget eliminates double-counting in the budget, such
as fund transfers, and thus represents the true level of
programmed spending in the budget.
NON-DEPARTMENTAL A category established to account for expenses not associated
with any specific department, but all departments or many,
within a fund.
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OBJECT As used in expenditure classification, this term applies to the
article purchased or the service obtained(as distinguished from
the results obtained from expenditures). Examples are personal
services, contractual services, materials, and supplies.
OPERATING BUDGET Plans of current expenditures and the proposed means of
financing them. The annual operating budget(or,in the case of
some state governments,the biennial operating budget)is the
primary means by which most of the financing acquisition,
spending, and service delivery activities of a government are
controlled. The use of annual operating budgets is usually
required by law. Even where not required by law, however,
annual operating budgets are essential to sound financial
management and should be adopted by every government.
OPERATING EXPENSES Proprietary fund expenses which are directly related to the
fund's primary service activities.
OPERATING GRANTS Grants which are restricted by the grantor to operating purposes
or which may be used for either capital or operating purposes
at the discretion of the grantee.
OPERATING INCOME The excess of proprietary fund operating revenues over
operating expenses.
OPERATING TRANSFER Routine and/or recurring transfers of assets between funds.
ORGANIZATIONAL UNIT A responsibility center within a government.
ORGANIZATION UNIT
CLASSIFICATION Expenditure classification according to responsibility centers
within a government's organization structure. Classification of
expenditures by organization unit is essential to fixing
stewardship responsibility for individual government resources.
OVERHEAD Those elements of cost necessary in the production of an article
or the performance of a service which are of such a nature that
the amount applicable to the product or service cannot be
determined accurately or readily. Usually they relate to those
objects of expenditure which do not become an integral part of
the finished product or service such as rent, heat, light,
supplies, management, supervision, etc.
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PROGRAM An organized set of related work activities which are directed
toward a common purpose or goal and represent a well defined
expenditure of county resources.
PROGRAM BUDGET A budget wherein expenditures are based primarily on programs
of work and secondarily on character and object class. A
program budget is a transitional type of budget between the
traditional character and object class budget,on the one hand,
and the performance budget, on the other.
PROPRIETARY FUND A fund used to account for business-type activities in
government. The activities are usually financed with user fees
that are directly related to the services received. There are two
types of proprietary funds - enterprise and internal service
funds.
RATINGS Designations used by credit rating agencies to give relative
indications of credit quality.
RECIDIVISM A relapse into criminal habits after punishment.
REGISTERED BOND A bond whose owner is registered with the issuer or its agent.
Transfer of ownership can only be accomplished when the
securities are properly endorsed by the registered owner.
REIMBURSEMENTS (1) Repayments of amounts remitted on behalf of another party.
(2) Interfund transactions which constitute reimbursements of
a fund for expenditures or expenses initially made from it which
are properly applicable to another fund --e.g., an expenditure
properly chargeable to a Special Revenue Fund was initially
made from the General Fund, which is subsequently
reimbursed. They are recorded as expenditures or expenses
(as appropriate)in the reimbursing fund and as reductions of the
expenditure or expense in the fund that is reimbursed.
RESERVE (1) An account used to earmark a portion of fund balance to
indicate that it is not appropriate for expenditure.
(2) An account used to earmark a portion of fund equity as
legally segregated for a specific future use.
RESIDUAL EQUITY
TRANSFER Non-recurring or non-routine transfers of assets between funds.
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REVENUE (1) Increases in governmental fund type net current assets
from other than expenditure refunds and residual equity
transfers. Under NCGA Statement 1, general long-term debt
proceeds and operating transfers-in are classified as "other
financing sources" rather than revenues.
(2) Increases in proprietary fund type net total assets from other
than expense refunds,capital contributions,and residual equity
transfers. Under NCGA Statement 1,operating transfers-in are
classified separately from revenues.
REVENUE BOND A municipal bond payable from revenues derived from tolls,
charges or rents paid by users of the facility constructed with
the proceeds of the bond issue.
SOURCE OF REVENUE Revenues are classified according to their source or point of
origin.
SPECIAL REVENUE FUND A fund used to account for revenues legally earmarked for a
particular purpose.
SUBACTIVITY A specific line of work performed in carrying out a governmental
activity. For example, "cleaning luminaries" and "replacing
defective street lamps"would be subactivities under the activity
of"street light maintenance".
SUBFUNCTION A grouping of related activities within a particular governmental
function. For example, "police"is a subfunction of the function
"public safety".
SURPLUS The use of the term "surplus" in governmental accounting is
generally discouraged because it creates a potential for
misleading inference.
TABOR(TAXPAYERS
BILL OF RIGHTS) An amendment to the Colorado Constitution approved by the
voters in November 1992. The Taxpayers Bill of Rights has
been incorporated in the State Constitution as Section 20 of
Article X. The amendment limits growth in both state and local
government revenue and expenditures, makes provision for
annual elections,and requires voter approval fortax increases.
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TABOR RESERVE Term applied to a reserve which is required by the TABOR
Amendment. Starting in 1995 this reserve is 3%of"Fiscal Year
Spending"excluding bonded debt service. This reserve is for
use in declared emergencies only.
TANF Temporary Assistance to Needy Families.
TAXES Compulsory charges levied by a government for the purpose of
financing services performed for the common benefit. This
term does not include specific charges made against particular
persons or property for current or permanent benefits such as
special assessments. Neither does the term include charges
for services rendered only to those paying such charges as,for
example, sewer service charges.
TAX LEVY The total amount to be raised by general property taxes.
TAX RATE The amount of tax stated in terms of a unit of the tax base; for
example, 25 mills per dollar of assessed valuation of taxable
property.
TAX RATE LIMIT The maximum rate at which a government may levy a tax. The
limit may apply to taxes raised for a particular purpose, or to
taxes imposed for all purposes, and may apply to a single
government, to a class of governments, or to all governments
operating in a particular area. Overall tax rate limits usually
restrict levies for all purposes and of all governments,state and
local, having jurisdiction in a given area.
TAX ROLL The official list showing the amount of taxes levied against each
taxpayer or property. Frequently, the tax roll and the
assessment roll are combined,but even in these cases the two
can be distinguished.
TRADITIONAL BUDGET A term sometimes applied to the budget of a government
wherein expenditures are based entirely or primarily on objects
of expenditure.
UNC University of Northern Colorado
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UNINCORPORATED COUNTY Those portions of the county that are not part of a legal entity
such as a city or some towns.
WELL PROGRAM Wellness health program provided as a fringe benefit to
employees.
WORKLOAD MEASURES Specific quantitative and qualitative measures of work
performed as an objective of the department.
WORK PROGRAM A plan of work proposed to be done during a particular period by
the administrative agency in carrying out its assigned activities.
WORK UNIT A fixed quantity which will consistently measure work effort
expended in the performance of an activity or the production of
a commodity.
YIELD The annual percentage rate of return earned on a security. Yield
is a function of a security's purchase price and coupon interest
rate.
NOTE: Most of the above definitions were taken from Governmental
Accounting, Auditing, and Financial Reporting, GFOA, Chicago, 1980, Appendix B. pp. 53-77.
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