Fort Walton Beach Ordinance — 1233--Fiscal Year 93-94 Budget — reading text

APPROPRIATED FUND BALANCE Fund balance is the difference between fund assets and fund liabilities of governmental similar trust and funds. It does not necessarily mean this is all cash and available to be spent. Once the cash amount is determined, it then can be used as a non- revenue funding source for future needs. Appropriating fund balance is the utilization of this non- revenue funding source. APPROPRIATION Iiii A legal authorization granted by a legislative body to make expenditures and to incur obligations for specific purposes. BETTERMENT An addition made to, or change made in, a fixed asset, other than maintenance, to prolong its life or to increase its efficiency. The cost of the addition or change is added to the book value of the iif. asset. BUDGET A plan of financial operation embodying an estimate of proposed expenditures for a given period and the proposed means of financing them . BUDGET AMENDMENT A way of rev~s~ ng budget amounts after budget the has been adopted Budget Amendments change the bottom figure; line Budget Transfers move Budget amounts within the Adopted Budget). BUDGET TRANSFER A way of transferring Budget amounts after the Budget has been adopted Budget Transfers do not change the bottom line figure). CAPITAL EXPENDITURES ( OUTLAY) Expenditures resulting in the acquisition of or addition to the government' s general fixed assets. 203  h CAPITAL PROGRAM A plan forcapital expenditures to be incurred each year over a fixed period of years to meet capital needs arising from the long- term work or other program capital needs. CARRY OVER ( SPECIAL PROJECTS) Special Projects were funded in prior years. These projects were not completed; therefore. they are carried over to the current year Budget) for reporting purposes only. CASH BASIS A basis of accounting under which transactions are recognized only when cash is received or disbursed. CONNECTION FEES Fees charged to join to extend or an existing utility system. DEPRECIATION The portion of the cost of a fixed asset, other than a wasting asset, charged as an expense during a particular period. DEP fII, Department of Environmental Protection III' DOT Department of Transportation EXPENDITURES Decreases in net financial resources. Expenditures include current operating expenses requiring the present or future use of net current assets, debt service and capital outlays. and intergovernmental grants, entitlements and shared revenues. EXPENSES Outflows or other using up of assets or incurrences of liabilities ( or a combination of both) from delivering or producing goods, rendering services or carrying out other activities that constitute the entity' s ongoing major or central operations. FORFEITURES The automatic loss of cash or other property as a penalty for not complying with legal provisions and as compensation for the resulting damages or losses. This term should not be confused with confiscation. The latter term designates the actual taking over of the forfeited property by the Even after property government. has been forfeited, it cannot be said to be confiscated until the government claims it. FRANCHISE FEES Gross receipts business taxes includes taxes levied in proportion to gross receipts on business activities of all or designated types of businesses. 204  OPERATING TRANSFERS All inter fund transfers other than residual equity transfers ( e. g. , legally authorized transfers from a fund receiving revenue to the fund through which the resources are to be expended). ORDINANCE A formallegislative the enactment by governing body of a municipality. If it is not inconflict with any higher form of law, such as a state statute or constitutional provision, it has the full force and effect of law within the boundaries of the municipality to which it applies. The difference between an ordinance and a resolution is that the latter requires less legal formality and has a lower legal status. Ordinarily, the statutes or charter will specify or imply those legislative actions must be by ordinances and those that may be by resolution. Revenue- raising measures, such as the imposition of taxes, special assessments and service charges, universally require ordinances. See RESOLUTION. PUBLI C SAFETY The combination of Police and Fire. RECEIPTS Cash received. REFUND To pay back or allow credit for an amount because of an overcollection or because of the return of an object sold. 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. See ORDINANCE. REVENUE BONDS Bonds whose principal and interest are payable exclusively from . earnings of an enterprise fund. REVENUES Increases in the net current assets of a governmental fund type from other than expenditure refunds and residual equity transfers. SHARED REVENUES Revenues leviedby one government but shared on a predetermined basis. often in proportion to the amount collected at the local level, with another government or class of governments. III' SPECIAL PROJECTS ( CARRY OVER) z Special Projects were funded in prior years. These projects were not completed; therefore, they are carried over to the current year Budget) for reporting purposes only. STATUTE A written law enacted by a duly organized constituted