FYE 14 Budget prelim - City of Norman

CITY OF NORMANGLOSSARY OF TERMS and ACRONYMSACTIVITY - A specified and distinguishable line of work performed by a Division.ACCRUAL BASIS – The accrual basis of accounting recognizes revenues in the period earned andexpenses in the period incurred rather than when cash is received or paid.AD VALOREM TAX – An ad valorem property tax is a tax imposed on the basis of the “value of thearticle or thing taxed.” An ad valorem tax is usually imposed at recurring intervals on the same piece ofproperty.ADA – American Disabilities ActAFIS – Automated Fingerprint Identification SystemAPPROPRIATION - A legal authorization made by the City Council which permits City officials toincur obligations for a specific purpose. Each appropriation is made at the Fund and Department level,which is the highest level of budget control.ASSESSED VALUATION - A value set upon real estate or other property by a government as a basisfor levying taxes.ASSETS - Resources owned or held by the City which has monetary value.BALANCED BUDGET - The City shall annually adopt a balanced budget in accordance with theOklahoma Municipal Budget Act (Title 11 Oklahoma Statutes 2006). As such, expenditures may notlegally exceed appropriations at the Fund level for each legally adopted annual operating budget (i.e., afund balance cannot be negative).BASIN – An area defined by the network of sewer line segments that are tributary to and terminate at adesignated and control point.BIOLOGICAL OXYGEN DEMAND (BOD) – A standard measure of wastewater strength thatquantifies the oxygen consumed in a stated period of time, usually 5 days and at 20 C.BIOLOGICAL PROCESS – The process by which the metabolic activities of bacteria and othermicroorganisms break down complex organic materials to simple, more stable substances.BIOSOLIDS – Solid organic matter recovered from municipal wastewater treatment that can bebeneficially used, especially as a fertilizer. Biosolids are solids that have been stabilized within thetreatment process, whereas sludge has not.BOND - A written promise to pay a sum of money on a specific date at a specified interest rate. Theinterest payments and the repayments of the principal are detailed in a bond ordinance. The mostcommon type of bonds is general obligation (GO) and revenue (Water/Sewer) bonds. These are mostfrequently used for construction of large capital projects, such as buildings and streets.ANNUAL BUDGET434