Fiscal Year 2013 Recommended Budget Book - Lake County

Glossary of TermsAccrual Basis Accounting: The basis of accounting inwhich revenues are recorded at the time they areincurred as opposed to when cash is actually received orspent.Activity: A specific and distinguishable line of workperformed by one or more organizational components ofa government for the purpose of accomplishing afunction for which the government is responsible.Adopted Budget: The financial plan of revenues andexpenditures for a fiscal year as approved by the LakeCounty Board of County Commissioners.Ad Valorem Tax: A tax levied on the assessed value(net of any exemptions) of real or personal property.This is commonly referred to as “property tax”.Agency: A principal unit of the county government or agovernmental unit outside county government receivingcounty funding.Aggregate Millage Rate: The sum of all property taxlevies imposed by the governing body of a county. Statelaw limits the aggregate rate for a county or amunicipality to $10 per $1,000 of assessed taxable value.Ali System (Automatic Location IdentificationSystem): The database used with the Emergency 911that is capable of locating customers upon their access ofthe Lake County E-911 system.Amendment: A change to an adopted budget that hasbeen approved by the Lake County Board of CountyCommissioners which may increase or decrease a fundtotal.Appropriation: A legal authorization granted by alegislative body to make expenditures and to incurobligations for specific purposes. An appropriation isusually limited in amount and as to the time when it maybe expended.Article V Costs: Expenditures mandated by StateLegislature and funded by local dollars. Examplesinclude: support for the Public Defender, State Attorney,Conflict Attorney and other court costs related to civiland criminal disputes.Assessed Valuation: A value established by the CountyProperty Appraiser for all real or personal propertywhich is used as a basis for levying property taxes.Basis of Budgeting: Refers to the conventions forrecognition of costs and revenues in budget developmentand in establishing and reporting appropriations, which arethe legal authority to spend or to collect revenues.BCC (Board of County Commissioners): Lake County isgoverned by a five-member board. The five members areelected countywide, but each represents one district of thecounty.Bond: A written promise to pay a sum of money on aspecific date at a specified interest rate as detailed in abond ordinance.Budget: A financial plan for the operation of a program ororganization for a specified period of time (fiscal year) thatmatches anticipated revenues with proposed expenditures.Budget Adjustment: A revision to the adopted budgetoccurring during the affected fiscal year as approved by theLake County Board of County Commissioners by anamendment or a transfer.Budget Calendar: The schedule of key dates involved inthe process of adopting and executing an adopted budget.Budget Document: The official written statement of theannual fiscal year financial plan for the County.Budget Hearing: The public hearing conducted by theLake County Board of County Commissioners to considerand adopt the annual budget.Budget Message: A written statement presented by theCounty Manager to explain principal budget issues and toprovide recommendations to the Lake County Board ofCounty Commissioners.Budget Preparation Manual: The set of instructions andforms sent by the Office of Budget to the departments andagencies of the County to assist them in preparing theiroperating budget requests for the upcoming years.CAFR (Comprehensive Annual Financial Report): Aset of U.S. government financial statements comprising thefinancial report of a state, municipal or other governmentalentity that complies with the accounting requirements.Capital Outlay: Purchases of fixed assets that have avalue of $1,000 or more, and a useful life of more thanone year.I - 33