Fiscal Year 2013 Recommended Budget Book - Lake County

Glossary of TermsHomestead Exemption: Refer to definition for Exempt,Exemption, Non-Exempt.HUD: Housing and Urban Development.Impact Fees: Fees charged to developers and individualsto cover, in whole or part, the anticipated cost ofimprovements that will be necessary as a result of thedevelopment.Indirect Costs: Costs associated with, but not directlyattributable to, the providing of a product or service.These are usually costs incurred by service departments inthe support of operating departments.Infrastructure: The physical assets of the County, i.e.,streets, buildings, and parks.Interfund Transfers: Budgeted amounts transferred fromone governmental accounting fund to another for work orservices provided. Because these transfers representduplicate expenditures, these amounts are deducted fromthe total County operating budget to calculate the “net”budget.Intergovernmental Revenue: Revenue received fromanother government unit for a specific purpose.IT: Information Technology.Investments: Securities and real estate held for theproduction of revenues in the form of interest, dividends,rentals, or lease payments.JGI (Jobs Growth Investment Trust Fund): Fundsavailable to help businesses defray upfront costs, such aspermit, development review, and impact fees.Key Action Steps: The strategies or methods that Countydepartments, programs or teams will use to accomplishsome aspect of a particular goal.Lake County Board of County Commissioners: Thegoverning body of Lake County composed of five personselected countywide to represent designated districts.LEMS: Lake Emergency Medical Services has beenestablished in Fiscal Year 2011 to provide emergencymedical service and transportation of the sick and injuredcitizens and visitors of Lake County.LCLS: Lake County Library System.LDR (Land Development Regulations): Adoptedregulations to implement measures to improve thedevelopment review process and to implement the goalsand objectives of the Comprehensive Plan.Leachate: The result of rainwater soaking through thesolid waste and the liquids produced by the decompositionof waste materials.Level of Service: The existing or current services,programs, and facilities provided by government for itscitizens. Level of service is dependent upon needs,alternatives, and available resources.Levy: To impose taxes, special assessments, or servicecharges. Or, another term used for millage rate.Liabilities: Probable future sacrifices of economicbenefits, arising from present obligations of a particularentity to transfer assets or provide services to other entitiesin the future as a result of past transactions or events.Line-Item Budget: A budget that lists each accountcategory separately along with the dollar amount budgetedfor each account.Long-Term Debt: Debt with a maturity of more than oneyear after the date of issuance.LUPA (Land Use Plan Amendment): A change to theadopted Land Use Plan done on a bi-annual cycle.Mandate: Any responsibility, action, or procedure that isimposed by one sphere of government on another throughconstitutional, legislative, administrative, executive, orjudicial action as a direct order, or that is required as acondition of aid.Mill, Millage: One one-thousandth of one dollar; used incomputing property taxes by multiplying the rate timesassessed taxable value of property divided by 1,000.Mission Statement: A broad statement of purpose that isderived from organizational and/or community values andgoals.Modified Accrual Basis of Accounting: A basis ofaccounting for governmental funds in which revenues arerecognized when they become measurable and available asnet current assets, and expenditures are recognized whenthe related fund liability is incurred.I - 36