Fiscal Year 2013 Recommended Budget Book - Lake County

Glossary of TermsProprietary Fund: The County maintains two types ofproprietary funds: enterprise and internal service.Enterprise funds are used for services provided to thepublic on a user charge basis. Internal service funds areused for operations serving other funds or departments on acost-reimbursement basis.PSAP: Public Safety Answering Points.PTI (Pre-Trial Intervention): A service provided, by theProbation Services division, to clients identified by theCourt as an alternative to regular judicial proceedings.QA (Quality Assurance): A method to insure thosequality standards for the county are met. To insure thatdata created meets the accuracy standards for the task.Real Property: Land and buildings and/or other structuresattached to it that are taxable under state law.Rebudget: A process the County uses to reserve a portionof fund balance to honor purchase orders and contracts thatare still in process when appropriations lapse at year-end.Reserve: An account used to indicate that a portion of afund’s balance is legally restricted for a specific purposeand is, therefore, not available for general appropriation.Reserve for Contingencies: An amount set aside,consistent with statutory authority that can subsequently beappropriated to meet unexpected needs.Resolution: A special or temporary order of a legislativebody; an order of a legislative body requiring less legalformality than an ordinance or statute.Revenue: Funds that a government receives as income.These receipts may include tax payments, interest earnings,service charges, grants, and intergovernmental payments.Rolled-Back Rate: That millage rate which, whenmultiplied times the tax roll, exclusive of new constructionadded to the tax roll, would yield the same amount ofrevenue for the taxing authority as was yielded by themillage rate levied in the previous year. In normalcircumstances, as the tax roll rises by the virtue ofincreases in assessments, the rolled-back rate would beslightly lower than the previous year’s millage levy. Thisreduced rate multiplied by the value of the newconstruction and/or annexations added to the tax rollduring the year provides the only source of additional taxrevenue if the rolled-back rate is levied.SBA (Florida State Board of Administration): This isthe State oversight group administering the pooled cashinvestments.SERT (Special Emergency Response Team): A group ofspecialty trained personnel for emergency response.SHIP (State Housing Initiatives Partnership): A statefundedprogram that enables the counties to provide rentalassistance, home purchase assistance, and home repairassistance to low-income citizens.Special Assessment: A compulsory levy imposed oncertain properties to defray part or all of the cost of aspecific improvement or service deemed to primarilybenefit those properties.Special Revenue Bonds: Bonds that are not consideredgeneral obligations of the government, but are to be repaidthrough specific government resources.Special Revenue Fund: A governmental accounting fundused to account for the proceeds of specific revenuesources that are legally restricted to expenditures forspecified purposes.Tax Base: The total property valuations on which eachtaxing authority levies its tax rates.Tax Roll: The Certification of assessed and taxable valuesprepared by the Property Appraiser and presented to thetaxing authority by July 1 (or later if an extension isgranted by the State of Florida) each year.Tax Year: The calendar year in which ad valoremproperty taxes are levied to finance the ensuing fiscal yearbudget. For example, the tax roll for the 2011 calendaryear would be used to compute the ad valorem taxes leviedfor the Fiscal Year 2012 budget.TDC (Tourist Development Council): The TouristDevelopment Council establishes projects, with BCCapproval, to promote tourism in Lake County.Tentative Budget: At its first of two public hearings inSeptember, the Board of County Commissioners sets atentative millage rate and adopts a tentative budget basedon the taxable value of property within the County, ascertified by the Property Appraiser, for the new fiscal yearbeginning October 1 and ending September 30. At thesecond public hearing, the Board adopts a final budget andmillage rate.I - 38