FY 2010-11 Adopted Budget - Volusia County Government

Glossary of Budget TermsGlossary of Budget TermsBudget TermsGlossaryActivity - Sub-organizational unit of aDivision established to providespecialized service to citizens.Accounting System - A system offinancial record-keeping that records,classifies, and reports information onthe financial status and operation of anorganization.Adopted Budget - The budgetapproved by the County Council.Ad Valorem Tax - The primarysource of revenue for the County. Forpurposes of taxation, real propertyincludes land and buildings, as well asimprovements erected or affixed to theland. The Property Appraiserdetermines the value of all taxable realproperty.Advance Payment - A paymentmade to a receipt upon its requesteither before outlays are made by therecipient or through the use ofpredetermined payment schedules.Adopted Budget – The financial planof revenue and expenditures asapproved by the County Council at thebeginning of the fiscal year.Advance Payment - A payment madeto a recipient upon its request eitherbefore outlays are made by therecipient or through the use ofpredetermined payment schedules.Advisory Committee - A citizen’sboard, or commission, appointed bythe County Council to review andrecommend policies for specificprograms and functional area.Agency – A principal unit of thecounty government or a governmentalunit outside the county governmentwhich receives county funding.Aggregate Millage Rate – Aweighted-average millage rate for thetax-supported funds including Countywidemunicipal services taxing funds.Voted debt service millages are notincluded in the aggregate millage.Allocation - The distribution ofavailable monies among variousCounty departments, divisions or costcenters.Amendment 10 (Save Our Homes)Value Cap - This is the amounthomesteaded properties can increasesince Amendment 10 wasimplemented. (Save Our Homes)Amortization – The payment of anobligation in a series of installments ortransfers or the reduction of the valueof an asset by prorating its cost over anumber of years.Annual Budget - An estimate ofexpenditures for specific purposesduring the fiscal year (Oct. 1 - Sept.30) and the estimated revenues forfinancing those activities.Appropriation - An authorization bythe County Council to makeexpenditures and incur obligationsfrom County funds for purposesapproved by Council.Assessed Valuation - A valuation setupon real estate or personal propertyby the County's Property Appraiserand the State as a basis for levyingtaxes.Asset – Resources owned or held by agovernment which has monetaryvalue.Audit - A review of the County'saccounting system to ensure thatfinancial records are accurate and incompliance with all legal requirementsfor handling of public funds, includingstate law and County Charter.Balanced Budget – A financial planfor the operation of a program ororganization for a specified period oftime (fiscal year) that matchesanticipated revenue with proposedexpenditures. A budget in which therevenue equals expenditures.Benchmarking - Process ofcomparing organizational practices toVolusia County Section K - 33Volusia County Section K - 33those of peer organizations as a basisfor developing and striving to exceedstandards.Bond – A written promise to pay asum of money at a specific date(called a maturity date) together withperiodic interest detailed in a bondresolution.Bond Funds - The revenues derivedfrom issuance of bonds used tofinance capital projects.Budget (Operating) - A financialplan of operation which includes anestimate of proposed expenditures andrevenues for a given period.Budget Calendar - The schedule ofkey dates or milestones which agovernment follows in the preparationand adoption of the budget.Budget Message - A generaldiscussion of the recommendedbudget as presented in writing by theCounty Manager to the CountyCouncil as a part of the budgetdocument.Budget Transfer - A budgetarytransaction that modifies the adoptedline item appropriations within abudget.Capital Budget - An annual plan ofproposed expenditures for capitalimprovements and the means offinancing these expenditures.Capital Improvement Plan – Adocument that identifies the costs,scheduling, and funding of variouslarge capital items; i.e., buildings,roads, bridges, water and sewersystems. The plan should identifycosts associated with existingdeficiencies versus capacity forgrowth.Capital Improvement Project -Includes land acquisitions, buildingimprovements, transportationimprovements, improvements to otherpublic facilities, and equipment over$25,000.