FY 2010-11 Adopted Budget - Volusia County Government

Glossary of Budget TermsBudget Termsinclude Senior Homestead Exemption,Blind, Combat Related Disability ,Service Related Disability ,Widows/Widowers, orTotal/Permanently DisabledExemptions.Impact Fee – A fee to fund theanticipated cost of new development’simpact on various County services asa result of growth. This fee, such asfor water and sewer or fire services, ischarged to those responsible for thenew development.Incorporated Area – Within citylimits.Indirect Cost – Costs associated with,but not directly attributable to, theproviding of a product or service.These are usually costs incurred byservice departments in the support ofoperating departments.Interest Income - The revenuederived from the County's regularinvestment of temporarily idle cash.Interest rates, and hence the earnings,are commercially determined andsubject to fluctuating marketconditions.Interfund Transaction - A financialtransaction from one fund to anotherthat results in the recording of areceipt and expenditure.Internal Service Fund - A fundestablished for the financing of goodsor services provided by onedepartment or agency to otherdepartments or agencies on a costreimbursement basis.Just Value - Florida Statute193.011(1) defines just value as thepresent cash value of the property,which is the amount a willingpurchaser would pay a willing seller,exclusive of reasonable fees and costsof purchase True Value of Property.Lease/Purchase Payment - Apayment made to private corporationsunder lease-purchase agreements forequipment purchases.Levy – To impose taxes, specialassessments or service charges.Another term used for millage rate.License and Permit Fees - A chargefor specific items as required andapproved by local and stateregulations, i.e., building permit,mobile home, etc.Lighting District - A revenue sourcederived from the funds received by theCounty from residents of a specialdistrict established to finance streetlighting.Local Option Gas Tax - Anordinance of the County Council ofVolusia County, Florida pursuant tosection 336.025(1)(b), F.S. levyingand imposing a local option fuel tax of6 cents upon every gallon of motorfuel sold in the County of Volusiawith the proceeds from said tax beingdistributed as provided by law.Beginning January 1, 2000 anadditional 5 cents was levied andimposed upon every gallon of motorfuel oil, excluding diesel.Mill - One one-thousandth of a UnitedStates dollar. In terms of the millagerate, 1 mill is equal to $1 per $1,000 ofassessed valuation.Mission Statement - Statement ofpurpose that defines the business ofthe organization.Modified Accrual Basis – A basis ofaccounting in which expenditures areaccrued immediately upon becoming aliability, but revenues are accountedfor on a cash basis.Municipal Service District (MSD) -The Municipal Service Districtprovides municipal (city) type servicesto residents in the unincorporatedareas of the County.Net Expenses – Total Countyexpenses less reserves, transfers andinternal service interfund transfers.Non-Operating Budget - The capitalbudget and the internal service budget.Volusia County Section K - 35Volusia County Section K - 35Non-Tax Revenue - The revenuederived from non-tax sources,including licenses and permits,intergovernmental revenue, chargesfor service, fines and forfeitures, andvarious other miscellaneous revenue.Notice of Proposed Property Taxes(NOPPT) - TRIM Notice - ANotice of Proposed Property Taxesthat property owners receive eachAugust, TRIM stands for Truth inMillage. It covers two areas: taxesand values.Regarding taxes: It shows (1) lastyear’s taxes, (2) taxes as proposed forthe current year and, (3) what taxeswould be if no budget changes weremade.Regarding values: It shows themarket value, assessed value,exemptions and taxable value for thecurrent year and the prior year.Objective - Specific, measurablestatement, consistent with goals andmission, that targets a desired futurestate.Operating Budget - An annual planof proposed expenditures for the ongoingoperations of countygovernment. The operating budgetexcludes the capital and internalservice budgets.Operating Expenditures – Alsoknown as operating and maintenancecosts, these are expenditures of dayto-dayoperations, such as officesupplies, maintenance of equipment,and travel. Capital costs are excluded.Ordinance - A formal legislativeenactment by the County Council. Ifit is not in conflict with any higherform of law, such as a state statute orconstitutional provision, it has the fullforce and effect of law within theboundaries of the county.Performance Measures - A meansused to evaluate a program and insurethat approved levels of funding yieldexpected results.