FY2023 Adopted Budget

estimated expenditures by year and specifies the resources estimated to be available to finance the project expenditures.

Capital Improvements Projects: The specific projects that make up the Capital Improvements Program. The projects involve construction, purchase, or renovation of city facilities or property. They are generally non-recurring major improvements to the City's physical plant which necessitate long-term financing and are permanent in nature. A capital improvement project is the improvement of land, buildings, or infrastructure and related expenditures that is greater than $25,000 and has a useful life of three years or more. Capital Outlay: Expenditures for fixed assets, such as equipment, remodeling, minor building improvements, and vehicles, that are funded from the operating budget and are at least $5,000. Since long-term financing is not necessary and expenditures of this type are of such recurring character, these items are not part of the Capital Improvements Program. A basis of accounting in which transactions are recognized only when cash is increased or decreased. Or, a basis of accounting in which transactions are recorded when cash is expended or received for goods and services which are sold. Committed Fund Balance: Self-imposed limitation imposed at highest level of decision making that requires formal action at the same level to remove. Commodities: Items or supplies needed for routine maintenance and operations. They include cleaning, maintenance and office supplies, repair materials, minor equipment, and tools. Contingency: Funds set aside, but not appropriated or approved for use. These funds could be used for unanticipated expenditure requirements, new programs, or to absorb unexpected revenue losses. Contractual Service: Services such as utilities, postage, printing, employee travel, repairs and rentals, which are purchased from private contractors. Debt Limit: Debt incurred as a general obligation of the City shall not exceed statutory limits: presently 5% of the total assessed value of property within the corporate limits as established by the City Assessor. Cash Basis:

Debt Service: Payment of principal and interest to holders of the City debt instruments.

Deficit: Excess of an entity's liabilities over its assets (a negative fund balance). The term may also be used to describe a situation where expenditures exceed revenues. Department : A major organizational unit in the City comprised of related work activities aimed at accomplishing a major service or regulatory program.

Division: The organizational subdivision of a department.

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