FY 2023 ADOPTED BUDGET AS OF 9-22-22 - Flipbook - Page 330
Appendix → glossary
Law Enforcement Trust Fund (064): This fund accounts for fines received because of drug
forfeitures, restricted to drug enforcement training and programs for police officers.
Levy: To impose taxes, special assessments, or service charges. Or another term used for millage
rate.
Library Capital Expansion Trust Fund (069): This fund is used
capital projects dedicated to expanding the Eustis Memorial Library.
provided by donations, impact fees, and inter-fund transfers.
to identify
Funding is
Line Item: An expenditure classification according to the type of item purchased or service
obtained, for example, regular salaries, professional services, repairs, and maintenance. See
Object Code.
Long-Term Debt: Debt with a maturity of more than one year after the date of issuance.
LRFP - Long Range Financial Plan is the process of budgeting for operations and growth and
renewal for buildings, infrastructure and land.
Major Fund: Major funds are funds in which revenues, expenditures/expenses, assets, or liabilities
(excluding extraordinary items) are at least 10 percent of corresponding totals for all governmental
or enterprise funds and at least 5 percent of the aggregate amount for all governmental
and enterprise funds.
Mill: Ad valorem (property) tax valuation unit equals $1 of tax obligation for every $1,000 taxable
valuation.
Millage: The total tax obligation per $1,000 of taxable valuation property.
Millage Rate: A rate per $1,000 of the taxable property value which, when multiplied by the taxable
value, yields the property tax billing for a given parcel.
Mission Statement: Statement that defines the purpose and function of the city.
Miscellaneous (Funding Source): Revenues other than those received from authoritative sources
such as taxes, licenses and permits, grants, and user fees.
Modified Accrual Basis of Accounting: The basis of accounting used in conjunction with the
current financial resource’s measurement focus modifies the accrual basis of accounting in two
ways: 1) revenues are not recognized until they are measurable and available 2) expenditures are
recognized in the period in which governments generally liquidate the related liability rather than
when that liability is first incurred (if earlier).
Non-Departmental: Compilation of expenditures that are not assigned to a specific department.
Object Code: An account to which an expense or expenditure is recorded to accumulate and
categorize the various types of payments that governments make. These are generally grouped
into Personnel Services, Operating Expenses, Capital Outlay, and Other categories for budgetary
analysis and financial reporting purposes. The State of Florida Uniform Accounting System
mandates certain object codes.
Operating Expenses: Also known as Operating and Maintenance costs, these are expenses or
day-to-day operations which exclude capital costs, such as office supplies, maintenance of
equipment, and travel.
328
City of Eustis, Florida
Adopted Annual Budget
