FY 2025 BUDGET BOOK - Flipbook - Page 357
Intergovernmental Revenue: Funds received from federal, state, and other local government
sources in grants, shared revenues, and payments in lieu of taxes are for a specific purpose.
Internal Service Funds: Proprietary fund type that may be used to report any activity that provides
goods or services to other funds, departments, or agencies of the primary government and its
component units or other governments on a cost-reimbursement basis.
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 to identify capital projects dedicated
to expanding the Eustis Memorial Library. Funding is provided by donations, impact fees, and interfund transfers.
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.
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