FY 2025 BUDGET BOOK - Flipbook - Page 360
Street Improvement Fund (013): This fund is used to accumulate monies received from motor
fuel gas tax sources to maintain the streets and rights-of-way within the city.
Tax Base: The total property valuations on which each taxing authority levies its tax rates.
Taxable Value: The assessed value is less homestead and other exemptions. The taxable value
is then multiplied by the millage rate to determine the amount of taxes. The millage rate is set
by the taxing authorities based on their budget requirements. These taxing authorities and their
proposed rates will be reflected on your Truth in Millage (TRIM) Notice that you will receive in
August of each year.
Taxes: Compulsory charges levied by a government for financing services performed.
Transfers: Transfers between individual funds of a governmental unit that are not repayable
and are not considered charges for goods or services. These represent a “double counting” of
revenues and correspond to an equal amount of interfund expenditures.
Transportation: Functional classification for expenditures for developing and improving the
safe and adequate flow of vehicles, travelers, and pedestrians on the road and street facilities.
Truth in Millage (TRIM): The Florida Truth in Millage Act formalizes the property tax levying
process by requiring a specific method of tax rate calculation, a form of notice, public hearing
requirements, and advertisement specifications before the adoption of a budget tax rate.
Uniform Accounting System: The chart of accounts prescribed by the Department of Financial
Services Bureau of Local Government is designed to standardize financial information to
facilitate comparing and evaluating reports.
User Fee: Charge imposed on a customer for using a specific service operated by the city.
Vision: Guiding goals and priorities describing sought-after future state toward which efforts
should be directed.
Water and Sewer Fund (040): A fund established to record water and sewer revenues and
expenses using the accrual basis of accounting. Revenues are recognized when earned, and
expenses are recognized when they are incurred.
Water and Sewer Renewal and Replacement Fund (042): A fund to cover anticipated
expenses for major repairs of the City’s facilities and repair and replacement of related
equipment. Expenses are funded by inter-fund transfers from the Water and Sewer Revenue
Fund.
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