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Budget - FY 2015-2016TOWN OF PROSPER, TEXAS ORDINANCE NO. 15-58 AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS, ADOPTING THE FISCAL YEAR 2015-2016 ANNUAL BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2015, AND ENDING SEPTEMBER 30, 2016; FOR THE TOWN OF PROSPER, TEXAS; PROVIDING A SEVERABILITY CLAUSE; PROVIDING FOR A REPEALER CLAUSE; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Annual Budget for the Town of Prosper, Texas, was prepared by the Town Manager and presented to the Town Council on August 11, 2015, in accordance with the Town Charter of the Town of Prosper, Texas; and WHEREAS, the proposed annual budget document was posted on the Town's Internet website and also made available for public review; and WHEREAS, a Notice of Public Hearings concerning the proposed Annual Town Budget was published as required by state law and said Public Hearings thereon were held by the Town Council on August 25, 2015, and September 8, 2015; and WHEREAS, following the Public Hearings, and upon careful review of the proposed Fiscal Year 2015-2016 Annual Budget, it is deemed to be in the best financial interests of the citizens of the Town of Prosper, Texas, that the Town Council approve said budget as presented by the Town Manager. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS, THAT: SECTION 1 The above findings are hereby found to be true and correct and are incorporated herein in their entirety. SECTION 2 The official budget for the Town of Prosper, Texas, for the fiscal year beginning October 1, 2015, and ending September 30, 2016, is hereby adopted by the Town Council of the Town of Prosper, Texas, and the Town Secretary is directed to keep and maintain a copy of such official budget on file in the office of the Town Secretary and, upon request, make same available to the citizens and the general public. SECTION 3 The sums specified in Exhibit A are hereby appropriated from the respective funds for the payment of expenditures on behalf of the Town government as established in the approved budget document. SECTION 4 Should any part, portion, section, or part of a section of this Ordinance be declared invalid, or inoperative, or void for any reason by a court of competent jurisdiction, such decision, opinion, or judgment shall in no way affect the remaining provisions, parts, sections, or parts of sections of this Ordinance, which provisions shall be, remain, and continue to be in full force and effect. SECTION 5 All ordinances and appropriations for which provisions have heretofore been made are hereby expressly repealed if in conflict with the provisions of this Ordinance. SECTION 6 In accordance with state law and the Town's Code of Ordinances, proper Notice of Public Hearings was provided for said Ordinance to be considered and passed, and this Ordinance shall take effect and be in full force and effect from and after its final passage. SECTION 7 Specific authority is hereby given to the Town Manager to transfer appropriations budgeted from one account classification or activity to another within any individual department or activity. DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS, BY A VOTE OF _,5 TO 01 -ON THIS THE 22ND DAY OF SEPTEMBER, 2015. APPROVED' Ray Smit , Mayor AT Rob n*,ownSecretary APPROVED AS TO,FORM ND LEGALITY: Terrence S. Welch, Town Attorndr Ordinance No. 15-58, Page 2 EXHIBIT "A" PROPOSED BUDGET 2015-2016 WATER/SEWER FUND Finance AMENDED 1,357,931 (9,179) 1,348,752 Public Works BUDGET AS ORIGINALLY 1,470 6,465,551 Non -Departmental 2014-2015 TRANSMITTED CHANGES FINAL PROPOSED GENERAL FUND Administration 2,821,306 1,516,176 756,248 2,272,424 ' Finance 1,005,615 1,037,115 - 1,037,115 Police Services 2,683,492 3,145,019 (6,319) 3,138,700 Fire Services 3,595,219 4,032,262 (61,872) 3,970,390 Public Works 448,935 2,013,514 1,470 2,014,984 Community Services 1,818,707 2,083,058 19,803 2,102,861 Development Services 1,936,688 2,131,386 1,471 2,132,857 Engineering 703,938 791,593 1,371 792,964 Non -Departmental 1,705,119 792,344 (792,344) 315,780 General Fund Total $ 16,719,019 $ 17,542,457 $ (80,172) $ 17.462,295 WATER/SEWER FUND Finance 1,033,566 1,357,931 (9,179) 1,348,752 Public Works 5,478,348 6,464,081 1,470 6,465,551 Non -Departmental 3,912,765 4,251,134 - 4,251,134 Water/Sewer Total $ 10,424,679 $ 12,073,146 $ (7,709) $ 12,065,437 DEBT SERVICE (I&S) 2,870,065 3,405,040 3,405,040 GENERAL CAPITAL PROJECTS 28,407,055 22,621,000 16,214,225 38,835,225 UTILITY CAPITAL PROJECTS 2,382,500 10,505,000 (7,323,300) 3,181,700 PARKS IMPROVEMENT AND DEDICATION FEES 214,000 965,000 625,000 1,590,000 I M PACT FEES 2,968,487 15,152,086 1,052,907 16,204,993 INTERNAL SERVICE 30,000 40,000 40,000 SPECIAL REVENUE 95,133 100,000 100,000 STORM DRAINAGE 306,195 315,780 315,780 VERF 797,010 1,068,606 (23,000) 1,045,606 Other Funds Total $ 38,070,445 $ 54,172,512 $ 10,545,832 $ 64,718,344 GRAND TOTAL $ 65,214,143 $ 83.788.125 $ 10,457,951 $ 94,246,076 Unspent project funds for Capital Projects, Park Improvement and Dedication Fees, Impact Fees, and Special Revenues, as of September 30, 2015, will automatically be re -apportioned to their respective projects for FY2015-2016. Funds encumbered for the VERF will also be re -apportioned for FY2015-2016. * In the General Fund, Finance was re -allocated from Administration to its own division and Non -Departmental was re -allocated to Administration. Ordinance No. 15.58, Page 3 Town of Prosper Fiscal Year 2015-2016 Budget Cover Page This budget will raise more revenue from property taxes than last year's budget by an amount of $1,940,776 which is a 21.35 percent increase from last year's budget. The property tax revenue to be raised from new property added to the tax roll this year is $1,218,693. The members of the governing body voted on the budget as follows: FOR: Ray Smith, Mayor Michael Korbuly, Place 1 Meigs Miller, Mayor Pro -Tem Kenneth Dugger, Place 2 Curry Vogelsang, Jr., Deputy Mayor Jason Dixon, Place 6 Pro -Tem AGAINST: Mike Davis, Place 5 PRESENT and not voting: None ABSENT: None Property Tax Rate Comparison Property Tax Rate: Effective Tax Rate: Effective Maintenance & Operations Tax Rate Rollback Tax Rate: Debt Rate: FY 2015-2016 $0.520000/100 $0.480591/100 $0.334551/100 $0.524487/100 $0.158926/100 Total debt obligation for Town of Prosper secured by property taxes: $3,390,040 FY 2014-2015 $0.520000/100 $0.468183/100 $0.242824/100 $0.429220/100 $0.163699/100 The above statement is required by Section 102.005(b) of the Texas Local Government Code, as amended by HB 3195 of the 80'h Texas Legislature. r` TOWN OF pR SPER This page was intentionally left blank. BUDGET MESSAGE Letter from the Town Manager 1 -------------------------------------------------------------------------------------------------- The Budget Process 9 Budget Calendar 10 TOWN PROFILE 21 Town Council 11 Town Strategic Goals 13 Organizational Chart 19 Authorized Positions Schedule 20 FUND SUMMARIES Consolidated Fund Summaries 21 General Fund 22 Water & Sewer Fund 23 Debt Service Fund (Interest&Sinking) 24 Capital Projects Funds 25 Park Improvements/Dedication Fund 27 Impact Fees Fund ------------------------------------------------------------------------------------------------- 28 Internal Service Fund ------------------------------------------------------------------------------------------------ 29 Storm Drainage Fund ------------------------------------------------------------------------------------------------- 30 Special Revenue Fund ------------------------------------------------------------------------------------------------- 31 Vehicle Equipment and Replacement Fund 32 REVENUE PROJECTIONS General Fund Revenue Sources ------------------------------------------------------------------------------------------------- 33 Property Valuations & Ad Valorem Taxes 34 Property Tax Distribution 35 Sales Taxes 36 Water and Sewer Fund Revenue Outlook 37 Revenues in Other Town Funds ------------------------------------------------------------------------------------------------- 38 APPROPRIATIONS General Fund Total Appropriations by Department 39 Water & Sewer Fund Total Appropriations by Department 40 APPENDIX Discretionary Budget Requests 41 Non -Discretionary Budget Requests 117 Charter Article VII - Financial Procedures 150 Property Tax Rates Notice 156 Glossary of Terms 157 Thank you Budget Team! r` TOWN OF pR SPER This page was intentionally left blank. Memo To: Honorable Mayor and Town Council From: Harlan Jefferson, Town Manager Date: September 22, 2015 Re: Fiscal Year 2015-2016 Adopted Budget The proposed budget was submitted to the Town Council on August 11, 2015. Following two public hearings, the Town Council adopted the budget on September 22, 2015. The adopted budget includes minor revisions from the proposed budget. The table below displays the proposed fund budgets as presented on August 11, the adopted fund budgets, and the change. Fund Name Proposed General Fund $17,542,467 Water/Sewer Fund $12,073,146 General Capital Projects $22,621,000 Utility Capital Projects $10,505,000 Fund Name Proposed Park Improvement/Dedication $965,000 Impact Fees $15,152,086 VERF $1,068,606 Adopted $ Change $17,462,295 ($80,172) $12,065,437 ($7,709) $38,835,225 $16,214,225 $3,181,700 ($7,323,300) Adopted $ Change $1,590,000 $625,000 $16,204,993 $1,052,907 $1,045,606 ($23,000) r` TOWN OF pR SPER This page was intentionally left blank. A TOWN OF PRDSPER August 7, 2015 To The Honorable Mayor and Town Council Re: The FY 2015-2016 Proposed Budget For your consideration is the proposed Town of Prosper Annual Operations and Maintenance Budget which reflects the general short-term policies of the Town Council as the elected representatives of the citizens of Prosper. These short-term policies also reflect the principles of Town Council's Strategic Goals. As prepared and submitted, the Proposed Budget is intended to: ➢ serve as an operating plan for the new fiscal year, ➢ provide fiscal policy direction to the Town staff, ➢ provide a basis of accountability to the taxpayers of the investment of their tax dollar, and ➢ serve as a basis for measuring the performance for those individuals charged with the management of the Town's operations. In essence, the Annual Operations and Maintenance Budget represents the single most important management tool of the Governing Body and the staff. BUDGET OVERVIEW The Town of Prosper FY 2015-2016 Proposed Budget addresses increased service levels to Town residents in response to continued growth, provides required or money -saving capital investments in infrastructure and other public improvements as well as additional public safety resources. The Town has continued to thrive relative to many markets. Despite the Town's current and future growth potential and general optimism, this budget has been prepared with conservative revenue assumptions in mind. The Town of Prosper currently employs 135.75 full-time equivalent (FTE) staff members. The proposed budget recommends the following staffing additions and changes: Dept. POSITIONS FTEs Information Technology I.T. Director 1.0 (IT) I.T. Technician 1.0 Town Secretary's Office Administrative Assistant .5 Social Media Specialist .5 Human Resources Administrative Assistant 1.0 Police Police Officers 2.0 Administrative Assistant 1.0 Dispatch Dispatchers 1.5 Fire Administrative Assistant 1.0 Fire Fighters/ Paramedics 6.0 Streets Crew Leader 1.0 Library Library Director .5 Parks Park Planner 1.0 Chemical Technician 1.0 Maintenance Worker 1.0 Inspections Building Inspector II 1.0 Engineering Engineer -in -Training 1.0 TOTAL GENERAL FUND POSTIONS 22 Water Utility Worker 1.0 Utility Billing Utility Billing Clerk .5 TOTAL ENTERPRISE FUND POSTIONS 1.5 In evaluating the FY 2015-2016 Proposed Budget, it is important to consider it in context with several historical organizational initiatives, current conditions, and the impact each has on planning for additional appropriations. Those with the greatest impact are listed below. The FY 2015-2016 Proposed Budget Appropriations total $31,036,393 for all operating funds, not including general debt service, capital projects, impact fees, vehicle equipment and replacement fund, or the Economic Development Corporation. Of that amount, approximately $17,542,467 is for General Fund operations and maintenance, and $12,388,926 for the Town's Enterprise Funds including Solid Waste, Water, and Sewer utilities as well as the Storm Drainage Utility Fund. Debt Service Appropriations for the coming fiscal year are $3,405,040. K Property Values Certified property valuations increased by $376,056,200 (21.45%) for FY 2015-2016. Property values increased from $1,753,254,918 to $2,129,311,118. Of the increase, $192,819,652, or 51.3%, resulted from new construction, compared with $142,671,000 last year. Most of the Town's current values come from Collin County properties, but the Denton County portion is expected to add substantial value in the coming years thanks to new developments like Windsong Ranch. This year, the Town's value in Denton County increased by more than 97%. Property Tax Rate This year the property tax rate is proposed at $0.52 per $100 of assessed value, which is equal to the current property tax rate. The portion of the tax rate applied to Debt Service is $0.158926 per $100 of assessed value with the balance allocated for Maintenance and Operations. Sales Taxes The Town of Prosper levies a 1.5% tax on all taxable items sold within its borders (the Economic Development Corporation's 0.5% tax is in addition to the Town's tax). Sales tax revenues have become a prominent funding source for the General Fund, comprising 19.5% of General Fund revenues in the Proposed Budget. During FY 2014-2015, sales tax collections were boosted by the prior repeal of the tax exemption on telecommunication services. This change was expected to add $61,000 in FY 2014-2015 sales tax revenues, and $81,000 or more in subsequent years. The recently approved 380 Agreement with Highland Homes should also cause an increase in sales tax revenue. Overall, the Proposed Budget includes $3,436,640 in sales tax revenues, compared to $2,933,823 in the FY 2014-2015 budget. Utility Rates The Town of Prosper Town Council has continued its implementation of rate recommendations that support the Town Council's adopted Water and Wastewater Utility Comprehensive Business Plan. The Plan as adopted contains recommendations to enhance revenues, to establish maintenance reserves and to fund an annual contribution of 2% to a capital replacement program. This proposed budget does not include a rate design change. Therefore, consumers will not experience a change in their water or sewer rates. Solid Waste rates increased 5% in February 2012, and should not change until the contract with our service provider goes out to bid or for renegotiation in 2017. The proposed budget assumes an increase to Storm Drainage revenues for new home construction. However, the proposed rate has not changed. 9 GENERAL FUND The FY 2015-2016 Proposed Budget as presented is based on using the current tax rate of $0.52 per $100 of assessed value. The effective tax rate, that is the rate that would generate the same amount of property tax revenues next year from the same taxed properties in FY 2014- 2015, is $0.480591 per $100 of assessed value. The rollback rate, which approximately equates to 108% of this year's effective operating rate minus the additional sales tax for property tax reduction, is $0.524487 per $100 of assessed value. Each additional pennv of the tax rate generates approximately $212,931 in property tax revenue. The Collin County Tax Assessor -Collector again expects to collect 100% of the current property taxes due based on their past history of doing so. FY 2015-2016 Revenues are expected to exceed Appropriations resulting in a net increase effect to the Town's Fund Balance. The Audited Fund Balance at the end of FY 2013-2014 was $7,587,994. The revised Fund Balance prior to the final audit for FY 2014-2015 is expected to increase $1,061,345 to $8,649,339. The large addition to Fund Balance is comprised primarily of sales tax and permit fees exceeding very conservative estimates. The target reserve level (Fund Balance) is set at 25% (or 90 days) of total appropriations. Until a 2011 Charter election, there was a formal 10% Contingency Policy in the Charter in addition to the targeted 90 day reserve. At the recommendation of staff, the Charter Commission proposed to increase this to 20% and it was approved by 88% of voters. At the end of FY 2015-2016, the projected total Fund Balance, not otherwise restricted or held in contingency, should total $845,065 which equates to an additional 17 days of operations, depending on final audited numbers, bringing the total number of operating days of reserves to 179 days. Staff is reviewing one-time uses consistent with the Town's Fund Balance Policy and will seek Council guidance during FY 2015-2016 on its use. GENERAL FUND REVENUES Overall, revenues are projected to increase 20.05% compared to that budgeted in FY 2014- 2015. This increase is from increased property tax, sales tax, and permit fees. Sales Taxes have remained higher than projected for several years. The Town has conservatively forecasted the sales tax revenues, raising the FY 2015-2016 expectation to $3,436,640. Building Permit Revenues are projected to increase to $2,664,210 or 20.8% when compared to the FY 2014-2015 Budget reflecting steady new residential and non-residential construction. It is assumed the Town will issue at least 700 new residential permits in the coming year. 4 Licenses and Franchise Fees are projected to rise with population. Municipal Court Fines are projected to recover in FY 2015-2016 due to population growth and an increase in patrol activities due to more officers. General Fund Revenues by Source: Revenue Category Property Tax License, Fees & Permits Sales Tax Interfund Transfers In Franchise Fees Fines & Warrants Charges for Services C Investment Income Grants Miscellaneous Park Fees Revenue Total FY 2016 Proposed % of Total 8,447,169 47.9% 3,181,600 18.0% 3,436,640 19.5% 1,091,166 6.2% 719,700 4.1% 300,000 1.7% 270,883 1.5% 42,000 0.2% 22,335 0.1% 37,310 0.2% 83,500 0.5% $17,632,303 100.0% GENERAL FUND APPROPRIATIONS Total General Fund Appropriations for the FY 2015-2016 Proposed Budget are $17,542,467 This is an increase of approximately 19.1% compared to the FY 2014-2015 Adopted Budget. New personnel costs constitute 34.1% of the total increase; the category of personnel makes up the majority of the General Fund budget. The proposed budget authorizes the Town Manager to hire 22 FTE staff members for the General Fund. The major Program Enhancement and Capital Expenditures included in the proposed appropriations and planned for FY 2015-2016 by department are as follows: Public Works / Streets: Police: Prosper Road Improvement — Fishtrap $820,000 Repair Prosper Trail $272,400 Repair Dallas North Tollway $309,980 Two Full -Time Police Officers $111,502 Additional Full -Time Dispatch Positions $ 66,187 One Mobile License Plate Reader $ 32,000 Fire: Six FF/Paramedics Driver and Lieutenant Promotions $159,063 $ 72,907 A complete summary listing of the proposed enhancements with a detailed explanation can be found in the Appendix of the FY 2015-2016 Proposed Budget. DEBT SERVICE (Interest & Sinking [I&S]) FUND This fund represents the debt portion of the tax rate. Debt payments from I&S for FY 2015- 2016 will total $3,405,040. This represents an 18.7% increase from the current year's budget. WATER, SEWER, and SOLID WASTE UTILITY FUND Revenues for the Water, Sewer and Solid Waste Fund are expected to increase to $11,725,235. The adopted business plan for the Water and Sewer Utility Fund identifies the need for revenue enhancements to cover existing and future operations and maintenance costs as well as debt service and contracted water and sewer costs with the Upper Trinity Regional Water District and North Texas Municipal Water District. The solid waste contract renewal with Progressive Waste Solutions in 2005 expired on November 30, 2011. Under the agreement approved by Town Council in FY 2011-2012, Progressive Waste Solutions is expected to hold their rates steady until January 2017. Solid waste rates have not previously been changed for Prosper residents since February 2009, and staff is pleased that we can once again offer some multi-year rate stability on this service. Water, Sewer & Solid Waste Fund Revenues by Source: Revenue Category Water Charges Sewer Charges Solid Waste Charges Tap & Construction Penalties Investment Income License, Fees & Permits Miscellaneous Revenue Total FY 2016 Proposed 6 $6,381,735 $2,942,000 $1,086,400 $998,000 $1,000 $70,000 $33,500 $212,600 $11,725,235 % of Total 54.4% 25.1% 9.3% 8.5% 0.0% 0.6% 0.3% 1.8% 100.0% The proposed budget authorizes the Town Manager to hire 1.5 FTE staff members for the Water and Sewer Fund. The major Program Enhancement and Capital item expenses budgeted in the Water/Sewer Utility Fund by department include: Water: NTMWD Rate Increase and Growth Projection $400,382 Glenbrook Meters and Utility Services $116,000 Wastewater: Sewer Mgmt Fee Rate & Growth Projection $216,648 Utility Billing Trash Collection Growth Projection $215,000 DRAINAGE UTILITY FUND Several projects have been identified for FY 2015-2016, and the fund will continue debt service payments on approximately $1,000,000 issued as part of the 2012 CO. The fund will be able to support debt service payments and still complete routine drainage/storm water maintenance within collected revenues. GENERAL DISCUSSION ITEMS The following items have also been incorporated into the FY 2015-2016 Proposed Budget: ➢ The proposed budget includes a revision to the compensation program for employees consistent with the discussions held with the Town Council during the Strategic Planning Session. ➢ Continued partnerships with other entities have produced multiple saving opportunities for shared services or improving our customer service to residents and visitors alike. • The Town continues to operate the Community Library in Reynolds Middle School. • The Town has an Interlocal Agreement with PISD to access their fueling facility. • The Town renews its agreements along with several area cities to contract with Collin County for Animal Control and Sheltering Service. rN • The Town has several agreements with Frisco including using Frisco's GIS for our departments and Interlocal agreements for Police and Fire Departments to access their radio system. In summary, staff is honored to present a proposed budget that accomplishes Council goals to expand services and competitively compensate staff while holding the line on the tax rate. The Town's proposed budget attempts to address the current and future growth and infrastructure expansion demands while recognizing the needs of its residents. I would also like to compliment and thank the entire Town staff for their dedication, diligence, and fiscal accountability in providing their respective services to the Governing Body and the residents of Prosper. Sincerely, Y-407 Harlan Jefferson Town Manager 8 all 0:10 1*91ye\►I_1i!1►L4e14 U0ZHMI The basic purpose of the Town of Prosper Budget is to serve as a communication tool to residents, businesses, and employees regarding the Town's financial plan. The budget is designed to provide clear and accurate information to Town stakeholders with respect to how their local government is organized and how it operates. BUDGET DETAILS The Town's fiscal year is from October 1st to September 30th. Beginning October 1st, the approved budgets are appropriatied to the various funds and departments. Amendments may be made to the budget during the fiscal year in accordance with Town Charter provisions. These amendments shall be by ordinance, and shall become an attachment to the original budget. Expenditures may not exceed appropriations at the department level without Town Council approval. The Town budgets for revenues and expenditures on a yearly basis. The final adoption of the Annual Budget takes place in September and the new fiscal year begins October 1. Final adoption of the budget by the Town Council shall constitute the official appropriations as proposed by expenditures for the current year and shall constitute the basis of official levy of the property tax as the amount of tax to be assessed and collected for the corresponding tax year. PREPARATION OF THE ANNUAL BUDGET DOCUMENT Budget preparation requires careful consideration and usually begins with Kickoff Meetings when the Finance Director meets with Department Heads to review the budget preparation calendar and to establish the basis for budget submissions. In April, the Budget Preparation Manual is distributed to departments for review. Submissions include funding requests for personnel, improvements to public services, capital outlays and enhancement projects. Once received from departments, the Finance Department carefully reviews and evaluates each department's budget submissions for completion and line item consistency. The overall picture of estimated revenues and proposed expenditures is studied. Focusing on the Town Manager's vision for Prosper and providing the most efficient and effective services to the Prosper citizens are the major considerations throughout the budget review process. From June through September, budget workshop sessions are held between the Town Manager and Department Heads. The Town Manager submits the proposed budget to Town Council and it is made public for review. The proposed operating budget includes proposed expenditures and the means of financing them. This eventually culminates into Town Council public hearings in August and possibly September. At this time, the Town Council may further revise the proposed budget as it deems necessary. The final adoption of the Annual Budget takes place in September when the budget is legally enacted through the passage of an ordinance. BUDGET ADMINISTRATION The Fiscal Year begins and the approved budgets are then under the management of the responsible Department Head and ultimately the Town Manager. Department Heads are given much discretion to assign funds within their departmental budgets as needed and consult with the Town Manager on any significant variances from a given line item budget. Any revision that alters total expenditures of any department must be approved by the Town Council. Expenditures for goods or purchased services are documented by receipts, invoices, purchase orders or contracts. The Town Manager submits monthly financial reports as required by Town Charter and actively manages any shortfalls in revenues or overages in expenditures. Unless known to be immediately necessary or significant in value, budget amendments will be done towards the close of the fiscal year taking into account other possible savings within the fund. Encumbered amounts lapse at year end, meaning any encumbrances are canceled or reappropriated as part of the following year's budget. Date Action Town staff completes revenue and expenditure projections through the end of the current fiscal year; June 15 prepares discretionary and non -discretionary budget requests and related forms. June 30 Strategic Planning/Budget Work Session with Town Council and Department Heads July 21 Begin compilation and discussions with Department Heads. July 27 Chief Appraiser certifies appraisal rolls for taxing units. July 31 Certification of anticipated collection rate by collector. August 7 Calculation of effective and rollback tax rates. 72 -hour notice for meeting (Open Meetings Notice). Town Council meeting to discuss tax rate; if proposed tax rate will exceed the rollback rate or the effective tax rate (whichever is lower), take record vote and schedule Public Hearings. Town Manager presents proposed budget for FY 2015-2016. Proposed budget must be posted on website from this August 11 date until adopted. "Notice of 2016 Tax Year Proposed Property Tax Rate for the Town of Prosper" quarter -page notice in newspaper and on Town Website published at least seven days before Public Hearing. Deadline for August 12 Prosper Press: August 7 "Notice of FY 2015-2016 Budget Public Hearing" notice in newspaper and on Town Website published August 12 at least seven days before Public Hearing. Deadline for Prosper Press: August 7 August 20 Finance Committee reviews Proposed Budget. August 21 72 -hour notice for Public Hearing (Open Meetings Notice). August 25 First Public Hearing for budget and tax rate. September 4 72 -hour notice for Public Hearing (Open Meetings Notice). Second Public Hearing for budget and tax rate; schedule and announce meeting to adopt tax rate 3 to September 8 14 days from this date. September 18 72 -hour notice for meeting at which governing body will adopt tax rate (Open Meetings Notice). Town Council meeting to consider passing ordinances adopting the FY 2015-2016 budget and tax rate. Budget must be adopted before the tax rate, and both must be record votes. Meeting is 3 to 14 days after the second Public Hearing. Taxing unit must adopt tax rate before September 30 or 60 days September 22 after receiving certified appraisal roll, whichever is later. Final approved budget to be filed with Town Secretary. Submit ordinance to Collin and Denton County September 23 Tax Offices. Copies of final budget distributed to Town Council and Department Heads; Tax Assessor/Collector and September 30 Appraisal District notified of current year tax rates. October 1 New fiscal year begins and taxes are billed by the Tax Assessor/Collector. 10 to Mayor Ray Smith Term: May 2016 Council Member Place 1 Council Member Place 2 Mike Korbuly Kenneth Dugger Term: May 2016 Term: May 2018 OWN O F PriTSPER Council Mcwnber Place 3 Deputy Mayor Pro -Tem Curry Vogelsang Jr. Term: May 2017 Council Member Place 5 Michael Davis Term: May 2017 TOWN COUNCIL The Mayor and each of the six (6) Council Member places are elected at large according to the Town Charter. 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M s 'A 11 4A' N El F' F' APER 0 Town of Prosper Profile Organizational Chart Ed 5 A CAPITAL PROJECTS FUND - CIP Proiect Manaaer Total Capital Projects Fund Temp Full-time 1.00 1.00 1.00 0.00 0.00 2012-2013 2012-2013 2013-2014 2014-2015 2014-2015 2015-2016 Fund Department Position Type I I I I I Revised Adopted Revised Revised Adopted Revised Adopted GENERALFUND Total Full -Time 98.00 105.00 130.00 Administration 157.50 8.50 9.00 0.00 0.00 0.00 Town Manager Total Temporary 0.00 0.00 2.00 2.00 2.00 Town Secretary 112.00 0.00 0.00 1.00 1.50 2.00 Finance 0.00 0.00 5.00 5.00 5.00 Human Resources 0.00 0.00 1.00 1.00 2.00 Information Technology 0.00 0.00 0.00 0.00 2.00 Police 15.00 15.00 19.00 20.00 23.00 Dispatch 7.00 7.00 7.50 7.50 9.00 Fire 20.00 20.00 32.00 32.00 39.00 On-call temporary pool 10.00 10.00 10.00 10.00 10.00 Fire Marshal 1.00 1.00 1.00 1.00 1.00 Streets 2.00 2.00 2.00 2.00 3.00 Library 3.00 3.50 3.50 3.50 4.00 Parks 12.00 15.00 16.00 16.00 19.00 Court 1.00 1.00 1.50 2.00 2.00 Inspections 8.00 9.00 11.00 13.00 14.00 Code Enforcement 1.00 1.00 1.00 1.00 1.00 Planning 3.00 3.00 4.00 4.00 4.00 Engineering 3.00 3.00 5.00 5.00 6.00 Subtotal Full -Time 81.50 86.00 108.00 111.00 133.50 Subtotal Part -Time 1.00 2.50 2.50 3.00 2.50 Subtotal Temporary 12.00 12.00 12.00 12.50 12.50 Total General Fund 94.50 99.50 122.50 126.50 148.50 WATER/SEWER FUND Water 8.00 10.00 11.00 11.00 12.00 Wastewater 5.00 6.00 7.00 7.00 7.00 Utility Billing 2.50 2.50 2.50 2.50 3.00 Subtotal Full -Time 15.50 18.00 20.00 20.00 22.00 Subtotal Part -Time 0.00 0.50 0.50 0.50 0.00 Total Water/Sewer Fund 15.50 18.50 20.50 20.50 22.00 DRAINAGE UTILITY FUND Total Utility Fund All Full-time 1.00 1.00 2.00 2.00 2.00 CAPITAL PROJECTS FUND - CIP Proiect Manaaer Total Capital Projects Fund Temp Full-time 1.00 1.00 1.00 0.00 0.00 20 2012-2013 2013-2014 2014-2015 2014-2015 2015-2016 Position Type Revised Revised Adopted Revised Adopted ALL FUNDS Total Full -Time 98.00 105.00 130.00 133.00 157.50 Total Part -Time 1.00 3.00 3.00 3.50 2.50 Total Temporary 13.00 13.00 13.00 12.50 12.50 Total All Funds 112.00 121.00 146.00 149.00 172.50 20 ANNUAL SUMMARY AMENDED ADOPTED ACTUAL BUDGET PROJECTED BUDGET ACCOUNT TYPE 2013-2014 2014-2015 2014-2015 2015-2016 GENERAL REVENUES 12,828,898 14,686,034 15,063,576 17,632,303 EXPENDITURES 12,317,247 15,013,900 14,002,231 17,462,295 NET REVENUES OVER (UNDER) EXPENDITURES 511,651 (327,866) 1,061,345 170,008 WATER / SEWER REVENUES 8,971,879 10,295,293 9,854,707 11,725,235 EXPENDITURES 10,888,062 10,424,679 10,285,644 12,065,437 NET REVENUES OVER (UNDER) EXPENDITURES (1,916,183) (129,386) (430,937) (340,202) DEBT SERVICE (I&S) REVENUES 3,164,677 2,955,065 3,176,000 3,418,269 EXPENDITURES 2,964,315 2,870,065 2,867,065 3,405,040 NET REVENUES OVER (UNDER) EXPENDITURES 200,362 85,000 308,935 13,229 GENERAL CAPITAL PROJECTS REVENUES 1,865,388 20,848,500 19,024,390 18,740,640 EXPENDITURES 3,132,569 28,407,055 13,375,555 38,835,225 NET REVENUES OVER (UNDER) EXPENDITURES (1,267,181) (7,558,555) 5,648,835 (20,094,585) UTILITY CAPITAL PROJECTS REVENUES 7,193,806 404,581 191,021 2,404,200 EXPENDITURES - 2,382,500 922,300 3,181,700 NET REVENUES OVER (UNDER) EXPENDITURES 7,193,806 (1,977,919) (731,279) (777,500) PARK IMPROVEMENTS / REVENUES 1,029,875 502,000 507,300 207,300 DEDICATION EXPENDITURES 135,505 214,000 214,990 1,590,000 NET REVENUES OVER (UNDER) EXPENDITURES 894,370 288,000 292,310 (1,382,700) IMPACT FEES REVENUES 3,842,328 3,974,150 5,457,050 6,444,500 EXPENDITURES 427,768 2,968,487 4,193,655 16,204,993 NET REVENUES OVER (UNDER) EXPENDITURES 3,414,560 1,005,663 1,263,395 (9,760,493) INTERNAL SERVICE REVENUES 30,099 44,650 21,440 25,640 EXPENDITURES 21,756 30,000 20,000 40,000 NET REVENUES OVER (UNDER) EXPENDITURES 8,343 14,650 1,440 (14,360) SPECIAL REVENUE REVENUES 409,897 50,380 739,918 62,100 EXPENDITURES 218,820 95,133 70,375 100,000 NET REVENUES OVER (UNDER) EXPENDITURES 191,077 (44,753) 669,543 (37,900) STORM DRAINAGE REVENUES 249,583 272,000 272,500 316,100 EXPENDITURES 228,320 306,195 260,738 315,780 NET REVENUES OVER (UNDER) EXPENDITURES 21,263 (34,195) 11,762 320 VERF REVENUES 800,000 1,336,195 536,195 550,781 EXPENDITURES - 797,010 399,479 1,045,606 NET REVENUES OVER (UNDER) EXPENDITURES 800,000 539,185 136,716 (494,825) %ll FUND BALANCE AND RESERVE POSITIONING FUND REVENUES EXPENDITURES ACCOUNT TYPE 013-201 0145 2 1 PROJECTEDGET 0 014- 15 GET 0152 16 Property Tax 5,284,325 6,970,290 6,772,000 8,447,169 Sales Tax 2,806,815 2,933,823 3,028,000 3,436,640 Franchise Fees 596,421 562,000 665,000 719,700 License, Fees & Permits 2,577,866 2,631,300 2,913,100 3,181,600 Charges for Services 253,065 297,133 262,804 270,883 Fines & Warrants 278,729 245,000 275,000 300,000 Grants 28,332 22,335 26,945 22,335 Investment Income 47,575 50,700 37,000 42,000 Transfers In 801,700 877,403 877,625 1,091,166 Miscellaneous 81,040 51,800 130,602 37,310 Park Fees 73,030 44,250 75,500 83,500 TOTAL REVENUES $ 12,828,898 $ 14,686,034 $ 15,063,576 $ 17,632,303 Administration 3,656,124 2,821,306 2,738,227 2,272,424 Finance 245,606 1,005,615 988,577 1,037,115 Police Services 2,197,962 2,683,492 2,432,627 3,138,700 Fire Services 2,484,883 3,595,219 3,240,284 3,970,390 Public Works 504,244 448,935 419,203 2,014,984 Community Services 1,545,782 1,818,707 1,726,131 2,102,861 Development Services 1,238,002 1,936,688 1,742,044 2,132,857 Engineering 444,644 703,938 715,138 792,964 TOTAL EXPENDITURES $ 12,317,247 $ 15,013,900 $ 14,002,231 $ 17,462,295 Period Excess/(Deficit) $ 511,651 $ (327,866) $ 1,061,345 $ 170,008 NET CHANGE IN FUND BALANCE $ 511,651 $ (327,866) $ 1,061,345 $ 170,008 BEGINNING FUND BALANCE $ 7,076,343 $ 7,587,994 $ 7,587,994 $ 8,649,339 ENDING FUND BALANCE $ 7,587,994 $ 7,260,128 $ 8,649,339 $ 8,819,347 BALANCE OF UNRESTRICTED FUNDS $ 7,587,994 $ 7,260,128 $ 8,649,339 $ 8,819,347 Less: 25% Reserve (90 Days) 3,079,312 3,753,475 3,500,558 4,365,574 Contingency per Charter 2,463,449 3,002,780 2,800,446 3,492,459 AMOUNT OVER (UNDER) MINIMUM RESERVE TARGET $ 2,045,233 $ 503,873 $ 2,348,335 $ 961,314 AMOUNT OVER (UNDER) IN DAYS OPERATING COST 60 12 60 20 ROA NET ASSETS AND RESERVE POSITIONING Non -Operating EXPENSES - Operating CHANGE IN NET ASSETS BEGINNING NET ASSETS ENDING NET ASSETS Total Operating $ 8,905,496 $ 10,225,293 $ 9,784,707 $ 11,655,235 Interest Income 66,383 70,000 70,000 70,000 Total Non -Operating $ 66,383 $ 70,000 $ 70,000 $ 70,000 TOTAL REVENUES $ 8,971,879 $ 10,295,293 $ 9,854,707 $ 11,725,235 Finance 1,090,168 1,033, 566 1,119, 582 1,348, 752 Non -Departmental 3,000,000 3,912,765 3,912,765 4,251,134 Public Works 6,797,894 5,478,348 5,253,297 6,465,551 Total Operating $ 10,888,062 $ 10,424,679 $ 10,285,644 $ 12,065,437 TOTAL EXPENSES $ 10,888,062 $ 10,424,679 $ 10,285,644 $ 12,065,437 Net Income (Loss) $ (1,916,183) $ (129,386) $ (430,937) $ (340,202) $ (1,916,183) $ (129,386) $ (430,937) $ (340,202) $ 17,716,284 $ 15,800,101 $ 15,800,101 $ 15,369,164 $ 15,800,101 $ 15,670,715 $ 15,369,164 $ 15,028,962 25% Minimum Operating Reserve (90 Days) 2,722,016 2,606,170 2,571,411 3,016,359 23 AMENDED I ADOPTED 7==W_1CCOUNT ACTUAL BUDGET rKOiLt- Lo I BUDGET TYPE 2013-2014 2014-2015 2014-2015 2015-2016 REVENUES - Operating Water Charges for Services 5,092,451 6,113,750 5,690,307 7,099,735 Sewer Charges for Services 2,674,683 2,997,000 2,892,000 3,222,000 Sanitation Charges for Services 953,231 957,043 1,025,000 1,148,000 License, Fees & Permits 29,840 26,500 33,500 33,500 Water Penalties 1,075 1,000 1,000 1,000 Utility Billing Penalties 82,391 60,000 72,900 75,000 Other 71,825 70,000 70,000 76,000 Non -Operating EXPENSES - Operating CHANGE IN NET ASSETS BEGINNING NET ASSETS ENDING NET ASSETS Total Operating $ 8,905,496 $ 10,225,293 $ 9,784,707 $ 11,655,235 Interest Income 66,383 70,000 70,000 70,000 Total Non -Operating $ 66,383 $ 70,000 $ 70,000 $ 70,000 TOTAL REVENUES $ 8,971,879 $ 10,295,293 $ 9,854,707 $ 11,725,235 Finance 1,090,168 1,033, 566 1,119, 582 1,348, 752 Non -Departmental 3,000,000 3,912,765 3,912,765 4,251,134 Public Works 6,797,894 5,478,348 5,253,297 6,465,551 Total Operating $ 10,888,062 $ 10,424,679 $ 10,285,644 $ 12,065,437 TOTAL EXPENSES $ 10,888,062 $ 10,424,679 $ 10,285,644 $ 12,065,437 Net Income (Loss) $ (1,916,183) $ (129,386) $ (430,937) $ (340,202) $ (1,916,183) $ (129,386) $ (430,937) $ (340,202) $ 17,716,284 $ 15,800,101 $ 15,800,101 $ 15,369,164 $ 15,800,101 $ 15,670,715 $ 15,369,164 $ 15,028,962 25% Minimum Operating Reserve (90 Days) 2,722,016 2,606,170 2,571,411 3,016,359 23 FUND BALANCE 24 AMENDED ACTUAL JACUWMWMKF 2013-2014 REVENUES Property Tax 3,146,553 Investment Income 18,124 Bond Proceeds - TOTAL REVENUES $ 3,164,677 $ EXPENDITURES Principal 1,443,002 Interest 1,088,882 TOTAL EXPENDITURES $ 2,531,884 $ Period Excess / (Deficit) $ 632,793 $ OTHER FINANCING Administrative Fees 5,507 Transfers Out for Debt Service 426,924 TOTAL OTHER FINANCING SOURCES (USES) $ 432,431 $ NET CHANGE IN FUND BALANCE $ 200,362 $ BEGINNING FUND BALANCE $ 1,187,017 $ ENDING FUND BALANCE $ 1,387,379 $ 24 AMENDED ADOPTED BUDGET PROJECTED BUDGET 2014-2015 2014-2015 2015-2016 2,940,065 3,155,000 3,403,269 15,000 21,000 15,000 2,955,065 $ 3,176,000 $ 3,418,269 1,622,800 1,622,800 1,860,000 1,226,265 1,226,265 1,524,040 2,849,065 $ 2,849,065 $ 3,384,040 106,000 $ 326,935 $ 34,229 21,000 18,000 21,000 21,000 $ 18,000 $ 21,000 85,000 $ 308,935 $ 13,229 1,387,379 $ 1,387,379 $ 1,696,314 1,472,379 $ 1,696,314 $ 1,709,543 FUND BALANCE TOTAL REVENUES $ 1,118,180 $ 19,708,500 $ 17,884,390 $ 17,716,640 EXPENDITURES Personnel 112,835 Operations 179,653 - - - CapitalOutlay 2,840,081 28,407,055 13,375,555 38,835,225 TOTAL EXPENDITURES $ 3,132,569 $ 28,407,055 $ 13,375,555 $ 38,835,225 Period Excess/ (Deficit) $ (2,014,389) $ (8,698,555) $ 4,508,835 $ (21,118,585) OTHER FINANCING Bond Issuance Cost 4,001 ADOPTED 7.79TYPE ACTUAL I BUDGET PROJECTED BUDGET FUND 2013-2014 4-2015 2014-2015 016 REVENUES Proceeds From Bond Issuance 985,000 - 12,500,000 2,660,000 Contribution 105,000 19,696,900 5,356,250 14,603,500 Miscellaneous - - - - Grants - - - 425,000 Investment Income 28,180 11,600 28,140 28,140 TOTAL REVENUES $ 1,118,180 $ 19,708,500 $ 17,884,390 $ 17,716,640 EXPENDITURES Personnel 112,835 Operations 179,653 - - - CapitalOutlay 2,840,081 28,407,055 13,375,555 38,835,225 TOTAL EXPENDITURES $ 3,132,569 $ 28,407,055 $ 13,375,555 $ 38,835,225 Period Excess/ (Deficit) $ (2,014,389) $ (8,698,555) $ 4,508,835 $ (21,118,585) OTHER FINANCING Bond Issuance Cost 4,001 Due From Water & Sewer Fund - - - - Transfers In 750,000 1,140,000 1,140,000 1,024,000 Transfers Out (6,793) - - - TOTAL OTHER FINANCING SOURCES (USES) $ 747,208 $ 1,140,000 $ 1,140,000 $ 1,024,000 NET CHANGE IN FUND BALANCE $ (1,267,181) $ (7,558,555) $ 5,648,835 $ (20,094,585) BEGINNING FUND BALANCE $ 9,105,051 $ 7,837,870 $ 7,837,870 $ 13,486,705 ENDING FUND BALANCE $ 7,837,870 $ 279,315 $ 13,486,705 $ (6,607,880) 25 FUND BALANCE FUND ACCOUNT TYPE ACTUAL 2013-2014 AMENDED BUDGET 2014-2015 PROJECTED 2014-2015 ADOPTED BUDGET 2015-2016 REVENUES Proceeds From Bond Issuance 2,370,000 Contribution - - Other 3,897,241 28,740 - Grants - - - - Investment Income 36,565 25,500 34,200 34,200 TOTAL REVENUES $ 3,933,806 $ 25,500 $ 62,940 $ 2,404,200 EXPENDITURES Personnel - - - - Operations - - - CapitalOutlay - 2,382,500 922,300 3,181,700 TOTAL EXPENDITURES $ - $ 2,382,500 $ 922,300 $ 3,181,700 Period Excess / (Deficit) $ 3,933,806 $ (2,357,000) $ (859,360) $ (777,500) OTHER Bond Issuance Cost - - - - FINANCING Due From Water & Sewer Fund - - - - Transfers In 3,260,000 379,081 128,081 - Transfers Out - - - - TOTAL OTHER FINANCING SOURCES (USES) $ 3,260,000 $ 379,081 $ 128,081 $ - NET CHANGE IN FUND BALANCE $ 7,193,806 $ (1,977,919) $ (731,279) $ (777,500) BEGINNING FUND BALANCE $ 1,869,403 $ 9,063,209 $ 9,063,209 $ 8,331,930 ENDING FUND BALANCE $ 9,063,209 $ 7,085,290 $ 8,331,930 $ 7,554,430 26 FUND BALANCE FUND ACCOUNT TYPE ACTUAL 2013-2014 AMENDED BUDGET 2014-2015 PROJECTED 2014-2015 ADOPTED BUDGET 2015-2016 REVENUES Park Dedication Fees 327,289 200,000 200,000 100,000 Park Improvement Fees 681,796 300,000 300,000 100,000 Contribution 17,500 - - - Park Dedication -Interest 2,208 1,500 4,100 4,100 Park Improvement -Interest 1,082 500 3,200 3,200 TOTAL REVENUES $ 1,029,875 $ 502,000 $ 507,300 $ 207,300 EXPENDITURES General - Parks Dedication 132,005 125,000 125,000 600,000 General - Parks Improvement 3,500 89,000 89,990 990,000 Transfers Out - - - - TOTAL EXPENDITURES $ 135,505 $ 214,000 $ 214,990 $ 1,590,000 Period Excess/(Deficit) $ 894,370 $ 288,000 $ 292,310 $ (1,382,700) NET CHANGE IN FUND BALANCE $ 894,370 $ 288,000 $ 292,310 $ (1,382,700) BEGINNING FUND BALANCE $ 1,476,688 $ 2,371,058 $ 2,371,058 $ 2,663,368 ENDING FUND BALANCE $ 2,371,058 $ 2,659,058 $ 2,663,368 $ 1,280,668 27 FUND BALANCE FUND REVENUES EXPENDITURES AMENDED ACTUAL BUDGET TYPE 2013-2014 2014-2015 Impact Fees - Water 1,666,658 Impact Fees - Sewer 421,743 Impact Fees - Thoroughfare 1,741,063 Investment Income 12,864 TOTAL REVENUES $ 3,842,328 $ Operations 408,198 Capital 19,570 TOTAL EXPENDITURES $ 427,768 $ Period Excess/ (Deficit) $ 3,414,560 $ ADOPTED PROJECTED BUDGET 2014-2015 2015-2016 2,145,000 2,145,000 2,730,000 375,650 375,650 478,100 1,444,000 2,900,000 3,200,000 9,500 36,400 36,400 3,974,150 $ 5,457,050 $ 6,444,500 - 23,468 - 2,968,487 4,170,187 16,204,993 2,968,487 $ 4,193,655 $ 16,204,993 1,005,663 $ 1,263,395 $ (9,760,493) OTHER FINANCING Transfers In Transfers Out - - - TOTAL OTHER FINANCING SOURCES (USES) $ - $ - $ - $ NET CHANGE IN FUND BALANCE $ 3,414,560 $ 1,005,663 $ 1,263,395 $ (9,760,493) BEGINNING FUND BALANCE $ 6,601,570 $ 10,016,130 $ 10,016,130 $ 11,279,525 ENDING FUND BALANCE $ 10,016,130 $ 11,021,793 $ 11,279,525 $ 1,519,032 28 FUND BALANCE 29 AMENDED IACCOUNT TYPE I 013-201 REVENUES Transfers In 2,160 Charges for Services 27,360 Investment Income 579 TOTAL REVENUES $ 30,099 $ EXPENDITURES Operating Expenses 21,756 Transfers Out - TOTAL EXPENDITURES $ 21,756 $ Period Excess / (Deficit) $ 8,343 $ NET CHANGE IN FUND BALANCE $ 8,343 $ BEGINNING FUND BALANCE $ 91,960 $ ENDING FUND BALANCE $ 100,303 $ 29 AMENDED ADOPTED BUDGET PROJECTED BUDGET 2014-2015 2014-2015 2015-2016 19,400 1,800 - 25,000 19,000 25,000 250 640 640 44,650 $ 21,440 $ 25,640 30,000 20,000 40,000 30,000 $ 20,000 $ 40,000 14,650 $ 1,440 $ (14,360) 14,650 $ 1,440 $ (14,360) 100,303 $ 100,303 $ 101,743 114,953 $ 101,743 $ 87,383 FUND BALANCE 30 AMENDED ADOPTED ACTUAL BUDGETYK01LC11ll BUDGET FUND ACCOUNT TYPE 2013-2014 2014-2015 2014-2015 2015-2016 REVENUES Storm Drainage Fees 247,660 270,400 271,000 304,600 Other - - - 10,000 Investment Income 1,923 1,600 1,500 1,500 TOTAL REVENUES $ 249,583 $ 272,000 $ 272,500 $ 316,100 EXPENDITURES Operating Expenses 185,780 291,177 245,960 297,174 Transfers Out 42,540 15,018 14,778 18,606 TOTAL EXPENDITURES $ 228,320 $ 306,195 $ 260,738 $ 315,780 Period Excess/(Deficit) $ 21,263 $ (34,195) $ 11,762 $ 320 NET CHANGE IN FUND BALANCE $ 21,263 $ (34,195) $ 11,762 $ 320 BEGINNING FUND BALANCE $ 245,361 $ 266,624 $ 266,624 $ 278,386 ENDING FUND BALANCE $ 266,624 $ 232,429 $ 278,386 $ 278,706 30 FUND BALANCE NET CHANGE IN FUND BALANCE $ 191,077 AMENDED (44,753) $ 669,543 $ (37,900) ADOPTED $ 2,092,601 ACTUAL BUDGET PROJECTED $ 2,953,221 BUDGET FUND ACCOUNT TYPE 2013-2014 2014-2015 2,953,221 2014-2015 2015-2016 REVENUES Police Donations 15,317 8,000 11,210 12,000 Fire Donations 10,526 9,360 12,874 10,000 Health & Safety Fair Donations - - - - Child Safety Donations 11,762 7,000 8,950 8,000 Court Security Revenue 5,456 5,280 6,100 7,000 Court Technology Revenue 7,265 7,020 8,100 9,000 Country Christmas Revenue 20,151 10,000 11,265 12,000 Tree Mitigation Revenue 14,175 - - - Escrow Income 316,358 642,557 Cash Seizures 3,250 13,420 Miscellaneous 1,551 - 1,542 - Interest Income 4,086 3,720 3,900 4,100 Transfer In - - 20,000 - TOTAL REVENUES $ 409,897 $ 50,380 $ 739,918 $ 62,100 EXPENDITURES General Government 218,820 95,133 70,375 100,000 TOTAL EXPENDITURES $ 218,820 $ 95,133 $ 70,375 $ 100,000 Period Excess/(Deficit) $ 191,077 $ (44,753) $ 669,543 $ (37,900) NET CHANGE IN FUND BALANCE $ 191,077 $ (44,753) $ 669,543 $ (37,900) BEGINNING FUND BALANCE $ 2,092,601 $ 2,283,678 $ 2,283,678 $ 2,953,221 ENDING FUND BALANCE $ 2,283,678 $ 2,238,925 $ 2,953,221 $ 2,915,321 31 FUND BALANCE FUND REVENUES ACCOUNT TYPE Charges for Services Other Transfers In TOTAL REVENUES $ EXPENDITURES Technology Expenses Equipment Expenses Vehicles Expenses TOTAL EXPENDITURES $ Period Excess / (Deficit) $ NET CHANGE IN FUND BALANCE $ BEGINNING FUND BALANCE $ ENDING FUND BALANCE $ 32 ACTUAL I BUDGET 2013-2014 2014-2015 - 486,195 50,000 800,000 800,000 800,000 $ 1,336,195 - 150,010 95,000 552,000 - $ 797,010 800,000 $ 539,185 800,000 $ 539,185 - $ 800,000 800,000 $ 1,339,185 PROJECTED BUDGET 2014-2015 2015-2016 486,195 500,781 50,000 50,000 $ 536,195 $ 550,781 84,666 25,000 154,216 20,000 160,597 1,000,606 $ 399,479 $ 1,045,606 6 136,716 $ (494,825) 6 136,716 $ (494,825) 6 800,000 $ 936,716 6 936,716 $ 441,891 Revenue Category Property Tax License, Fees & Sales Tax Interfund Transfers In Franchise Fees Fines & Warrants Charges for Services Investment Income Grants Miscellaneous Park Fees Revenue Total Fines & Warrants 1.7 Interfund Transfers In 6.2% Sales Taxi 19.5% FY 2016 Projected 8,447,169 3,181, 600 3,436,640 1,091,166 719,700 300,000 270,883 42,000 22,335 37,310 83,500 $17,632,303 Investment Income Charges for 0.2 % Services Franchise Fees .5% 4.1% -w- License, Fees & Permits 18.0% 33 % of Total 47.9% 18.0% 19.5% 6.2% 4.1% 1.7% 1.5% 0.2% 0.1% 0.2% 0.5% 100.0% Miscellaneous 0.2% Grants —0.1% Park Fees 0.5 Property Tax 47.9% n L $2,500,000 423,062- $450,000 378,651 $400,000 351,317 $2,000,000 442,977 344,458 333,084 324,387 321,662 $350,000 315,308 $1,500,000 $1,000,000 279,468 de - $500,000— $500,0001i1 ' 790,120 1,753,255 11! 1151,145,769 —1,4666— 1,253,321 1,205,781 M $_ f• f• f• f• f• 2006 2007 2008 2009 2010 ME Certified Net Assessed Taxable Valuations Uses ARB approved Totals $300,000 $250,000 2,129,311 M 0 $200,000 2011 2012 2013 2014 2015 —Avg Home Taxable Value from Collin County Source: Collin CAD and Denton CAD Certified Totals 2006-2015 Certified Freeze Adjusted Taxable Value Increased 21.5% New Construction Totaled $192,819,652 Ad Valorem Taxes Total Freeze Adjusted Taxable Value Times Tax Rate (Per $100) Times Anticipated Tax Collections Plus Actual Tax on Freeze TOTAL TAX LEVY One Penny on the Tax Rate 34 $150,000 $100,000 $50,000 $2,129,311,118 0.52 100% $775,742 $11,848,160 $212,931 Fiscal Year General Fund I & 5 Fund Total 2010-11 0.334742 0.185258 0.520000 2011-12 0.316937 0.203063 0.520000 2012-13 0.316914 0.203086 0.520000 2013-14 0.326191 0.193809 0.520000 2014-15 0.356301 0.163699 0.520000 2015-16 0.361074 0.158926 0.520000 As Proposed General Fund ■1&SFund 0.0 0.1 0.2 0.3 0.4 0.5 Tax Rate Distribution I &S Fund FY 2015-2016 31% FY 2014-2015 I&5 Fund 31% General Fund 69% FY 2012-2013 I&5 Fund 39% General Fund 61% General Fund 69% FY 2013-2014 I&5 Fund 37% General Fund 63% FY 2011-2012 I&5 Fund 39% General Fund 61% 35 FY 2010-2011 I&5 Fund 36% General Fund 64% 0.6 $5,000 $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 g -j $1,146 - Cb° ti ti° , aye G,�e Q Source: The Texas State Comptrollers Website Notes: The Town Sales Tax includes $0.005 for Property Tax Relief Prosper received a significant one-time, multi-year audit payment from the State skewing the FY 2008 total. If removed, receipts would have totaled $1.056 Million for the Town and $352 Thousand for the EDC. Sales taxes contribute approximately 19.5% of General Fund revenues and are the second largest source of revenue for the General Fund budget. The Town examines the market conditions in Prosper and the Metroplex in budgeting sales tax conservatively year to year. ❑ EDC Sales Tax laTown Sales Tax Town Sales Tax revenues are primarily generated within four areas of business. The business types are categorized according to the North American Industry Classification System ("NAICS"). The Town receives some revenues, even though many are small denominations, from over three hundred NAICS codes or business types. The top four contributing NAICS classifications in Prosper (in no particular order) are Landscaping Services, Home Centers, Ready -Mix Concrete Manufacturing, and Electric Power Distribution. Sales in these top four account for over 50% of the Town's Sales Tax Receipts. Two of the four are directly, and another one is indirectly, tied to the construction industry. 36 Water Charges Sewer Charges Solid Waste Charges Tap & Construction Penalties Investment Income License, Fees & Permits Miscellaneous Revenue Total Solid Waste Charges 9.3% Tan R Cnnctriirtinn $6,381,735 $2,942,000 $1,086,400 $998,000 $1,000 $70,000 $33,500 $212,600 $11,725,235 Penalties 0.0% -investment Income 0.6% 54.4% 25.1% 9.3% 8.5% 0.0% 0.6% 0.3% 1.8% 100.0% License, Fees & Permits n R% Sewer Charges 25.1% Water Charges 54.4% 37 dlaneous ..8% Property Tax Sales Tax Investment Income License, Fees & Permits Impact Fees Bond Proceeds Charges for Services Contribution Grants Other Transfers In Fund Total Revenues 3,403,269 15,000 62,340 7,300 36,400 640 4,100 1,500 - - - - - - 314,600 - 6,408,100 - 5,030,000 - - - 100,000 25,000 - 14,603,500 100,000 - 58,000 425,000 - - 1,024,000 3,418,269 21,144,840 207,300 6,444,500 25,640 62,100 316,100 38 Debt Capital Impact Internal Special Storm Revenue Category Service Projects Parks Fees Service Revenue Drainage Property Tax Sales Tax Investment Income License, Fees & Permits Impact Fees Bond Proceeds Charges for Services Contribution Grants Other Transfers In Fund Total Revenues 3,403,269 15,000 62,340 7,300 36,400 640 4,100 1,500 - - - - - - 314,600 - 6,408,100 - 5,030,000 - - - 100,000 25,000 - 14,603,500 100,000 - 58,000 425,000 - - 1,024,000 3,418,269 21,144,840 207,300 6,444,500 25,640 62,100 316,100 38 Department Fire Dept Police Dept Administration Parks Dispatch Inspections Streets Planning Municipal Court Code Compliance Engineering Fire Marshal Public Library Non -Departmental Expense Total Municipal Court 1.6% Streets Inspections 11.5%. 8.3%_ Dispatch 4.5% Parks. 10.9% FY 2016 Adopted $3,798,317 $2,353,572 $2,230,329 $1,899,520 $785,128 $1,444,528 $2,014,984 $526,055 $276,866 $162,274 $792,964 $172,073 $203,341 $802,344 $17,462,295 Code Compliance Engineering 0.9%, 4.5% % of Total Fire Marshal -1.0% Administration 12.8% 39 21.8% 13.5% 12.8% 10.9% 4.5% 8.3% 11.5% 3.0% 1.6% 0.9% 4.5% 1.0% 1.2% 4.6% 100.0% Public Library 1.2% / _Non -Departmental 4.6% Police Dept 13.5% Fire Dept 21.8% Department Water Sewer Utility Billing Non - Expense Total Non -Dep; �`��`�' 35. 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In Z § \ L } LLi ■ ■ a W 0 ZCL 0LLJ /LLI■ / _ _j ■ . 2 a a � § � 2 ® § � 2 § k CL LU e 8 8 B� B LL j � \ \I 0 L6 � LL r UA � 0 u lu ¢ _ 2 { � d §) § e � § \ 2 ® A § § } d , [ \ ) \ k j \ :7 o o } _ § k = � \ - E (\ t }\ \ \ o ..\ q 149 ARTICLE III Financial Procedures SECTION7.01 Fiscal rear The fiscal year of the Town shall begin on the first clay of October and end on the last day of September on the next succeeding year- Such fiscal year shall also constitute the budget and accounting year. SECTION 7.02 Submission of Budget and Budget Message On or before the fifteenth (I5`"`} day of August of the fiscal year, the Torn Manager shall submit to the Town Council a budget for the ensuing fiscal year and an -accompanying budget message_ SECTION7.03 Budget _Message The Town Manager's message shall explain the budget both in fiscal terms and in terms of the work programs. It shall outline the proposed financial policies of the Town for the ensuing fiscal year, describe the important features of the budget, indicate any major changes from the current year in financial policies. expenditures, and revenues together with the reasons for such changes, summarize the Town's debt position and include such other material as the Town Manager deems desirable_ SECTION7.04 Budget a Public Record The budget and all supporting schedules shall be filed with the person performing the duties of Tovm Secretary -when submitted to the Town Council and shall be open to public inspection by anyone interested. SECTIO:, nteregied- SECTION 7.05 Public Hearing on Budget At the Town Council meeting when the budget is submitted, the To,6%m Council shall name the date and place of a public hearing, which shall be scheduled and published in accordance with the requirements of Chapter 102, Local Government Code, as amended. At this hearing, interested citizens may express their opinions concerning items of expendittues-, giving their reasons for wishing to increase or decrease any items of expense_ SECTIO7.00 Proceeding on Adoption of Budget After public hearing, the Town Council shall analyze the budget, making any additions, or deletions which they feel -appropriate, and shall- at least ten (10) clays prior to the beginning of the next fiscal year, adopt the budget by the affirmative vote of a majority of the full membership of the Town Council. Should the Town Council take no final action on or prior to such day, the current budget shall be in force on a month-to-month basis until a new budget is adopted - SECTION 7.07 Budget, Appropriation and Amount to be Raised by Taxation On final adoption, the budget shall be in effect for the budget year. Final adoption of the budget by the, Town Council shall constitute the official appropriations as proposed by expenditures for the current year and shall constitute the basis of official levy of the property tax as the amount of tax to be assessed and collected for the corresponding tax year- Estimated expenditures will in no case 150 exceed proposed revenue plus the undesignated fund balance from the previous fiscal year_ Unused appropriations may be transferred to any item required for the same general purpose. SECTION 7.08 Contingent Reserve Provision shall be made in the annual budget maintaining a contingency reserve fund balance designation in an amount not less than twenty percent (20%) of the total general fund expenditures, to be used in case of unforeseen items of expenditure or revenue shortfalls. This shall apply to current operating expenses and shall not overlap with any other amount of reserves maintained by the Town_ Such contingency reserve appropriation shall be under the control of the Town Manager and distributed by him or her only in the event of an emergency or after supplemental appropriation by the Town Council_ The proceeds of the contingency reserves shall be disbursed only by transfer to departmental appropriation, the spending of which shall be charged to the departments or activities for which the appropriations are made. SECTION 7.09 Amending the Budget Under conditions which may arise and which could not reasonably have been foreseen in the normal process of planning the budget. the Town Council may, by the affirmative vote of a majority of the full membership of the TmNm Council, amend or change the budget to provide for any additional expense in which the general welfare of the citizenry is involved_ These amendments shall be by ordinance. and shall 'become an attachment to the original budget. SECTIO! 7.10 Certification. Copies _Maude Available A copy of die budget, as finally adopted, shall be filed with the person performing the duties of Town Secretary and such other places required by state law or as the Town Council shall designate. The final budget shall be printed or otherwise reproduced and sufficient copies shall be made available for the use of all offices, agencies, and for the use of interested persons and civic organizations- SECTION rgan,ations. SECTIO\ 7.11 Capital Program The Town Manager shall submit a five-year (5 -year) capital program as an attachment to the annual budget. The program as submitted shall include: (1) sal clear general summary of its contents, (2) A list of all capital improvements which are proposed to be undertaken during the five (5) fiscal years succeeding the budget year, with appropriate supporting information as to the necessity for such improvements; (3) Cost estimates, method of financing, and recommended time schedules for each improvement; and (4) The estimated annual cost of operating and maintaining the facilities to be constructed or acquired. The above information may be revised and extended each year with regard to capital improvements still pending or in process of construction or acquisition. The Capital program will be updated and presented to the Town Council annually_ 151 SECTION 7.12 Defect Shall Not Invalidate the Tax Leser• Errors or defects in the form or preparation of the budget or the failure to perform any procedural requirements shall not nullify the tax levy or the tax rate. SECTION 7.13 Lapse of Appropriations Every appropriation, except an appropriation for a capital expenditure, shall lapse at the close of the fiscal year to the extent that it has not been expended or encumbered_ An appropriation for a capital expenditure shall continue in force until the purpose for which it was made had been accomplished or abandoned_ The purpose of any such appropriation shall be deemed abandoned if three (3) years pass without any disbursement from or encumbrance of the appropriation_ Any funds not expended, disbursed or encumbered shall be deemed excess funds_ SECTION 7.14 Borrowing The Town shall have the power to borrow money on the credit of the Town and also to issue or incur bonds and other evidences of indebtedness, and such powers may be exercised to finance public improvements or for any other public purpose not prohibited by the Constitution and the laws of the State of Texas_ and the Town may issue refunding bonds to refund outstanding bonds and other e6dences of indebtedness of the Town previously issued or incurred_ All such bonds and other evidences of indebtedness shall be issued in conformity with the laws, of the State of Texas and may be secured by or paid, in -hole or in part, from ad valorem tax revenues- revenues derived from other taxing powers of the Town, revenues derived by the Town from any fee or service charge, including revenues derived from the operations of any public utilities, utility systems, recreational facilities or any other municipal function to the extent not prohibited by the Constitution and lams of the State of Texas. Such bonds or evidences of indebtedness may be. a charge upon and payable from the properties, or interest therein pledged; or the income therefrom, or both to the extent not prohibited by the Constitution or laws of the State of Texas_ The proceeds of bonds or other evidences of indebtedness issued or incurred by the Town shall be used only for the purpose for which the bonds or other indebtedness was issued or incurred. SECTION 7.15 Purchasing (1) The Town Council may by ordinance. give the Town Manager general authority to contract for expenditure without further approval of the Town Council for all budgeted items not exceeding limits set by the Town Council within the ordinance. (2) All contracts for expenditures or purchases involving more than the limits must be expressly approved in advance by the Town Council_ All contracts or purchases involving more than the limits set by the Town Council shall be awarded by the Town Council in accordance with state law. (3) Emergency contracts as authorized by law and this Charter may be negotiated by the Town Council or Town Manager if given authority by the Town Council, without competitive bidding, and in accordance with state law. Such emergency may be declared by the Town Manager and approved by the Town Council or declared by the Town Council_ 152 SECTION 7.16 Administration of Budget (1) No payment shall be made or obligation incurred against any allotment or appropriation except in accordance with appropriations duly made_ unless the Town Manager, or the Town M-anager's designee, first certifies that there is a sufficient unencumbered balance in such allotment or appropriation and that sufficient funds therefrom are or will be available to cover the claim or meet the obligation when it becomes due and payable. (2) Any authorization of payment or incurring of obligation in violation of the provisions of this Charter shall be void and any payment so made illegal_ Such action shall be cause for removal of any officer who knowingly authorized or made such payment or incurred such payment or obligation, and the officer shall also be liable to the Town for any amount so paid_ (3) This prohibition shall not be construed to prevent the making or authorizing of payments, or making of contracts for capital improvements to be financed wholly or partly by the pledge of taxes_ the issuance of bonds, time warrants, certificates of indebtedness, or certificates of obligation, or to prevent the making of any contract or lease providing for payments beyond the end of the fiscal year, providing that such action is made or approved by ordinance_ (4) The Town Manager shall submit to the Town Council each month a report covering the revenues and expenditures of the Town in such form as requested by the Town Council. SECTION 7.17 Depository All monies received by any person, department or agency of the Town for or in connection with the affairs of the Town shall be deposited promptly in the Town depository or depositories. The Town depositories shall be designated by the Town Council in accordance with such regulations and subject to the requirements as to security for deposits and interest thereon as may be established by ordinance and law_ Procedures for withdrawal of money or the disbursement of funds from the Town depositaries shall be prescribed by ordinance. SECTION ?.18 Independent Audit At the close of each fiscal year, and at such other times as may be deemed necessary, the Town Council shall call for an independent audit to be made of all accounts of the Town by a certified public accountant_ No more than five (5) consecutive annual audits shall be completed by the same firer_ The certified public accountant selected shall have no personal interest, directly or indirectly, in the financial affairs of the Town or any of its officers. The report of audit, with the auditor's recommendations will be made to the Town Council. Upon completion of the audit, the Independent Auditor's report and Annual Financial Report shall be published on the Town's website and copies of the audit placed on file in the office of the person performing the duties of Town Secretary, as a public record. SECTION' 7.19 Power to Tax (1) The Town shall have the power to leer, assess and collect taxes of every character and type for any municipal purpose not prohibited by the Constitution and laws of the State of Texas as now written or hereafter amended. (2) The Toren shall have the power to grant tax exemptions in accordance with the laws of the State of Texas_ 153 SECTION 7.24 Office of Tax Collector There shall be an office of taxation to collect taxes, the head of which shall be the Town Tax Collector_ The Town Council may contract for such services_ SECTIO! 7.21 Taxes; When Due and Payable (1) All taxes due in the Town shall be payable at the office of the Town Tax Collector, or at such location or locations as may be designated by the Town Council, and may be paid at any time after the tax rolls for the year have been completed and approved. Taxes for each year shall be paid before February 1 of the next succeeding year, and all such taxes not paid prior to that date shall be deemed delinquent, and shall be subject to penalty and interest as the Town Council shall provide by ordinance. The Town Council may pro,�ide discounts for the payment of taxes prior to 7anuary 1 in amount not to exceed those authorized by the laws of the State of Texas_ (i) Failure to levy and assess taxes through omission in preparing the appraisal rolls shall not relieve the person, firm or corporation so omitted from obligation to pay such current or past due taxes as shown to be payable by recheck of the rolls and receipts for the years in question, omitting penalty and interest - SECTION 7.22 Tax Liens, Liabilities and Suits (1) All taxable property located in the Town on January 1 of each year shall stand charged from that date with a special lien in favor of the Town for the taxes due. All persons purchasing any such property on m after January 1 in any year shall take the property subject to the liens provided above_ In addition to the liens herein provided, on January 1 of any year, the owner of property subject to taxation by the Town shall be personally liable for the taxes due for that year. (2) The Tumm shall have the power to sue for and recover personal judgment for taxes without foreclosure, or to foreclose its lien or liens, or to recover bath personal judgment and foreclosure_ In any such suit where it appears that the description of any property in the Town appraisal rolls is insufficient to identify such property. the Town shall have the right to plead a good description of the property to be assessed. to prove the same, and to have its judgment foreclosing the tax lien or for personal judgment against the owners for such taxes. 154 r` TOWN OF pR SPER This page was intentionally left blank. 155 NOTICE OF 2015 TAX YEAR PROPOSED PROPERTY TAX RATE FOR TOWN OF PROSPER A tax rate of'$0.520DOO per $104 valuation has been proposed for adoption by the governing body of Town of Prosper. This rate exceeds the lower of the of rctn a or rollback tax rate, and state law requires that two public hearings be held by the governing body before adopting the proposed tax rate. PROPOSED TAX RATE $0.520000 per $100 PRECEDING YEAR S TAX RATE $0.520000 per $100 EFFECTIVE TAR RATE $0.480591 per $100 ROLLBACK TAX RATE $0.524487 per $100 The effective tax rate is the total tax rate needed to raise the same amount of property tax revenue for Town of Prosper from the same properties in both the 2014 tax year and the 2015 tax year. The rollback tax rate is the highest tax rate that Town of Prosper may adapt before voters are entitled to petition for an election to limit the rate that may be approved to the rollback rate. YOUR TAXES OWED UNDER ANY SOF THE ABOVE RATES CAN BE CALCULATED AS FOLLOWS_ property tax amount= (rate) x (taxable value of your property)/100 For assistance or detailed information about tax calculations, please contact: Kenneth L. Maun Tax Assessor Collector 230D Bloomdale Road McKinney, TX 75071 972.-547-5020 kffiaun "Ilincountytx.gov www.prosperbx.gov You are urged to attend and express your views at the following publicc hearings on the proposed tax rate_ First Hearing: August 25 2015 at 6:00 pm at Prosper Municipal Chambers, 108 W_ Broadway, Prosper, Texas. Second Hearing: September 8, 2015 at 6:00 pm at Prosper Municipal C.'hambers,108 W_ Broadway, Prosper, Texas. 156 Accounting System: The total structure of records and procedures which discover, record, classify, and report information on the financial position and operations of a governmental unit or any of its funds, balanced account groups, and organizational components. Sometimes referred to as Chart of Accounts and/or Account Classification System. Accounts Receivable: Amounts owing on open account from private persons, firms, or corporations for goods and services furnished by a governmental unit (but not including amounts due from other funds of the same governmental unit). Accrual Basis: The basis of accounting under which revenues are recorded when earned and expenditures are recorded as soon as they result in liabilities for benefits received, notwithstanding that the receipt of the revenue or the payment of the expenditure may take place, in whole or in part, in another accounting period. See also Accrue and Levy. Accrue: To record revenues when earned and to record expenditures as soon as they result in liabilities for benefits received, notwithstanding that the receipt of the revenue or payment of the expenditure may take place, in whole or in part, in another accounting period. See also Accrual Basis, Accrued Expenses, and Accrued Revenue. Accrued Expenses: Expenses incurred during the current account period but which are not payable until a subsequent accounting period. See also Accrual Basis and Accrue. Accrued Interest on Investments Purchased: Interest accrued on investments between the last interest payment date and the date of purchase. The account is carried as an asset until the first interest payment date after date of purchase. At that time an entry is made debiting cash and crediting the Accrued Interest on Investments Purchased account for the amount of interest purchased and an Interest Earnings account for the balance. Accrued Interest Payable: A liability account which represents the amount of interest accrued at the balance sheet date but which is not due until a later date. Accrued Revenue: Revenue earned during the current accounting period but which is not collected until a subsequent accounting period. See also Accrual Basis and Accrue. Activity: A specific and distinguishable line of work performed by one or more organizational components of a governmental unit for the purpose of accomplishing a function for which the governmental unit is responsible. For example, "Code Enforcement' is an activity performed in the discharge of the "Public Safety" function. See also Function. Activity Classification: A grouping of expenditures on the basis of specific lines of work performed by organization units. Ad Valorem: In proportion to value. A basis for levy of taxes upon property. 157 Allocate: To divide a lump -sum appropriation into parts which are designated for expenditure by specific organization units and/or for specific purposes, activities, or objects. See also Allocation. Allocation: A part of a lump -sum appropriation which is designated for expenditure by specific organization units and/or for special purposes, activities, or objects. See also Allocate. Allot: To divide an appropriation into amounts which may be encumbered or expended during an allotment period. See also Allotment and Allotment Period. Allotment: A part of an appropriation which may be encumbered or expended during an allotment period. See also Allot and Allotment Period. Allotment Period: A period of time less than one fiscal year in length during which an allotment is effective. Bimonthly and quarterly allotment periods are most common. See also Allot and Allotment. Appraisal: (1) The act of appraising. See Appraise. (2) The estimated value resulting from such action. Appraise: To make an estimate of value, particularly of the value of property. Note: If the property is valued for purposes of taxation, the less inclusive term "assess" is substituted for the above term. Appropriation: An authorization granted by a legislative body to make expenditures and to incur obligations for specific purposes. An appropriation is limited in amount to the time it may be expended. Assess: To value property officially for the purpose of taxation. Note: The term is also sometimes used to denote the levy of taxes, but such usage is not correct because it fails to distinguish between the valuation process and the tax levy process. Assessed Valuation: A valuation set upon real estate or other property by a government as a basis for levying taxes. Assessment: (1) The process of making the official valuation of property for purposes of taxation. (2) The valuation placed upon property as a result of this process. Assessment Roll: In the case of real property, the official list containing the legal description of each parcel of property and its assessed valuation. The name and address of the last known owner are also usually shown. In the case of personal property, the assessment roll is the official list containing the name and address of the owner, a description of the personal property, and its assessed value. Assets: Property owned by a governmental unit, which has a monetary value. Audit: The examination of documents, records, reports, systems of internal control, accounting and financial procedures, and other evidence for one or more of the following purposes: 158 (a) To ascertain whether the statements prepared from the accounts present fairly the financial position and the results of financial operations of the constituent funds and balanced account groups of the governmental unit in accordance with generally accepted accounting principals applicable to governmental units and on a basis consistent with that of the preceding year. (b) To determine the propriety, legality, and mathematical accuracy of a governmental unit's financial transactions. (c) To ascertain the stewardship of public officials who handle and are responsible for the financial resources of a governmental unit. Audit Report: The report prepared by an auditor covering the audit or investigation made by him or her. As a rule, the report should include: (a) a statement of the scope of the audit; (b) explanatory comments (if any) concerning exceptions by the auditor as to application of generally accepted auditing standards; (c) opinions; (d) explanatory comments (if any) concerning verification procedures; (e) financial statements and schedules; and (f) sometimes statistical tables, supplementary comments, and recommendations. The auditor's signature follows item (c) or (d). Balance Sheet: A statement which discloses the assets, liabilities, reserves, and equities of a fund or governmental unit at a specified date, properly classified to exhibit financial position of the fund or unit at that date. Note: If a single balance sheet is prepared for several funds, it must be in columnar or sectional form so as to exhibit the accounts of each fund and balanced account group, individually. Bond: A written promise, generally under seal, to pay a specified sum of money, called the face value or principal amount, at a fixed time in the future, called the date of maturity, and carrying interest at a fixed rate, usually payable periodically. Note: The difference between a note and a bond is that the latter usually runs for a longer period of time and requires greater legal formality. Bond Fund: A fund formerly used to account for the proceeds of general obligation bond issues. Such proceeds are now accounted for in a Capital Projects Fund. Bond Ordinance or Resolution: An ordinance or resolution authorizing a bond issue 159 Bonded Debt: The portion of indebtedness represented by outstanding bonds. Bonds Authorized and Un -issued: Bonds which have been legally authorized but not issued and which can be issued and sold without further authorization. Note: This term should not be confused with the term "margin of borrowing power" or "legal debt margin," either one of which represents the difference between the legal debt limit of a governmental unit and the debt outstanding against it. Bonds Issued: Bonds sold. Budget: A plan of financial operation embodying an estimate of proposed expenditures for a given period and the proposed means of financing them. Used without any modifier, the term usually indicates a financial plan for a single fiscal year. Note: The term "budget" is used in two senses in practice. Sometimes it designates the financial plan presented to the appropriating body for adoption and sometimes the plan finally approved by that body. It is usually necessary to specify whether the budget under consideration is preliminary and tentative or whether it has been approved by the appropriating body. See also Current Budget, Capital Budget, and Capital Program. Budget Document: The instrument used by the budget -making authority to present a comprehensive financial program to the appropriating body. The budget document usually consists of three parts. The first part contains a message from the budget -making authority, together with a summary of the proposed expenditures and the means of financing them. The second part consists of schedules supporting the summary. These schedules show in detail the information as to past years' actual revenues, expenditures, and other data used in making the estimates. The third part is composed of drafts of the appropriation, revenue, and borrowing measures necessary to put the budget into effect. Budget Message: A general discussion of the proposed budget as presented in writing by the budget -making authority to the legislative body. The budget message should contain an explanation of the principal budget items, an outline of the governmental unit's experience during the past period and its financial status at the time of the message, and recommendations regarding the financial policy for the coming period. Budgetary Accounts: Those accounts which reflect budgetary operations and condition, such as estimated revenues, appropriations, and encumbrances, as distinguished from proprietary accounts. See also Proprietary Accounts. Budgetary Control: The control or management of a governmental unit or enterprise in accordance with an approved budget for the purpose of keeping expenditures within the limitation of available appropriations and available revenues. Capital Budget: A plan of proposed capital outlays and the means of financing them for the current fiscal period. It is usually a part of the current budget. If a Capital Program is in operation, it will be the first year thereof. A Capital Program is sometimes referred to as a Capital Budget. See also Capital Program. Capital Expenditures: See Capital Outlays. 160 Capital Improvement Program: See Capital Program. Capital Outlays: Expenditures, which result in the acquisition of or addition to fixed assets Capital Program: A plan for capital expenditures to be incurred each year over a fixed period of years to meet capital needs arising from the long-term work program, or otherwise. It sets forth each project or other contemplated expenditure in which the government is to have a part and specifies the full resources estimated to be available to finance the projected expenditures. Capital Projects Fund: A fund created to account for financial resources to be used for the acquisition or construction of major capital facilities and/or designated fixed assets (other than those financed by special assessment, trust, special revenue, and enterprise funds). See also Bond Fund. Cash: Currency, coin, checks, postal and express money orders, and bankers' drafts, on hand or on deposit with an official or agent designated as custodian of cash and bank deposits. Cash Basis: The basis of accounting under which revenues are recorded when received in cash and expenditures are recorded when paid. Chart of Accounts: The classification system used to organize the accounting for various funds. Clearing Account: An account used to accumulate total charges or credits for the purpose of distributing them later among the accounts to which they are allocated or for the purpose of transferring the net differences to the proper account. Coding: A system of numbering or otherwise designating accounts, entries, invoices, vouchers, etc., in such a manner that the symbol used quickly reveals certain required information. See also Symbolization. Combination Bond: A bond issued by a governmental unit which is payable from the revenues of a governmental enterprise, but which is also backed by the full faith and credit of the governmental unit. Combined Balance Sheet: A single balance sheet which displays the individual balance sheets of each class of funds and the balanced account groups of a governmental unit in separate, adjacent columns. Note: There are no interfund elimination or consolidations in a combined balance sheet for a governmental unit. Contingent Fund: Assets or other resources set aside to provide for unforeseen expenditures or for anticipated expenditures of uncertain amounts. Note: The term should not be used to describe a reserve for contingencies. The latter is set aside out of the fund balance of a fund but does not constitute a separate fund. Similarly, an appropriation is not a fund. Coverage: See Net Revenue Available for Debt Service. Current: A term which, when applied to budgeting and accounting, designates the operations of the present fiscal period as opposed to past or future periods. 161 Current Budget: The annual budget prepared for and effective during the present fiscal year; or, in the case of some state governments, the budget for the present biennium. Current Funds: Funds the resources of which are expended for operating purposes during the current fiscal period. In its usual application in plural form, it refers to General, Special Revenue, Debt Service, and Enterprise Funds of a governmental unit. In the singular form, the current fund is synonymous with the general fund. See also General Fund. Current Liabilities: Liabilities which are payable within a relatively short period of time, usually no longer than a year. Current Revenue: Revenues of a governmental unit that are available to meet expenditures of the current fiscal year. See Revenue. Current Taxes: (1) Taxes levied and becoming due during the current fiscal period, from the time the amount of the tax levy is first established to the date on which a penalty for nonpayment is attached. (2) Taxes levied in the preceding fiscal period but becoming due in the current fiscal period, from the time they become due until a penalty for nonpayment is attached. Current Year's Tax Levy: Taxes levied for the current fiscal period. Data Processing: (1) The preparation and handling of information and data from source media through prescribed procedures to obtain such end results as classification, problem solution, summarization, and reports. (2) Preparation and handling of financial information wholly or partially by mechanical or electronic means. See also Electronic Data Processing (EDP). Debt: An obligation resulting from the borrowing of money or from the purchase of goods and services. Debts of governmental units include bonds, time warrants, notes, and floating debt. See also Bond, Notes Payable, Long -Term Debt, and General Long -Term Debt. Debt Limit: The maximum amount of gross or net debt that is legally permitted. Debt Service Fund: A fund established to finance and account for the payment of interest and principal on all general obligation debt, serial and term, other than that payable exclusively from special assessments and revenue debt issued for and serviced by a governmental enterprise. Formally called a Sinking Fund. Debt Service Fund Requirements: The amounts of revenue which must be provided for a debt service fund so that all principal and interest payments can be made in full on schedule. Deficit: (1) The excess of the liabilities and reserves of a fund over its assets. (2) The excess of expenditures over revenues during an accounting period; or, in the case of Enterprise and Intragovernmental Service Funds, the excess of expense over income during an accounting period. 162 Delinquent Taxes: Taxes remaining unpaid on and after the date on which a penalty for nonpayment is attached. Even though the penalty may be subsequently waived and a portion of the taxes may be abated or canceled, the unpaid balances continue to be delinquent taxes until abated, canceled, paid, or converted into tax liens. Note: The term is sometimes limited to taxes levied for the fiscal period or periods preceding the current one, but such usage is not entirely correct. See also Current Taxes, Current Year's Tax Levy, and Prior Years' Tax Levies. Deposit: (1) Money placed with a banking or other institution, or with a person either as a general deposit subject to check or as a special deposit made for some specified purpose. (2) Securities lodged with a banking or other institution or with a person for some particular purpose. (3) Sums deposited by customers for electric meters, water meters, etc., and by contractors and others to accompany and guarantee their bids. Depreciation: (1) Expiration of the service life of fixed assets, other than wasting assets, attributable to wear and tear through use and lapse of time, obsolescence, inadequacy, or other physical elements for functional causes. (2) The portion of the cost of a fixed asset charged as an expense during a particular period. Note: The cost of a fixed asset is prorated over the estimated service life of such asset and each period is charged with part of such cost so that ultimately the entire cost of the asset is charged off as an expense. In governmental accounting, depreciation may be recorded in proprietary funds and trust funds where expenses, net income, and/or capital maintenance are measured. Direct Debt: The debt that a governmental unit has incurred in its own name, or assumed through the annexation of territory or consolidation with another governmental unit. See also Overlapping Debt. Direct Expense: Those expenses which can be charged directly as a part of the cost of a product or service, or of a department or operating unit, as distinguished from overhead and other indirect costs which must be prorated among several products or services, departments, or operating units. Due to Fiscal Agent: Amounts due to fiscal agents, such as commercial banks, for servicing a governmental unit's maturing interest and principal payments on indebtedness. Effective Interest Rate: The rate of earning on a bond investment based on the actual price paid for the bond, the coupon rate, the maturity date, and the length of time between interest dates, in contrast with the nominal interest rate. Electronic Data Processing (EDP): Data processing by means of high-speed electronic equipment. See also Data Processing. Encumbrances: Obligations in the form of purchase orders, contracts, or salary commitments which are chargeable to an appropriation and for which a part of the appropriation is reserved. They cease to be encumbrances when paid or when the actual liability is set up. Enterprise Debt: Debt that is to be retired primarily from the earnings of publicly owned and operated enterprises. See also Revenue Bonds. 163 Enterprise Fund: A fund established to finance and account for the acquisition, operation, and maintenance of governmental facilities and services that are entirely or predominantly self-supporting by user charges. Examples of enterprise funds are those for water, gas, and electric utilities, swimming pools, airports, parking garages, and transit systems. Equipment: Tangible property of a more or less permanent nature (other than land, buildings, or improvements other than buildings) which is useful in carrying on operations. Examples are machinery, tools, trucks, cars, furniture, and furnishings. Estimated Revenue: For revenue accounts kept on an accrual basis, this term designates the amount of revenue estimated to accrue during a given period regardless of whether or not it is all to be collected during the period. For revenue accounts kept on a cash basis, the term designates the amount of revenue estimated to be collected during a given period. Under the modified accrual basis recommended for some funds by the Governmental Accounting Standards Board, estimated revenues include both cash and accrual basis revenues See also Cash Basis, Accrual Basis, and Modified Accrual Basis. Expenditures: Where the accounts are kept on the accrual basis or the modified accrual basis, this term designates the cost of goods delivered or services rendered, whether paid or unpaid, including expenses, provision for debt retirement not reported as a liability of the fund from which retired, and capital outlays. Where the accounts are kept on the cash basis, the term designates only actual cash disbursements for these purposes. Note: Encumbrances are not expenditures. Expenses: Charges incurred, whether paid or unpaid, for operation, maintenance, interest, and other charges which are presumed to benefit the current fiscal period. Note: Legal provisions sometimes make it necessary to treat charges whose benefits extend over future periods as expenses. For example, purchase of materials and supplies which may be used over a period of more than one year and payments for insurance which is to be in force for a period longer than one year frequently must be charged in their entirety to the appropriation of the year in which they are incurred and classified as expenses of that year, even though their benefits extend also to other periods. Fiduciary Fund Types: The trust and agency funds used to account for assets held by a government unit in a trustee capacity or as an agent for individuals, private organizations, other government units and/or other funds. Fiscal Period: Any period at the end of which a governmental unit determines its financial position and the results of its operations. Fiscal Year: A twelve-month period of time to which the annual budget applies and at the end of which a governmental unit determines its financial position and the results of its operations. Fixed Assets: Assets of a long-term character which are intended to continue to be held or used, such as land, buildings, machinery, furniture, and other equipment. Note: The term does not indicate the immobility of an asset, which is the distinctive character of "fixture." 164 Fixed Charges: Expenses (the amount of which is set by agreement). Examples are interest, insurance, and contributions to pension funds. Fixtures: Attachments to buildings that are not intended to be removed and which cannot be removed without damage to the latter. Note: Those fixtures with a useful life presumed to be as long as that of the building itself, are considered a part of such building; all others are classified as equipment. Force Account Method: A method employed in the construction and/or maintenance of fixed assets whereby a governmental unit's own personnel are used instead of an outside contractor. Note: This method also calls for the purchase of materials by the governmental unit and the possible use of its own equipment, but the distinguishing characteristic of the force account method is the use of the unit's own personnel. Franchise: A special privilege granted by a government permitting the continuing use of public property, such as city streets, and usually involving the elements of monopoly and regulation. Full Faith and Credit: A pledge of the general taxing power for the payment of debt obligations. Note: Bonds carrying such pledges are usually referred to as general obligation bonds or full faith and credit bonds. Function: A group of related activities aimed at accomplishing a major service or regulatory program for which the Town is responsible. For example, public safety is a function. Functional Classification: A grouping of expenditures on the basis of the principal purposes for which they are made. Examples are public safety, public health, public welfare, etc. See also Activity Classification and Object Classification. Fund: An independent fiscal and accounting entity with a self -balancing set of accounts recording cash and/or other resources, together with all related liabilities, obligations, reserves, and equities which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. Fund Accounts: All accounts necessary to set forth the financial operations and financial condition of a fund. Note: Sometimes the term is used to denote budgetary accounts as distinguished from proprietary accounts, but such usage is not recommended. Fund Balance: The excess of the assets of a fund over its liabilities and reserves, except in the case of funds subject to budgetary accounting where, prior to the end of a fiscal period, it represents the excess of the fund's assets and estimated revenues for the period over its liabilities, reserves, and appropriations for the period. Fund Balance Sheet: A balance sheet for a single fund. See Fund and Balance Sheet. 165 Fund Group: A group of funds that are similar in purpose and character. For example, several special revenue funds constitute a fund group. Funding: The conversion of floating debt or time warrants into bonded debt. Funding Bonds: Bonds issued to retire outstanding floating debt and to eliminate deficits. General Audit: An audit made at the close of a normal accounting period, which covers all of the funds and balanced account groups of a governmental unit. Such audits may involve some detailed verification, as determined by the professional judgment of the auditor, but usually they are based on appropriate tests and checks. See also Special Audit. General Fixed Assets: Those fixed assets of a governmental unit that are not accounted for in Enterprise, Trust, or Intragovernmental Service Funds. General Fixed Assets Group of Accounts: A self -balancing group of accounts set up to account for the general fixed assets of a governmental unit. See General Fixed Assets. General Fund: A fund used to account for all transactions of a governmental unit that are not accounted for in another fund. Note: The General Fund is used to account for the ordinary operations of a governmental unit that are financed from taxes and other general revenues. General Long -Term Debt: Long-term debt legally payable from general revenues and backed by the full faith and credit of a governmental unit. See Long -Term Debt. General Obligation Bonds: Bonds for whose payment the full faith and credit of the issuing body are pledged. More commonly, but not necessarily, general obligation bonds are considered to be those payable from taxes and other general revenues. See also Full Faith and Credit. General Revenue: The revenues of a governmental unit other than those derived from and retained in an enterprise. Note: If a portion of the net income in an enterprise fund is contributed to another non -enterprise fund, such as the General Fund, the amounts transferred constitute general revenue of the governmental unit. Goal: A statement of broad direction, purpose or intent based on the need of the community. A goal is general and timeless; that is, it is not concerned with a specific achievement in a given period. Governmental Accounting: The composite activity of analyzing, recording, summarizing, reporting, and interpreting the financial transactions of governmental units and agencies. 166 Governmental Fund Types: Funds used to account for the acquisition, use and balances of expendable financial resources and the related current liabilities - except those accounted for in proprietary funds and fiduciary funds. In essence, these funds are accounting segregations of financial resources. Expendable assets are assigned to a particular governmental fund type according to the purposes for which they may or must be used. Current liabilities are assigned to the fund type from which they are to be paid. The difference between the assets and liabilities of governmental fund types is referred to as fund balance. The measurement focus in these fund types is on the determination of financial position and changes in financial position (sources, uses and balances of financial resources), rather than on net income determination. The statement of revenues, expenditures and changes in fund balance is the primary governmental fund type operating statement. It may be supported or supplemented by more detailed schedules of revenues, expenditures, transfers and other changes in fund balance. Grant: A contribution by one governmental unit to another. The contribution is usually made to aid in the support of a specified function (for example, public safety), but it is sometimes also for general purposes. Gross Bonded Debt: The total amount of direct debt of a governmental unit represented by outstanding bonds before deduction of any assets available and earmarked for their retirement. See also Direct Debt. Improvements: Buildings, other structures, and other attachments or annexations to land which are intended to remain so attached or annexed, such as sidewalks, trees, drives, tunnels, drains, and sewers. Note: Sidewalks, curbing, sewers, and highways are sometimes referred to as "betterments," but the term improvements other than buildings is preferred. Improvements Other Than Buildings: A fixed asset account that reflects the acquisition value of permanent improvements, other than buildings, which add value to land. Examples of such improvements are fences, retaining walls, sidewalks, pavements, gutters, tunnels, and bridges. If the improvements are purchased or constructed, this account contains the purchase or contract price. If improvements are obtained by gift, it reflects the appraised value at time of acquisition. Income: A term used in accounting for governmental enterprises to represent the excess of revenues earned over the expenses incurred in carrying on the enterprise's operations. It should not be used without an appropriate modifier, such as Operating, Non-operating, or Net. Note: The term Income should not be used in lieu of Revenue in non -enterprise funds. Interfund Accounts: Accounts in which transactions between funds are reflected. See Interfund Transfers Interfund Transfers: Amounts transferred from one fund to another Intergovernmental Revenues: Revenue received from other governments in the form of grants, shared revenues, or payments in lieu of taxes. Interim Borrowing: (1) Short-term loans to be repaid from general revenues during the course of a fiscal year. (2) Short-term loans in anticipation of tax collections or bond issuance. 167 Internal Control: A plan of organization under which employees' duties are so arranged and records and procedures so designed as to make it possible to exercise effective accounting control over assets, liabilities, revenues, and expenditures. Under such a system, the work of employees is subdivided so that no single employee performs a complete cycle of operations. Thus, for example, an employee handling cash would not post the accounts receivable records. Moreover, under such a system, the procedures to be followed are definitely laid down and require proper authorizations by designated officials for all actions to be taken. Internal Service Fund: A fund established to finance and account for services and commodities furnished by a designated department or agency to other departments and agencies within a single governmental unit. Amounts expended by the fund are restored thereto either from operating earnings or by transfers from other funds, so that the original fund is kept intact. Inventory: A detailed list showing quantities, descriptions, and values of property, and frequently also lists units of measure and unit prices. Inventory of Supplies: The cost value of supplies on hand Investments: Securities and real estate held for the production of income in the form of interest, dividends, rentals, or lease payments. The term does not include fixed assets used in Town operations. Judgment: An amount to be paid or collected by a governmental unit as the result of a court decision, including a condemnation award in payment for private property taken for public use. Judgments Payable: Amounts due to be paid by a governmental unit as the result of court decisions, including condemnation awards in payment for private property taken for public use. Land: A fixed asset account that reflects the value of land owned by a governmental unit. If land is purchased, this account shows the purchase price and costs such as legal fees, filling and excavation costs, and the like, which are incurred to put the land in condition for its intended use. If land is acquired by gift, the account reflects the estimated fair value at the time of acquisition. Legal Investments: Investments which governmental units are permitted to make by law. Levy: (Verb) To impose taxes, special assessments, or service charges for the support of governmental activities. (Noun) The total amount of taxes, special assessments, or service charges imposed by a governmental unit. Liabilities: Debt or other legal obligations arising out of transactions in the past which must be liquidated, renewed, or refunded at some future date. Note: The term does not include encumbrances. Long -Term Debt: Debt with a maturity of more than one year after the date of issuance Machinery and Equipment: See Equipment. 168 Maintenance: The upkeep of physical properties in condition for use or occupancy. Examples are the inspection of equipment to detect defects and the making of repairs. Modified Accrual Basis: A system under which some accruals, usually costs, are recorded but others, usually revenues, are not. The extent of modification varies in practice, depending upon the accountant's judgment. Municipal: In its broadest sense, an adjective that denotes the state and all subordinate units of government. In a more restricted sense, an adjective that denotes a city or town, as opposed to other units of local government. Municipal Bond: A bond issued by a state or local government unit. Municipal Corporation: A body politic and corporate established pursuant to state authorization for the purpose of providing governmental services and regulations for its inhabitants. A municipal corporation has defined boundaries and a population, and is usually organized with the consent of its residents. It usually has a seal and may sue and be sued. Net Bonded Debt: Gross bonded debt less any cash or other assets available and earmarked for its retirement Net Income: A term used in accounting for governmental enterprises to designate the excess of total revenues over total expenses for an accounting period. See also Income, Operating Revenues, Operating Expenses, Non-operating Income, and Non-operating Expenses. Net Revenue Available for Debt Service: Gross operating revenues of an enterprise, less operating and maintenance expenses, yet exclusive of depreciation and bond interest. "Net Revenue" as thus defined computes "coverage" on revenue bond issues. Note: Under the laws of some states and the provisions of some revenue bond indentures, net revenues used for computation of coverage are required to be on a cash basis rather than an accrual basis. Nominal Interest Rate: The contractual interest rate shown on the face and in the body of a bond and representing the amount of interest to be paid, in contrast to the effective interest rate. Non-operating Expenses: Expenses incurred for non-operating properties or in the performance of activities not directly related to supplying the basic services of a governmental enterprise. An example of a non- operating expense is interest paid on outstanding revenue bonds. See also Non-operating Properties. Non-operating Income: Income of governmental enterprises that is not derived from the basic operations of such enterprises. An example is interest on investments or on bank time deposits. Non-operating Properties: Properties that are owned by a governmental enterprise but which are not used in the provision of basic services for which the enterprise exists. Notes Payable: In general, an unconditional written promise signed by the maker to pay a certain sum of money on demand or at a fixed or determinable time either to the bearer or to the order of a person designated therein. 169 Notes Receivable: A note payable held by a governmental unit. Object: As used in expenditure classification, this term applies to the article purchased or the service obtained (as distinguished from the results obtained from expenditures). Examples are personal services, contractual services, materials, and supplies. See also Activity Classification, Functional Classification, and Object Classification. Objective: Desired output oriented accomplishments that can be measured and achieved within a given time frame. Achievement of the objective advances the activity and organization toward a corresponding goal. Object Classification: A grouping of expenditures on the basis of goods or services purchased; for example, personal services, materials, supplies and equipment. See also Functional Classification and Activity Classification. Obligations: Amounts that a governmental unit may be required legally to meet out of its resources. They include not only actual liabilities, but also unliquidated encumbrances. Obsolescence: The decrease in the value of fixed assets resulting from economic, social, technological, or legal changes. Operating Budget: Operating budgets serve many purposes within a government entity, but they have two primary purposes: (1) to plan the services that are going to be offered during the coming year and set priorities; (2) to conform with legal requirements to ensure that expenditures do not exceed those appropriated. Operating budgets are also called Annual Budgets. See Budget. Operating Expenses: (1) As used in the accounts of governmental enterprises, the term means those costs which are necessary to the maintenance of the enterprise, the rendering of services, the sale of merchandise, the production and disposition of commodities produced, and the collection of enterprise revenues, and (2) the term is also sometimes used to describe expenses for general governmental purposes. Operating Income: Income of a governmental enterprise that is derived from the sale of its goods and/or services. For example, income from the sale of water by a municipal water utility is operating income. See also Operating Revenues. Operating Revenues: Revenues derived from the operation of governmental enterprises of a business character. Operating Statement: A statement summarizing the financial operations of a governmental unit for an accounting period as contrasted with a balance sheet which shows financial position at a given moment in time. 170 Ordinance: A formal legislative enactment by the council or governing body of a municipality. If it is not in conflict with any higher form of law, such as a state statute or constitutional provision, it has the full force and effect of law within the boundaries of the municipality to which it applies. Note: The difference between an ordinance and a resolution is that the latter requires less legal formality and has a lower legal status. Ordinarily, the statutes or charter will specify or imply those legislative actions that must be by ordinance and those which may be by resolution. Revenue raising measures, such as the imposition of taxes, special assessments and service charges, universally require ordinances. Original Cost: The total of assets given and/or liabilities assumed to acquire an asset. In utility accounting, the original cost to the first owner who dedicated the plant to service of the public. Overhead: Those elements of cost necessary in the production of an article or the performance of a service which are of such a nature that the amount applicable to the product or service cannot be determined accurately or readily. Usually they relate to those objects of expenditures which do not become an integral part of the finished product or service such as rent, heat, light, supplies, management, supervision, etc. Overlapping Debt: The proportionate share of the debts of local governmental units located wholly or in part within the limits of the reporting government which must be borne by property within each governmental unit. Note: Except for special assessment debt, the amount of debt of each unit applicable to the reporting unit is arrived at by (1) determining what percentage of the total assessed value of the overlapping jurisdiction lies within the limits of the reporting unit, and (2) applying this percentage to the total debt of the overlapping jurisdiction. Special assessment debt is allocated on the basis of the ratio of assessments receivable in each jurisdiction, which will be used wholly or in part to pay off the debt to total assessments receivable, which will be used wholly or in part for this purpose. Pay -As -You -Go: A method of financing improvements that refers to the allocation of a significant portion of operating revenues each year to a revenue fund. The monies in this fund are to be used for annual improvements or saved until they are sufficient for large projects. A regular allocation made from the operating budget to smooth budget allocations for expenditures and eliminate the need for bond financing. Sometimes referred to as pay -as -you -acquire financing. Pay -As -You -Use: A method of financing long-term improvements by serial debt issues with maturities arranged so that the retirement of debt coincides with the depreciation or useful life of the improvement. In theory, the interest and debt retirement charges paid by each generation of taxpayers or users coincide with their use and enjoyment of the improvement. Under pay -as -you -use, each user group pays for its own improvements. No one is forced to provide free goods or services for a future generation or to contribute toward facilities for a community in which he or she will not live, nor will new members of the community derive benefits from improvements that they have not assisted in financing. Prior Years' Tax Levies: Taxes levied for fiscal periods preceding the current one. Private Trust Fund: A trust fund that will ordinarily revert to private individuals or will be used for private purposes; for example, a fund that consists of guarantee deposits. Program: A group of related activities performed by one or more organization units for the purpose of accomplishing a function for which the town is responsible. Project: A plan of work, job, assignment, or task. Proprietary Accounts: Those accounts which show actual financial position and operations, such as actual assets, liabilities, reserves, fund balances, revenues, and expenditures, as distinguished from budgetary accounts. Proprietary Fund Types: Sometimes referred to as income determination or commercial -type funds, the classification used to account for a government's ongoing organizations and activities that are similar to those often found in the private sector (i.e., enterprise and internal service funds). All assets, liabilities, equities, revenues, expenses, and transfers relating to the government's business and quasi -business activities are accounted for through proprietary funds. The GAAP used are generally those applicable to similar businesses in the private sector and the measurement focus is on determination of net income, financial position and changes in financial position. Public Trust Fund: A trust fund whose principal, earnings, or both, must be used for a public purpose; for example, a pension or retirement fund. Purchase Order: A document that authorizes the delivery of specified merchandise or the rendering of certain services and the making of a charge for them. Rate Base: The value of utility property used in computing an authorized rate of return as authorized by law or a regulatory commission. Receipts: This term, unless otherwise qualified, means cash received. See also Revenue. Recoverable Expenditures: An expenditure made for or on behalf of another governmental unit, fund, or department, or for a private individual, firm, or corporation, which will subsequently be recovered in cash or its equivalent. Refunding Bonds: Bonds issued to retire bonds already outstanding. The refunding bonds may be sold for cash and outstanding bonds redeemed in cash, or the refunding bonds may be exchanged with holders of outstanding bonds. Registered Bond: A bond, the owner of which is registered with the issuing governmental unit, and which cannot be sold or exchanged without a change of registration. Such a bond may be registered as to principal and interest or as to principal only. Reimbursement: Cash or other assets received as a repayment of the cost of work or services performed or of other expenditures made for or on behalf of another governmental unit or department or for an individual, firm, or corporation. 172 Replacement Cost: The cost as of a certain date of a property which can render similar service (but need not be of the same structural form) as the property to be replaced. See also Reproduction Cost. Reproduction Cost: The cost as of a certain date of reproducing an exact new property in the same place. Note: Sometimes this term is designated as "reproduction cost new" to distinguish it from "depreciated reproduction cost," which is the reproduction cost of a given property less the estimated amount of accumulated depreciation applicable to it. In the absence of any modifier, however, the term "reproduction cost' is understood to be synonymous with "reproduction cost new." See also Replacement Cost. Requisition: A written demand or request, usually from one department to the purchasing officer or to another department, for specified articles or services. Reserve: An account which records a portion of the fund balance which must be segregated for some future use and which is, therefore, not available for further appropriation or expenditure. A Reserve for Inventories equal in amount to the Inventory of Supplies on the balance sheet of a General Fund is an example of such a reserve. Reserve for Revenue Bond Debt Service: A reserve in an Enterprise Fund which represents the segregation of a portion of retained earnings equal to current assets that are restricted to current servicing of revenue bonds in accordance with the terms of a bond indenture. Reserve for Revenue Bond Retirement: A reserve in an Enterprise Fund which represents the segregation of a portion of retained earnings equal to current assets that are restricted for future servicing of revenue bonds in accordance with the terms of a bond indenture. Resolution: A special or temporary order of a legislative body; an order of a legislative body requiring less legal formality than an order or statute. See also Ordinance. Resources: The actual assets of a governmental unit, such as cash, taxes receivable, land, buildings, etc., plus contingent assets such as estimated revenues applying to the current fiscal year not accrued or collected, and bonds authorized and unissued. Retained Earnings: The accumulated earnings of an Enterprise or Internal Service Fund which have been retained in the fund and which are not reserved for any specific purpose. Retirement Fund: A fund out of which retirement annuities and/or other benefits are paid to authorized and designated public employees. A retirement fund is accounted for as a Trust Fund. Revenue: For those revenues which are recorded on the accrual basis, this term designates additions to assets which: (a) do not increase any liability; (b) do not represent the recovery of an expenditure; (c) do not represent the cancellation of certain liabilities without a corresponding increase in other liabilities or a decrease in assets; and (d) do not represent contributions of fund in Enterprise and Internal Service Funds. The same definition applies to those cases where revenues are recorded on the modified accrual or cash basis, except that additions would be partially or entirely to cash. See also Accrual Basis, Modified Accrual Basis, Cash Basis, Net Revenue Available for Debt Service, and Receipts. 173 Revenue Bonds: Bonds whose principal and interest are payable exclusively from earnings of a public enterprise. In addition to a pledge of revenues, such bonds sometimes contain a mortgage on the enterprise's property and are then known as mortgage revenue bonds. Schedules: (1) The explanatory or supplementary statements that accompany the balance sheet or other principal statements periodically prepared from the accounts. (2) The accountant's or auditor's principal work papers covering his examination of the books and accounts. (3) A written enumeration or detailed list in orderly form. See also Statements. Securities: Bonds, notes, mortgages, or other forms of negotiable or non-negotiable instruments. See also Investments. Self -Supporting or Self -Liquidating Debt: Debt obligations whose principal and interest are payable solely from the earnings of the enterprise for the construction or improvement of which they were originally issued. See also Revenue Bonds. Serial Annuity Bonds: Serial bonds in which the annual installments of bond principal are so arranged that the combined payments for principal and interest are approximately the same each year. Serial Bonds: Bonds the principal of which is repaid in periodic installments over the life of the issue. Shared Revenue: Revenue which is levied by one governmental unit but shared, usually in proportion to the amount collected, with another unit of government or class of governments. Short -Term Debt: Debt with a maturity of one year or less after the date of issuance. Short-term debt usually includes floating debt, bond anticipation notes, tax anticipation notes, and interim warrants. Special Assessment: A compulsory levy made by a local government against certain properties to defray part or all of the cost of a specific improvement or service which is presumed to be of general benefit to the public and of special benefit to such properties. Note: The term should not be used without a modifier (for example, "special assessments for street paving," or "special assessments for street sprinkling") unless the intention is to have it cover both improvements and services, or unless the particular use is apparent from the context. Special Assessment Bonds: Bonds payable from the proceeds of special assessments. If the bonds are payabl( only from the collections of special assessments, they are known as "special assessment bonds." If, in addition to the assessments, the full faith and credit of the governmental unit are pledged, they are known as "general obligation special assessment bonds." Special Assessment Fund: A fund set up to finance and account for the construction of improvements or provision of services which are to paid for, wholly or in part, from special assessments levied against benefited property. See also Special Assessment and Special Assessment Bonds. 174 Special Assessment Roll: The official list showing the amount of special assessments levied against each property presumed to be benefited by an improvement or service. Special Audit: An audit which is limited to some particular phase of a governmental unit's activity, such as the examination of a Projects Fund, or an audit which covers all of the governmental unit's activities for a shorter or longer period of time than the usual accounting period of one fiscal year. Such audits may involve some detailed verifications as determined by the professional judgment of the auditor, but usually they are based on appropriate tests and checks. See General Audit. Special District: An independent unit of local government organized to perform a single governmental function or a restricted number of related functions. Special districts usually have the power to incur debt and levy taxes; however, certain types of special districts are entirely dependent upon enterprise earnings and cannot impose taxes. Examples of special districts are water districts, drainage districts, flood control districts, hospital districts, fire protection districts, transit authorities, port authorities, and electric power authorities. Special Fund: Any fund that must be devoted to some special use in accordance with specific regulations and restrictions. Generally, the term applies to all funds other than the General Fund. Special Revenue Fund: A fund used to account for revenues from specific taxes or other earmarked revenue sources which by law are designated to finance particular functions or activities of government. Includes intergovernmental revenue in the form of state and federal grant funds. Statements: (1) Used in a general sense, statements are all of those formal written presentations that set forth financial information. (2) In technical accounting usage, statements are those presentations of financial data that show the financial position and the results of financial operations of a fund, a group of accounts, or an entire governmental unit for a particular accounting period. See also Schedules. Statute: A written law enacted by a duly organized and constituted legislative body. See also Ordinance and Resolution. Stores: Goods on hand in storerooms, subject to requisition and use Straight Serial Bonds: Serial Bonds in which the annual installments of a bond principal are approximately equal. Surety Bond: A written promise to pay damages or to indemnify against losses caused by the party or parties named in the document, through nonperformance or through defalcation. An example is a surety bond given by a contractor or by an official handling cash or securities. Surplus: The excess of the assets of a fund over its liabilities, or if the fund has other resources and obligations, the excess of resources over the obligations. The term should not be used without a properly descriptive adjective unless its meaning is apparent from the context. See also Fund Balance, and Retained Earnings. 175 Symbolization: The assignment of letters, numbers, or other marks or characters to the ordinary titles of the ledger accounts. Each letter or number should have the same meaning wherever used and should be selected with great care so that it will indicate, immediately and with certainty, the title of the account, as well as its place in the classification. The use of proper symbols saves much time and space in making the book record and adds to its precision and accuracy. See also Coding. Tax Levy: The total amount to be raised by general property taxes for purposes specified in the Tax Levy Ordinance. Tax Levy Ordinance: An ordinance by means of which taxes are levied. Tax Liens: Claims which governmental units have upon properties until taxes levied against them have been paid. Note: The term is sometimes limited to those delinquent taxes for the collection of which legal action has been taken through the filing of liens. Tax Rate: The amount of tax levied for each $100 of assessed valuation. Tax Rate Limit: The maximum rate at which a governmental unit may levy a tax. The limit may apply to taxes raised for a particular purpose, or to taxes imposed for all purposes; and may apply to a single government, to a class of governments, or to all governmental units operating in a particular area. Overall, tax rate limits usually restrict levies for all purposes and of all governments, state and local, having jurisdiction in a given area. Tax Roll: The official list showing the amount of taxes levied against each taxpayer or property. Frequently, the tax roll and the assessment roll are combined, but even in these cases the two can be distinguished. Tax Supplement: A tax levied by a local unit of government which has the same base as a similar tax levied by a higher level of government, such as a state or province. The local tax supplement is frequently administered by the higher level of government along with its own tax. A locally imposed, state -administered sales tax is an example of a tax supplement. Taxes: Compulsory charges levied by a governmental unit for the purpose of financing services performed for the common benefit. Note: The term does not include specific charges made against particular persons or property for current or permanent benefits such as special assessments. Neither does the term include charges for services rendered only to those paying such charges as, for example, water and sewer charges. Taxes Receivable -Current: The uncollected portion of taxes that a governmental unit has levied, which has become due but on which no penalty for nonpayment attaches. 176 Taxes Receivable -Delinquent: Taxes remaining unpaid on and after the date on which a penalty for nonpayment is attached. Even though the penalty may be subsequently waived and a portion of the taxes may be abated or canceled, the unpaid balances continue to be delinquent taxes until paid, abated, canceled, or converted into tax liens. Term Bonds: Bonds that the entire principal of which matures on one date. Also called sinking fund bonds. Trust and Agency Funds: Funds used to account for assets held by a government in a trustee capacity or as an agent for individuals, private organizations, other governments and/or other funds. Trust Fund: A fund consisting of resources received and held by the governmental unit as trustee, to be expended or invested in accordance with the conditions of a trust. See also Private Trust Fund and Public Trust Fund. Unappropriated Budget Surplus: Where the fund balance at the close of the preceding year is not included in the annual budget, this term designates that portion of the current fiscal year's estimated revenues which has not been appropriated. Where the fund balance of the preceding year is included, this term designates the estimated fund balance at the end of the current fiscal period. User Charges: The payment of a fee for direct receipt of a public service by the party benefiting from the service. Utility Fund: See Enterprise Fund. Work Program: A plan of work proposed to be done during a particular period by an administrative agency in carrying out its assigned activities. 177