FY2018 Recommended Budget

Powell Bill Funds – Revenue from state- shared gasoline tax which is restricted for use on maintenance of local streets and roads. Proprietary Funds – A fund that accounts for operations that are financed and operated in a manner similar to private business enterprises. Operations are financed from charges to users for services provided. Also referred to as an Enterprise Fund. Resources – Assets that can be used to fund expenditures such as property taxes, charges for services, beginning fund balances, or working capital. Retirement Healthcare Fund (OPEB) – A legal trust fund having been established to account for the collection of assets to be expended for medical coverage for retired Morrisville employees up to the age of Medicare eligibility. Special Revenue Fund – Funds that are set aside to pay for large expenditure items. The fund provides a means to provide consistent funding from General Fund without competition with other community investment projects or increasing debt. Revenue – A term used to represent actual or expected income to a specific fund.

Surplus – The amount by which revenues exceed expenditures.

Tax Base – The total assessed valuation of real property within the Town.

Tax Levy – The product when the tax rate is multiplied by assessed values.

Tax Rate – The amount per $100 pf property valuation that is levied for the support of government services or activities. Transfer – An appropriation to or from another fund. A transfer is the movement of money from one fund to another to wholly or partially support the functions of the receiving fund. Unencumbered Balance – The amount of an appropriation that is neither expended nor encumbered. It is essentially the amount of money still available for future purchases. Unassigned Fund Balance – That portion of resources, which at year’s end, exceeded requirements and has not been assigned to some future time for a specific project or use. Money in the unassigned fund balance is not in the Budget and therefore has not been appropriated for expenditure. However, those funds are available for use if the need arises in accordance with Town Policy. Workload Measure – A performance measure identifying how much or how many products or service were produced (ex. Number of yard waste/leaf collection points served).

Standard & Poor’s Corporation – A recognized bond rating agency.

Structurally Balanced Budget – A balanced budget that supports financial sustainability for multiple years into the future.

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