FY23 FULL BUDGET REPORT ADOPTED

become and expenditures are recorded when the liability is incurred. measurable and available

expenses, and health and life insurance payments.

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 fromcharges 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. 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. Revenue – A term used to represent actual or expected income to a specific fund.

Moody’s Investor Service – A recognized bond rating agency.

Net Bonded Debt – The amount calculated as gross bonded debt less debt service monies available at year-end less debt payable from Enterprise Revenues, which ultimately equates to amounts to be repaid through property taxes.

North Carolina Municipal Council - A recognized bond rating agency.

Objective – a statement of specific direction, purpose, or intent to be accomplished by staff within a program. Operating Budget – Includes all funds except those accounted for in the capital budget. The Operating Budget is adopted by the Town Council by budget ordinance amendment on a fiscal year basis. Operating Expenses – The cost of contractual services, materials, supplies and other expenses not related to personnel expenses and capital projects. Per Capita Debt – Th e amount of the Town’s debt divided by the population. It is used as an indication of credit position by reference to the proportionate debt borne per resident. Performance Measurement – Any systematic attempt to learn how responsive a government’s services are to the needs of constituents through the use of standards, workload indicators, etc.… Personnel Expenses – Cost of salaries, wages, and fringe benefits such as employer’s share of social security contributions, retirement

Surplus – The amount by which revenues exceed expenditures.

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