GLOSSARY
Assessed Valuation (Unsecured)
The remainder of the assessment roll that is not on the secured roll. The taxes on the unsecured roll are a personal liability of the assessed owner.
Assessment District (AD)
A separate unit of government that manages specific resources within defined boundaries. It can raise predictable funds, such as taxes, user fees or bonds, directly from the people who benefit from the services. An official inspection of the City’s accounts, typically by an independent body to ensure operations are in conformity with generally accepted accounting principles.
Audit
Balanced Budget
A budget in which planned expenditures do not exceed planned revenues.
Bond Refinancing
The payoff and re-issuance of bonds to obtain better interest rates and/or bond conditions.
Bonds
A certificate of debt issued by an entity, guaranteeing payment of the original investments, plus interest.
Budget Surplus
The difference between operating revenues and operating expenditures. The Budget Surplus may be used for ongoing expenses (as opposed to year-end balance, which may be used only for one-time expenses). A state statute enacted in 1970 that requires state and local agencies to identify the significant environmental impacts of their actions and to avoid or mitigate those impacts, if feasible (ceres.ca.gov/ceqa). The agency responsible for programming and allocating funds for the construction of highway, passenger rail and transit improvements throughout California (www.catc.ca.gov). Equipment (fixed assets) with an initial individual cost of $5,000 or more and an expected useful life greater than two years, such as automobiles, microcomputers and furniture.
California Environmental Quality Act (CEQA) California Transportation Commission (CTC)
Capital Equipment
Capital Expenditure
Expenditure for tangible property with an initial individual cost of $5,000 or more and an expected useful life greater than two years per item.
Capital Improvement Program (CIP) Budget
A multi-year financial plan for construction of infrastructure, facilities, and rehabilitation such as buildings, streets, storm drains, and recreational facilities with an initial individual cost of at least $50,000 and an estimated useful life greater than two years.
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FY 2023-25 Adopted Budget
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