GLOSSARY
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. A certificate of debt issued by an entity, guaranteeing payment of the original investments, plus interest. 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. 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. Comprised of the Mayor and four City Councilmembers who are elected at large by registered voters of the City. Councilmembers each serve a four-year term and the mayor serves a two-year term. The City of Irvine has a two-term limit for elected officials. The City Council adopts legislation, sets policy, adjudicates issues and establishes the budget of the City. Provides eligible metropolitan cities and urban counties with annual direct grants to revitalize neighborhoods; expand affordable housing and economic opportunities; and/or improve community facilities and services, principally to benefit low- and moderate-income persons. A special district that can issue tax-exempt bonds as a mechanism by which public entities finance construction and/or acquisition of facilities and provide public services to the district. 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.
Bonds
Budget Surplus
California Environmental Quality Act (CEQA) California Transportation Commission (CTC)
Capital Equipment
Capital Expenditure
Capital Improvement Program (CIP) Budget
City Council (CC)
Community Development Block Grant (CDBG)
Community Facilities District (CFD)
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FY 2019-21 Proposed Budget
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