Adopted Budget Book FY 23-24 Final with TOC links - Flipbook - Page 394
Appendix → glossary
ISO: Insurance Service Office, provides fire rating as a score provided to fire departments and
insurance companies.. The score reflects how prepared a community and area is for fires.
KPIs: Key Performance Indicators are the critical (key) quantifiable indicators of progress toward
an intended result. KPIs provide a focus for strategic and operational improvement, create an analytical basis for decision making and help focus attention on what matters most.
Law Enforcement Trust Fund (064): This fund accounts for fines received because of drug forfeitures, restricted to drug enforcement training and programs for police officers.
Levy: To impose taxes, special assessments, or service charges. Or another term used for millage
rate.
Library Capital Expansion Trust Fund (069): This fund is used to identify capital projects dedicated to expanding the Eustis Memorial Library. Funding is provided by donations, impact fees,
and inter-fund transfers.
Line Item: An expenditure classification according to the type of item purchased or service
obtained, for example, regular salaries, professional services, repairs, and maintenance. See
Object Code.
Long-Term Debt: Debt with a maturity of more than one year after the date of issuance.
LRFP - Long Range Financial Plan is the process of budgeting for operations and growth and
renewal for buildings, infrastructure and land.
Major Fund: Major funds are funds in which revenues, expenditures/expenses, assets, or liabilities
(excluding extraordinary items) are at least 10 percent of corresponding totals for all governmental
or enterprise funds and at least 5 percent of the aggregate amount for all governmental and enterprise funds.
Mill: Ad valorem (property) tax valuation unit equals $1 of tax obligation for every $1,000 taxable
valuation.
Millage: The total tax obligation per $1,000 of taxable valuation property.
Millage Rate: A rate per $1,000 of the taxable property value which, when multiplied by the taxable
value, yields the property tax billing for a given parcel.
Mission Statement: Statement that defines the purpose and function of the city.
Miscellaneous (Funding Source): Revenues other than those received from authoritative sources
such as taxes, licenses and permits, grants, and user fees.
Modified Accrual Basis of Accounting: The basis of accounting used in conjunction with the
current financial resource’s measurement focus modifies the accrual basis of accounting in two
ways: 1) revenues are not recognized until they are measurable and available 2) expenditures are
recognized in the period in which governments generally liquidate the related liability rather than
when that liability is first incurred (if earlier).
Non-Departmental: Compilation of expenditures that are not assigned to a specific department.
Object Code: An account to which an expense or expenditure is recorded to accumulate and categorize the various types of payments that governments make. These are generally grouped into
Personnel Services, Operating Expenses, Capital Outlay, and Other categories for budgetary anal-
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City of Eustis, Florida
Adopted Budget
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