Adopted Budget Book FY 23-24 Final with TOC links - Flipbook - Page 396
Appendix → glossary
Property Tax: Also known as ad valorem tax. It is a tax levied on the assessed value of the real and
personal property.
PSAP: known as 911 Call Centers, and other Public Safety entities, to request support from the
Public Safety and Homeland Security Bureau and notify it of problems or issues impacting the provision of emergency services.
Public Safety: Functional classification for services provided by the City for the safety and security of the public, including law enforcement, fire control, protective inspections, emergency and
disaster relief, and other public safety services.
Real Property: Land, buildings, and other structures attached to it are taxable under state law.
Reassessment: The process of re-determining the value of a parcel of real estate for property tax
purposes. A reassessment is done to determine the property tax bills. Property bills are based
on the property’s assessed value and property tax rates. Changes in tax rates, the addition of new
taxes, and an overall increase or decrease in real estate values because of market conditions can
also affect the amount of a property tax bill. A reassessment usually causes an increase or decrease
in a property owner’s tax bill. The rolled-back rate will be slightly lower than the previous year’s
millage levy. This reduced rate multiplied by the value of the new construction/annexations added
to the roll during the year provides the only source of additional tax revenue if the rolled-back rate
is levied.
Reclaimed Water Project Fund (041): Accounts for wastewater projects used for irrigation and
other uses to extend the City’s water supplies. Projects are funded by inter-fund transfers from the
Water and Sewer Revenue Fund.
Reserve: An account indicates that a portion of a fund’s balance is legally restricted for a specific
purpose and is, therefore, not available for general appropriation.
Revenue: Income of a government from sources, such as tax payments, fees from specific services,
receipts from other governments, shared revenues, interest income, and fines and forfeitures.
Rolled Back/Roll Back Rate: That millage rate which, when multiplied times the tax roll, exclusive
of new construction added to that tax roll, would yield the same amount of revenue for the taxing
authority as was yielded by the millage rate levied in the previous year. In normal circumstances,
as the tax roll rises due to inflation of increasing property values, the roll-back rate will be lower
than the last year’s tax rate.
Sales Tax Revenue Bond Fund (010): This fund accounts for the City’s share of the one-cent infrastructure sales tax, which is restricted to capital projects.
Special Assessment: A compulsory levy imposed on certain properties to defray part or all the cost
of a specific improvement or service that primarily benefits those properties.
Special Revenue Fund: Governmental fund type used to account for the proceeds of specific
revenue sources that are restricted or committed to expenditure for specified purposes other than
debt service or capital projects and exclusive of resources held in trust for individuals, private organizations, or other governments.
State Shared Revenue: Revenues are assessed and collected by the State of Florida, then allocated
and returned to the municipalities. The largest portion of state shared revenues is sales tax.
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City of Eustis, Florida
Adopted Budget
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