FY 2025 BUDGET BOOK - Flipbook - Page 354
Budget: A financial plan for a specified period (fiscal year) that matches anticipated revenues with
proposed expenditures.
Budget Calendar: An annual schedule of key dates or milestones that the City follows in the
preparation, adoption, and administration of the budget.
Budget Message: A written explanation by the City Manager that serves as an introduction to the
budget. It provides the reader with a summary of the most critical aspects of the budget, changes
from previous fiscal years, and recommendations regarding the financial policy for this fiscal year.
Capital Asset: Land, improvements to land, easements, buildings, building improvements, vehicles,
machinery, equipment, works of art and historical treasures, infrastructure, and all other tangible
or intangible assets that are used in operations and that have initial useful lives extending beyond a
single reporting period and a cost of $5,000 or more.
Capital Expenditure: All machinery, equipment, vehicles, and computers costing $5,000 or more
and having a useful life of one year or more. These expenditures can be dedicated to acquisitions
that range from office furniture and desktop computers to vehicles, heavy equipment, land,
buildings, roads, and other infrastructure.
Capital Improvement: A capital expenditure of $25,000 or more in value and has a useful life of five
years or more. They can be both recurring and non-recurring. The purchases can be for new capital
assets, renewal, or replacement of support already in service. Significant non-recurring capital
expenditure is defined as one that is $1 million or greater.
Capital Improvement Program (CIP): A projected plan for capital expenditures to be incurred
each year over five years sets forth each capital project, the amount to be expended each year, and
the method of financing those expenditures.
Charges for Services: These are charges for specific services provided to specific individuals
and entities. These charges include water and solid waste services, building fees, and other such
charges.
City Commission: The elected policy-setting body for the City.
City Manager: A person not publicly elected but appointed by a city council to manage a city.
Community Development Block Grant: Grant money received under the Small Cities Community
Development Block Grant Program funded by the Department of Housing and Urban Development.
Community Redevelopment Trust Fund (CRA) (014): This fund accounts for the activity within the
special revenue district, which has been established per F.S. 163 Part III. The revenue is based on
the incremental property values since the fund’s establishment in 1990.
Consumer Price Index (CPI): The statistical measure of changes, if any, in the overall price level of
consumer goods and services. The index is often called the “cost-of-living index.”
COVID-19 – is an acute respiratory illness in humans caused by a coronavirus, capable of producing
severe symptoms and, in some cases, death, especially in older people and those with underlying
health conditions. It was initially identified in China in 2019 and became a pandemic in 2020.
Culture and Recreation: Functional classification for expenditures to provide city residents
opportunities and facilities for cultural, recreational, and educational programs, including parks
and recreation.
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