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Grants
– Contributions or gifts of cash or other
assets from another government to be used or
expended for a specified purpose, activity or
facility.
In Lieu of Taxes –
A contribution by
benefactors of Town services who are tax exempt.
Interest –
Compensation for the use of
borrowed money, generally expressed as an
annual percentage of the principal amount.
Interfund Transfers –
The movement of
moneys between funds of the same governmental
entity.
Interfund Loan -
The loan of moneys between
funds of the same governmental entity for cash
flow purposes with full intent to reimburse.
Intergovernmental Revenue –
Revenue
received from another government for general
purposes or special intent.
Law Enforcement Officer’s (LEO) Special
Separation Allowance
– A single-employer
defined benefit plan that provides retirement
benefits to the Town’s qualified sworn law
enforcement officers.
Lease –
A contract for temporary use of
equipment or facilities at a negotiated price.
Levy –
To impose taxes for the support of
government services and activities.
Liabilities –
Probable future sacrifices of
economic benefits arising from present
obligations of a particular entity to transfer assets
or provide services to other entities in the future
as a result of past transactions or events.
Local Government Budget and Fiscal
Control Act –
General Statute of the State of
North Carolina governing budgetary and fiscal
affairs of local governments.
Mission –
A broad statement outlining the
Town’s purpose for existing.
Modified Accrual Basis –
A method for
accounting for the receipt and expenditure of
funds whereby revenues are recorded when they
become measurable and available and
expenditures are recorded when the liability is
incurred.
Moody’s Investor Service –
A recognized
bond rating agency.
Net Bonded Debt
– The amount calculated as
gross bonded debt less debt service monies
available at year-end less debt payable from
Enterprise Revenues, which ultimately equates to
amounts to be repaid through property taxes.
North Carolina Municipal Council -
A
recognized bond rating agency.
Objective
– a statement of specific direction,
purpose or intent to be accomplished by staff
within a program.
Operating Budget –
Includes all funds except
those accounted for in the capital budget. The
Operating Budget is adopted by the Town Council
by budget ordinance amendment on a fiscal year
basis.
Operating Expenses –
The cost of contractual
services, materials, supplies and other expenses
not related to personnel expenses and capital
projects.
Per Capita Debt –
The amount of the Town’s
debt divided by the population. It is used as an
indication of credit position by reference to the
proportionate debt borne per resident.
Performance Measurement –
Any systematic
attempt to learn how responsive a government’s
services are to the needs of constituents through
the use of standards, workload indicators, etc.…
Personnel Expenses –
Cost of salaries, wages,
and fringe benefits such as employer’s share of
social security contributions, retirement
expenses, and health and life insurance
payments.