GLOSSARY
Activity Number - The account number assigned to a department or a specific function within a department.
Ad Valorem Tax - A tax based on the value of the taxable item.
Appropriation - An authorization by the City Council to make expenditures and to incur obligations for a specific purpose. An appropriation is usually limited in amount and the time when it may be expended (i.e., fiscal year).
Assessments - Charges made to parties for actual services or benefits received. These are considered Direct Benefit Charge Revenues to the City.
BKK - A Corporation that operated a landfill in the City that has been a major source of revenue for many years.
Budget - A plan of financial operation, listing an estimate of proposed appropriations or expenses and the proposed means of financing them for a particular time-period. The budget is proposed until it has been approved by the City Council. West Covina's adopted budget is for fiscal year 2000-2001 only, except for the Capital Improvement Program, for which funding is for the life of the projects approved.
Budget Message - A general discussion of the proposed budget is presented in writing by the City Manager to the City Council. The budget message contains an explanation of the principal budget items and summaries, major issues impacting the budget and challenges facing the City.
Capital Improvement - A permanent addition to the City's assets, including the design, construction or purchase of land, buildings or facilities or major renovations of the same.
Capital Improvement Program (CIP) - A long-range plan of proposed Capital Improvement Projects with single and multiple-year capital expenditures. The CIP is updated annually. Appropriations for each approved project are presented in the annual budget. Some projects may span more than one fiscal year.
Contingencies - Funds set aside by the City for economic uncertainties.
Department - An organizational unit which has the responsibility for providing programs, activities and functions in a related field.
Direct Benefit Charges - Revenues received by the City from parties or agencies utilizing the services or benefits performed.
Equipment Outlay - A budget category which budgets all equipment having a unit- cost of more than $500 and an estimated useful life of more than one year.
Expenditure - The actual spending of funds set-aside by an appropriation.
Fiscal Year - A twelve-month period of time which the budget applies. For West Covina, it is July 1 through June 30.
Fiscal Year Objectives - A specific description of an end result of work standard to be achieved during a fiscal year.
Fund - An independent fiscal and accounting entity used to record all financial transactions related to the specific purpose for which the fund was created.
General Fund - The primary fund of the City used to account for all revenues and expenditures of the City not legally restricted as to use.
Grant - Contributions or gifts of cash or other assets from another entity to be used or expended for a specific purpose, activity or facility. An example is the Community Development Block Grant given by the Federal Government.
Line-Item Budget - A budget that shows the greatest level of detail.
Local Enforcement Agency (LEA) - An agency designated by the City and certified by California Environmental Protection Agency (Cal EPA) Integrated Waste Management Board. The LEA enforces the waste management laws and regulations promulgated by the Cal EPA Integrated Waste Management Board.
Long-Range Financial Plan - A course of action set forth by the City Council consisting of several financial components to be implemented over time to provide for the fiscal stability of the City.
Long-Term Goals - Statements of high aspirations, usually representing an end result or condition toward which efforts are directed, i.e., meeting the needs of the City as set forth by the elected officials through policy directives.
Materials and Services - Expenditures for materials and services that are ordinarily consumed within a fiscal year.
Non-Restricted Revenues - Revenues received by the City that can be expended for any governmental activity.
Operating Budget - Annual appropriation of funds for ongoing program costs, including salaries and benefits, materials and services, equipment outlay and debt service.
Personnel Services - A budgetary category for salaries and benefits for City full and part-time personnel.
Redevelopment Agency - An organization formed in 1971 as a separate agency from the City to assist and facilitate the revitalization of certain areas of the city and to promote economic development within the city.
Resource Management - A breakdown of the functional areas for each department and an allocation of City resources to those functional areas.
Restricted Revenues - Revenues received by the City, that must be expended in specific areas or for specific purposes. Restrictions may arise from legal, grant or contractual requirements.
Revenues - Money received from taxes, fees, permits, licenses, interest and inter-governmental sources during the fiscal year.
Salaries and Benefits - A budget category which accounts for full-time and limited-service employees, over-time expenses and all employee benefits.
Strategies - Describes in general terms those actions or activities that will be expedited to achieve the fiscal year objectives.
Subventions - That portion of revenues collected by outside agencies on behalf of the City. An example would be Motor Vehicle fees collected by the State.
Workload Indicators - A specific measurement used to estimate the level of activity that will be undertaken during a fiscal year in the specific area identified.
Work Program - A compilation of a department's or the City's goals, objectives and key workload indicators for the fiscal year. The work program is more detailed than the information provided in the annual budget and is contained in a separate document that is updated quarterly.
|