2022 Adopted Budget - Laserfiche WebLink

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SPECIAL REVENUE FUND: To account for revenue derived from specific revenue sources that are legally restricted for specific purposes. SY: Abbreviation for square yard, which is how sealcoating and street overlay projects are measured. TAXABLE MARKET VALUE: That portion of a property's market value that is used to calculate property taxes. TAX CAPACITY: An amount determined by a percentage of a property's market value, which is than applied to the tax rates of taxing jurisdictions affecting the property to determine the amount of property taxes owed. The current tax rates and property classifications can be found on page 135. TAX CAPACITY RATE: Tax rate applied to tax capacity to generate property tax revenue. The rate is obtained by dividing the property tax levy by the available tax capacity. TAX CLASSIFICATION RATE: Rate at which estimated market values are converted into the property tax base. The classification rates are assigned to properties depending on their type (residential, commercial, farm, etc.) and, in some cases there are two tiers of classification rates, with the rate increasing as the estimated market values increases. TAX INCREMENT FINANCING (TIF): Financing tool originally intended to combat sevens blight in areas, which would not be redeveloped "but for' the availability of government subsidies derived from locally generated property tax revenues. TAX LEVY: The total amount to be raised by general property taxes for the purpose stated in the resolution certified to the county auditor. TAX RATE: The amount applied to tax capacity to determine the taxes generated by the property. TAXES: Compulsory charges levied by a governmental unit for the purpose of financing services performed for the common benefit. TRUST AND AGENCY FUNDS: Funds used to account for assets held by a government in a trust capacity or as an agent for individuals, private organizations, other governments and/or other funds. TRUST FUND: A fund consisting of resources received and held by the governmental unit as trustee, to be expended or invested in accordance with the conditions of the trust. UNBALANCED BUDGET: A budget which undesignated fund balance or reserves are used in order to balance estimated revenues to estimated expenditures or expenses. UNRESERVED FUND BALANCE: The portion of a fund's balance that is not restricted for a specific purpose and is available for general appropriation. USER FEES: The payment of a charge for direct receipt of a public service by the party benefiting from the service. WORKLOAD INDICATOR: A unit of work to be done. 73