Glossary

Adopted Budget
The adopted budget is the financial plan for the fiscal year, required by law to be approved by the Sarasota County Board of County Commissioners.
 
Ad Valorem Tax
A tax levied by a local government against the assessed valuation of real or personal property. The amount of tax is determined by multiplying the taxable value of the property times the millage rate.

Appropriation
A legal authorization granted by the Board of County Commissioners to make expenditures and to incur obligations for specific purposes. Appropriations are made for fixed amounts and are granted for a one-year period from budgeted operating funds.

Assessed Value
A valuation on real estate or other property by a government as a basis for levying taxes. Taxable valuation is calculated from an assessed valuation. The assessed value is set by the Property Appraiser.

Board of County Commissioners (BCC)
Five-member legislative and governing body for Sarasota County.

Bond
Written evidence of the issuer’s obligation to repay a specified principal amount on a certain date (maturity date), together with interest at a stated rate or according to a formula for determining that rate.

Budget
A financial plan containing an estimate of proposed revenues and expenditures for a given period (typically a fiscal year).

Business Center
An organizational structure used to account and budget for the revenues and expenses of a functional area.

Business Unit
A group of resources organized to provide related services.

Capital Budget
The financial plan of capital project expenditures for the fiscal year beginning Oct. 1. It incorporates anticipated revenues and appropriations included in the first year of the six-year Capital Improvements Program (CIP) and any anticipated unspent appropriation balances from the previous fiscal year. The Capital Budget is adopted by the Board of County Commissioners as a part of the annual county budget.

Capital Improvement Program (CIP)
A plan for capital expenditures to be incurred each year over a fixed number of years to meet capital needs arising from the long-term work program.

Capital Outlay
Items such as office furniture, fleet equipment, data processing equipment and other operating equipment with a unit cost of at least $1,000.

Capital Project
Major construction, acquisition, or renovation activities that add value to a government's physical assets or significantly increase their useful life.

Charge for Services
Charges for a specific governmental service which cover the cost of that service. (Building permits, animal licenses and park fees, for example).

Comprehensive Annual Financial Report (CAFR) 
The CAFR is an annual financial report prepared by the Clerk of Circuit Court and County Comptroller. The report provides statements of financial condition and operations of Sarasota County in accordance with Generally Accepted Accounting Principles (GAAP). 

Consolidated Major Revenue and Debt Report 
The Consolidated Major Revenue and Debt Report is prepared to identify and explain the nature, collection history, legal authorization, uses and restrictions of the County's primary revenue sources.  For the purpose of this report, a major revenue source is defined as a financial resource greater than $1 million on an annual basis.  It also outlines the history and provides a brief description of all outstanding County indebtedness, a review of the County's bonded debt over the last ten years and a comparison of Sarasota County's debt to that of other similarly populated counties in Florida. Furthermore, the report provides an overview of the County's arbitrage issues with schedules showing history of debt affected by arbitrage, the financial impact, and current status.

Constitutional Officers
Elected officials whose positions are authorized in the State Constitution: the Clerk of the Circuit Court, Property Appraiser, Sheriff, Supervisor of Elections and Tax Collector.

Core Service
An organizational structure responsible for operations grouped together (across functional areas) due to the consistent nature of services performed, to serve a common set of customers and to gain economies of scale.

Debt Service
The money required to repay funds borrowed by issuing bonds or a bank loan. The components of the debt service payment typically include an amount to retire a portion of the principal amount borrowed (For example, amortization), as well as interest on the remaining outstanding unpaid
principal balance.

Debt Service Fund
An account into which an issuer makes periodic deposits to provide money to pay debt service requirements (for example, principal and interest). The amounts deposited into the debt service fund and payments from it are determined by terms of the bond covenants.

Dependent Special District
A special district whose governing body or budget is established by the governing body of the county or municipality.

Elected Officials
Elected County and State government officials include the Board of County Commissioners, the Clerk of the Circuit Court, Property Appraiser, Sheriff, Supervisor of Elections, Tax Collector, members of the Charter Review Board, Public Defender and State Attorney.

Enterprise Fund
A fund used for operations that are financed and operated like private businesses - the governing body wants to pay for the costs (expenses, including depreciation) of goods or services to the public with user charges.

Expense Category
Also known as object code. A budget or accounting category that designates the type of expense to be charged to a business center, such as equipment, tools, or office supplies.

Expenditure  
Payments; decreases in net financial resources.

Financial Amendment (Budget Resolution) - A Resolution of the Board of County Commissioners, which amends the adopted budget.  

Fire Protection District
A designated area in the county where non-ad valorem revenues are collected from property owners to finance fire suppression services.
Fiscal Year
A 12-month period to which the annual operating budget applies and at the end of which a government determines its financial position and the results of its operations. In Florida, the fiscal year for all local governments extends from October 1 to September 30.

Fund
An accounting entity with a set of self-balancing accounts established for finances of a function or activity. The resources and uses are segregated from other resources to carry out specific activities or attain specific objectives in compliance with special regulations, restrictions or limitations.

Funding Sources
The type or origination of funds for ongoing or one-time expenditures. (ad valorem taxes, user fees, licenses, permits and grants).

General Fund
This fund accounts for all financial transactions except those required to be accounted for in other funds. The fund’s resources, ad valorem taxes and other revenues provide services or benefits to all residents of Sarasota.

Impact Fee
A fee imposed on new development in order to pay for the additional demand generated. 

Infrastructure
Infrastructure is a building, road or water transmission system that provides public services.

Intergovernmental Revenue
Revenue collected by one government and distributed to another level of government.

Internal Service Fund
A fund established to finance and account for services and commodities furnished by one department to other departments on a cost reimbursement basis.

Invoice 
A document issued by a seller to the buyer, indicating the products, quantities, and agreed prices for products or services the seller has provided the buyer.

Lighting Improvement District (LID)
Compulsory levies against certain properties to defray all or part of the cost of specific lighting improvements or services presumed to be of general benefit to the public and of special benefit to the assessed property.

Mandate
A requirement imposed by a legal act of the federal, state or local government.

Millage Rate
A rate applied to a property’s taxable value to determine property tax. As used with ad valorem (property) taxes, the rate expresses the dollars of tax per $1,000 of taxable value (For example, a 5-mill tax on $1,000 is $5).

Mission Statement
A brief statement that explains “who we are, why we exist, and what we do.”

Municipal Service Taxing Unit (MSTU)
The MSTU is a legal and financial mechanism to provide specific services and/or improvements. A MSTU may levy ad valorem taxes without a referendum. An MSTU may also use assessments, service charges or other revenue to provide resources. The MSTU is one type of dependent special district. In Sarasota County, the MSTU covers all the unincorporated area of the county.

Non-Ad Valorem
A tax that is not tied to the value of personal or real property. Generally those taxes other than property tax.

Object code 
A code used to classify transactions into specific categories.

Operating Budget
The operating budget includes appropriations for recurring and onetime expenditures for day-to-day operations (For example, salaries and related benefits, operating supplies, contractual and maintenance services, professional services and software).

Operating Expenses
Appropriations for recurring and onetime expenditures for day-to-day operations (For example, 
operating supplies, contractual and maintenance services and professional services).

Org Code
An expenditure account within a fund, separated for the purpose of identifying specific resources that will be applied toward a specific goal. 

Payment Date
The date upon which a payment is produced or, in the case of electronic transfers, the date upon which a payment is transmitted.
 
Personal Services
Category of expenses related to salaries and benefits.

Project Amendment – A Resolution of the Board of County Commissioners, which amends the adopted Capital Improvement Program to incorporate a newly created project.

Public Improvement District (PID)
Compulsory levies against certain properties to defray all or part of the cost of specific road improvements or services presumed to be of general benefit to the public and of special benefit to the assessed property.

Reserves
Funds to meet anticipated and unanticipated needs. The balance of revenues not required for operation in the budget year. Funds required to be set aside by bond covenants and accumulated funds set aside to finance capital construction on a pay-as-you-go basis.

Revenue
The amount estimated to be received from taxes, fees, permits or other sources during a fiscal year.

Revised Budget
The current year adopted budget adjusted to reflect all budget amendments approved by the Board of County Commissioners.

Rolled-Back Rate
The “rolled-back rate”is that millage rate which, when applied to the total amount of taxable value of property (excluding new construction), produces the same amount of tax dollars as the previous year.

Service Level (SL)
A defined service level following an evaluation. A SL indicates the priority of the service and a possible service reduction if resources are necessary for another purpose.
 
Special Assessment Fund
A fund used to account for the financing of public improvements or services deemed to benefit the properties against which special assessments are levied.

Special Revenue Fund
A fund used for specific revenue sources (other than expendable trusts or major capital projects) that are restricted to expenditures for specified purposes.

Statute
A written law enacted by a duly organized and constituted legislative body.

Taxes
Taxes are compulsory charges to finance services.

Taxable Value
The assessed value of property minus any authorized exemptions (agricultural, homestead exemption). This value is used to determine the amount of property (ad valorem) tax levied.

Transfers
Because of legal or other restrictions, money in one fund may be needed in other funds. This is accomplished through transfer-in (a source of funds) for the recipient fund and an equal transfer-out (a use of funds) for the donor fund. When this occurs between different funds, it is known as an interfund transfer.

Truth in Millage Notice (TRIM)
The Property Appraiser sends a TRIM Notice to all property owners as required by law, usually each August. The TRIM Notice tells property owners the taxable value of their property and provides information on proposed millage rates and taxes as estimated by each Sarasota County taxing authority which includes the County Commission, School Board, cities, etc. The TRIM Notice also gives property owners information on proposed millage rates and taxes as estimated by the county’s taxing authorities. It also states when and where these authorities will hold public meetings to discuss tentative budgets and set the final tax millage rates.

Unincorporated Area
That portion of the County that is not within the boundaries of any municipality.

Vendor
A company or individual who provides goods or services in exchange for payment.  Vendor names are not unique therefore an entity with multiple locations may be displayed several times.