FY 2023-2028 CIP Budget Book

Abatement – Abatement usually applies to tax levies, special assessments, and service charges. Accounting System – The methods and records established to identify, assemble, analyze, classify, record, and report a government’s transactions and to maintain accountability for the related assets and liabilities. Adoption – Formal action by the City Council that sets the spending limits for the fiscal year. Appropriation – A legal authorization granted by the City Council to make expenditures and incur obligations for specific purposes. Americans with Disabilities Act of 1990 (ADA) – A civil rights law prohibiting discrimination against individuals with disabilities in all areas of public life and all public and private places that are open to the general public. Assessment District – A separate local government agency formed to provide specific local public improvements that directly benefit district members. Audit – A systematic collection of the sufficient, competent evidential matter needed to attest to fairness of management’s assertions in the financial statements or to evaluate whether management has efficiently and effectively carried out its responsibilities. Budget – A plan of financial operation embodying an estimate of proposed expenditures for a given period and the proposed means of financing them. Budgetary Control – The control or management of a government or enterprise in accordance with an approved budget for the purpose of keeping expenditures within the limitations of available appropriations and revenues. Capital Improvement – Construction or major repair of City buildings, infrastructure, and facilities such as streets, roads, highways, bridges, curbs, gutters, sidewalks, storm drains, traffic signals, streetlights, gas and water distribution facilities, and parks. Capital Improvement Program (CIP) – Annual appropriations in the City’s budget for capital purposes such as street improvements, building construction, and park improvements. Capital Expenditures – Expenditures resulting in the acquisition of or addition to the government’s general fixed assets having a unit cost of $5,000 or more and a useful life of greater than five years. Capital Outlay – Expenditures which qualify as capital costs according to accounting standards. This includes furniture, fixtures, machinery, equipment, and other relatively minor fixed assets. Capital Project – A specific undertaking involving the procurement, construction, or installation of facilities and related equipment which improves, preserves, enhances, or modernizes the City’s provision of municipal services, has a long ‐ term useful life, and for which costs exceed $50,000. Construction Engineering or Construction Management– Engineering work during the construction process that ensures projects are constructed in accordance with design parameters and specifications. The primary construction engineering functions are construction inspections, laboratory services, field surveys, and design plan updates or interpretations. Glossary of Terms 201