the municipal secretary desktop reference manual - Southwestern ...

assessed value-A valuation set upon real estate or other property by the assessor as a basis
for levying real estate taxes.
at-will employee-A non-union, non-civil service public employee, subject to dismissal at
any time, for any reason, or for no reason, provided due process is followed. However, a
public employer may not freely discharge an employee where a statute or constitutional
principle protects the employee against discharge, or where the discharge violates a clear
mandate of public policy.
audit-An examination of the financial and related records of an agency and the report based
on such examination.
auditors’ opinion-There are four types: unqualified, qualified, adverse and disclaimer. The
first is rendered when financial statements present fairly the financial position of the unit; the
second is used to note exception - the financial statements fairly represent “except…..”
Opinion three is used when these statements do not fairly represent a unit’s financial
position. A disclaimer is used when the auditor cannot perform examination sufficient in
scope to render an opinion.
autonomy-Independence; a self-governing entity.
back-end coverage-Insurance coverage that insures against a loss incurred prior to the
issuance of the insurance policy.
base flood-The flood having a one percent (1%) chance of being equaled or exceeded in any
given year, as shown on the Federal Insurance Administration Flood Hazard Boundary Map.
base flood elevation-The highest elevation, expressed in the feet above sea level, of the level
of flood waters occurring in the regulatory base flood.
bid-Formal quotation, based on common specifications, for the provision of goods or
services, opened at public meeting for consideration and award.
bid bond-Bid security submitted by bidder to guarantee that a bidder will enter into a
contract within a specified time and furnish any required performance bond.
boiler and machinery insurance-Protects against loss caused to or by boilers, pressure
vessels, machinery, air conditioning or refrigeration equipment.
bond-A form of money guarantee or protection against financial loss caused by dishonest
acts or non-faithful performance of duties.
borrowing base-Established by a formula stipulated in the Local Government Unit Debt
Act, used as the base against which the statutory debt limits are applied. Once calculated by
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