2012 Budget - South Suburban Parks and Recreation
2012 Budget - South Suburban Parks and Recreation 2012 Budget - South Suburban Parks and Recreation
South Suburban Park and Recreation District Glossary Net Operating revenues - Amount by which net operating revenue exceed operating expenditures in an accounting period. Non-GAAP Budgetary Basis of Accounting – See Modified Accrual Non-Routine Capital Projects – are projects that are infrequent, new, or have a significant improvement which expands the original usage. Non-routine projects can also include projects with grant and/or joint funding sources. NRPA – National Recreation and Park Association Open Space - Open space generally refers to undeveloped land or water area. Operating Expenditures - An expense incurred in transacting normal operations. Operating Property Tax (Also See Property Tax) - The property taxes levied for general government use. Operating Revenue - Revenue from any regular source. PAR – Performance Achievement and Reward Plan PBIC – Planning, Building Infrastructure and Construction Department PCs – Personal Computers Performance Reward Plan – The system in which the District set goals, monitors performance, and awards merit increases to employees. This is a market driven program, which rewards employees for performance. PGA – Professional Golf Association Preliminary Assessed Valuation - The preliminary value set by the County Assessor on real and personal property in order to establish a basis for levying taxes. The preliminary assessed valuation is due from the county assessor by August 25 th of each year. Political Subdivision - A county, city, town, or other municipal corporation, a public authority, and generally any publicly owned entity that is an instrumentality of a state or of a municipal corporation Property Tax - is an ad valorem tax that an owner is required to pay on the value of the property being taxed. Property tax can be defined as, "a tax imposed by governments upon owners of property within their jurisdiction based on the value of such property." Proposed Budget - The budget document submitted to the Board of Directors for review, before it is approved and adopted. 308
South Suburban Park and Recreation District Glossary Proprietary Fund - in governmental accounting, one having profit and loss aspects; therefore it uses the accrual rather than modified accrual accounting method. The two types of proprietary funds are the enterprise fund and the internal service fund . Quasi Municipal Corporation - A quasi corporation generally refers to an entity that exercises some of the functions of a corporation, but has not been granted separate legal personality by statute, particularly a public corporation with limited authority and powers such as a county or school district. Regional Parks – Parks with amenities that serve a larger region of the District. Repurchase Agreement - A contract giving the seller of an asset the right or obligation to buy back the asset at a specified price on a given date. Reserve – An account used to record a portion of the fund balance that is legally restricted for a specific purpose and is not available for general appropriation. Reserved Fund Balance – a portion of the fund balance that is legally restricted for a specific purpose and is not available for general appropriation. Revenue – the increase in assets of governmental funds that do not increase liability or recovery of expenditure. This revenue is generally obtained from taxes and fees. Revenue Bond - Bond issued by a municipality to finance a specific public works project and supported by the revenues of that project. Routine Capital Projects – replacement equipment, facility improvements, and maintenance. SEMSWA – South East Metro Storm Water Authority South Platte Park Working Group – a collaboration of 19 local governments and community agencies working to preserve open space and recreation amenities along the South Platte River corridor. Special Revenue Fund – A fund used to account for the proceeds of a specific revenue source that are legally restricted to expenditures for a specific purpose. SSPRD – South Suburban Park and Recreation District 309
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<strong>South</strong> <strong>Suburban</strong> Park <strong>and</strong> <strong>Recreation</strong> District<br />
Glossary<br />
Net Operating revenues - Amount by which net operating revenue exceed operating<br />
expenditures in an accounting period.<br />
Non-GAAP <strong>Budget</strong>ary Basis of Accounting – See Modified Accrual<br />
Non-Routine Capital Projects – are projects that are infrequent, new, or have a significant<br />
improvement which exp<strong>and</strong>s the original usage. Non-routine projects can also include<br />
projects with grant <strong>and</strong>/or joint funding sources.<br />
NRPA – National <strong>Recreation</strong> <strong>and</strong> Park Association<br />
Open Space - Open space generally refers to undeveloped l<strong>and</strong> or water area.<br />
Operating Expenditures - An expense incurred in transacting normal operations.<br />
Operating Property Tax (Also See Property Tax) - The property taxes levied for general<br />
government use.<br />
Operating Revenue - Revenue from any regular source.<br />
PAR – Performance Achievement <strong>and</strong> Reward Plan<br />
PBIC – Planning, Building Infrastructure <strong>and</strong> Construction Department<br />
PCs – Personal Computers<br />
Performance Reward Plan – The system in which the District set goals, monitors<br />
performance, <strong>and</strong> awards merit increases to employees. This is a market driven program,<br />
which rewards employees for performance.<br />
PGA – Professional Golf Association<br />
Preliminary Assessed Valuation - The preliminary value set by the County Assessor on real<br />
<strong>and</strong> personal property in order to establish a basis for levying taxes. The preliminary<br />
assessed valuation is due from the county assessor by August 25 th of each year.<br />
Political Subdivision - A county, city, town, or other municipal corporation, a public<br />
authority, <strong>and</strong> generally any publicly owned entity that is an instrumentality of a state or of a<br />
municipal corporation<br />
Property Tax - is an ad valorem tax that an owner is required to pay on the value of the<br />
property being taxed. Property tax can be defined as, "a tax imposed by governments upon<br />
owners of property within their jurisdiction based on the value of such property."<br />
Proposed <strong>Budget</strong> - The budget document submitted to the Board of Directors for review,<br />
before it is approved <strong>and</strong> adopted.<br />
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