2012-2013 Budget - City of Saginaw MI

LONG-TERM DEBT – Debt with a maturity ofmore than one year after date of issuance.M –MILL – A taxation unit equal to one dollar of taxobligation for every $1,000 of assessed valuationof property.MILLAGE – The total tax obligation per $1,000of assessed valuation of property.MISSION – A statement that defines thefundamental purpose of the department succinctlydescribing why it exists and what it does toachieve its pupose.MODIFIED ACCRUAL – The method ofaccounting that is a mixture of both cash andaccrual bases concepts. Revenues are recordedwhen they are both measurable and available tomeet current liabilities. Expenditures are recordedwhen goods or services are received.MSHDA (Michigan State Housing DevelopingAuthority.) The Michigan State Housing Development Authorityprovides financial and technical assistance through public and privatepartnerships to create and preserve safe and decent affordable housing.N –NOTE – A short-term promise to repay aspecified amount of money (the face value of thenote) on a particular date (maturity date). Notesare primarily used to supplement current cashflow in anticipation of taxes and other revenues tobe received, or to provide interim financing forcapital projects in anticipation of the issuance ofbonds.O –OPERATING BUDGET – That portion of abudget that deals with recurring expenditures suchas salaries, electric bills, postage, printing andduplicating, paper supplies, and gasoline.OPERATING EXPENSES – Ongoing costsassociated with sustaining City governmentoperations such as: communications, professionalfees, insurance, rentals, maintenance and repairs,contracted services, supplies, and minor capital.ORGANIZATIONAL CHART – A chartrepresenting the authority, responsibility, andrelationships among departments, bureaus, anddivisions within the City organization.P –PART-TIME POSITION – A position regularlyscheduled for no more than 25 hours per week.PERFORMANCE-BASED BUDGETING – Amethod of allocating resources to achieve specificobjectives based on program goals and measuredresults.PERFORMANCE OBJECTIVE – A goalwhose attainment can be reasonably achievedwith available resources that assist the departmentin accomplishing its mission.PERSONNEL SERVICES – Expendituresrelating to compensating employees of the Cityincluding wages, salaries, and special pay such aslongevity, holiday, vacation, sick, personal, andbereavement; overtime and shift differential;fringe benefits such as FICA, health, and lifeinsurances; and miscellaneous expenditures suchas pension plan contributions, workers’compensation, and unemployment compensationcosts.PROGRAM – An organized set of activitiesdirected toward a common purpose or goal that anagency undertakes or proposes to carry out itsresponsibilities.PROPERTY TAX RATE – A rate set either by alocal governing board or in state law that, whenapplied to the tax base (assessed value), representsthe property owner’s tax liability.PROPOSED BUDGET – The City’s resourceallocation plan for the fiscal year as prepared andrecommended by the Mayor for consideration byCity Council.445