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2013–2014 BIENNIAL BUDGET - the City of Tukwila

2013–2014 BIENNIAL BUDGET - the City of Tukwila

2013–2014 BIENNIAL BUDGET - the City of Tukwila

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2013-2014 Biennial Budget <strong>City</strong> <strong>of</strong> <strong>Tukwila</strong>, WashingtonREVENUES. (1) Increases in <strong>the</strong> net current assets <strong>of</strong> a governmental fund type from o<strong>the</strong>r thanexpenditure refunds and residual equity transfers. Also, general long-term debt proceeds and operatingtransfers in are classified as "o<strong>the</strong>r financing sources" ra<strong>the</strong>r than as revenues. (2) Increases in <strong>the</strong> nettotal assets <strong>of</strong> a proprietary fund type from o<strong>the</strong>r than expense refunds, capital contributions andresidual equity transfers. Also, operating transfers in are classified separately from revenues.SPECIAL ASSESSMENTS. A compulsory levy made against certain properties to defray all or part <strong>of</strong><strong>the</strong> cost <strong>of</strong> a specific capital improvement or service deemed to benefit primarily those properties.SPECIAL REVENUE FUND. A fund used to account for <strong>the</strong> proceeds <strong>of</strong> specific revenue sources (o<strong>the</strong>rthan expendable trusts or major capital projects) that are legally restricted to expenditure for specifiedpurposes. GAAP only require <strong>the</strong> use <strong>of</strong> special revenue funds when legally mandated.TAXES. Compulsory charges levied by a government to finance services performed for <strong>the</strong> commonbenefit. This term does not include specific charges made against particular persons or property forcurrent or permanent benefits, such as special assessments. Nei<strong>the</strong>r does <strong>the</strong> term include charges forservices rendered only to those paying such charges (e.g., sewer service charges).TAX LEVY ORDINANCE. An ordinance through which taxes are levied.TAX RATE. The amount <strong>of</strong> tax stated in terms <strong>of</strong> a unit <strong>of</strong> <strong>the</strong> tax base (e.g., specified amount per $1,000<strong>of</strong> assessed valuation <strong>of</strong> taxable property).TAX RATE LIMIT. The maximum rate at which a government may levy a tax. The limit may apply totaxes raised for a particular purpose or to taxes imposed for all purposes, and may apply to a singlegovernment or to a class <strong>of</strong> governments operating in a particular area. Overall tax-rate limits usuallyrestrict levies for all purposes and <strong>of</strong> all governments, state and local, having jurisdiction in a given area.Page 381

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