Glossary of Budget Terminology
POWELL BILL REVENUES : State-shared revenues from the gasoline tax which are distributed to municipalities based upon population and non-state street mileage . By state statute , Powell Bill expenditures are restricted to improvements in streets or other public thoroughfares .
PROGRAM : A specific activity of a department which is separately budgeted and monitored .
RECLASSIFICATION : Movement of a classification within the Town ’ s classification and pay plan based on changes in the job skills required for a given position .
REVALUATION : Assignment of value to properties , buildings , vehicles , and equipment used for business purposes by the Wake County Tax Assessor ’ s Office ; under State law , all property must be revalued at least every eight years .
SALES AND USE TAX : Taxes based on the consumption of goods and services which the state collects for local governments and distributes based upon set formulas .
TAX BASE : The assessed valuation of all taxable and real personal property within the Town ’ s corporate limits .
TAX RATE : The amount of tax stated in terms of a unit of the tax base ( i . e . 52 cents per 100 dollars of assessed valuation of taxable property ).
TEMPORARY EMPLOYEE : For budget purposes , a Town employee hired to work for less than forty ( 40 ) hours per week , or for one hundred eighty ( 180 ) days or less , who does not qualify to participate in the Town ’ s health , dental or life insurance programs or retirement programs .
TRANSFER : Movement of cash or other resources between funds .
USER FEE : Charges to those who voluntarily receive governmental services or use governmental facilities . These charges may or may not be designed to recover the full cost associated with providing the service or facility .
WORKLOAD INDICATORS : Descriptions of the type and quality of work assignments handled by a program .
Sources : Government Finance Officers Association . Governmental Accounting , Auditing , and Financial Reporting 1988 . Lawrence , David . Local Government Finance in North Carolina 1990 .
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