Operating Budget 2025-2026

GLOSSARY OF TERMS ( continued )

Supplemental Appropriation

An additional appropriation made by the governing body after the budget year is started. The aggregate value of the items being taxed. The base of the Town's real property tax is the assessed value of all real estate in the Town. The resultant product when the tax rate is multiplied by the tax base (i.e., the total amount of funds to be collected from a tax rate). The level of taxation stated in terms of either a dollar amount (e.g., $ .26 per $100 assessed valuation) or a percentage of the value of the tax base (i.e., 5.3 percent sales tax). Town Council fixes property tax rates for the period beginning January 1 of the current calendar year when the budget for the coming fiscal year is approved. Compulsory charges levied by a government for the purpose of financing services performed for the common benefit of the people. This term does not include specific charges made against particular persons or property for current or permanent benefit, such as special assessments. The portion of a fund’s balance that is a reserve for unanticipated emergencies and is targeted at no less than 10% of net operating expenditures with an objective of 15%. The payment of a fee for direct receipt of a public service by the party who benefits from the service. A movement of money from one fund or department to another.

Tax Base

Tax Levy

Tax Rate

Taxes

Transfer

Unassigned Fund Balance

User Charges

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