Town of Blacksburg Adopted Operating Budget FY 2027

GLOSSARY OF TERMS ( continued )

Proprietary Fund

Funds that focus on the determination of operating income, changes in net position (or cost recovery), financial position, and cash flows (i.e., Enterprise and Internal Services Funds). Real estate, including land and improvements (buildings, fences, pavements, etc.) classified for purposes of assessment. An account used either to set aside budgeted revenues that are not required for expenditure in the current budget year or to earmark revenues for a specific future purpose. Receipts received for various services delivered, taxes levied, licenses or permits, intergovernmental revenue, rents and service charges, and other miscellaneous sources. A fund type used where legal or contractual requirements restrict the use of resources to specific purposes. The Town has Special Revenue Funds for its federal CDBG Entitlement revenue and expenditures, its federal HOME Consortium revenue and expenditures, its Midtown Special Service District, and its Affordable Housing Development Fund. 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 persons or property for current or permanent benefit, such as special assessments.

Real-Property

Reserve

Revenues

Special Revenue Fund

Supplemental Appropriation

Tax Base

Tax Levy

Tax Rate

Taxes

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