Glossary
Ad Valorem Taxes
     A tax levied by a local government against the assessed valuation of real or personal property. The amount of tax is determined by multiplying the taxable value of the property times the millage rate.

Adopted Budget
     The adopted budget is the financial plan for the fiscal year, required by law to be approved by the City of North Port Commissioners.

Amount Earned
     Employee compensation from the first day of the calendar year to the most recent database update. This amount does include additional pay and incentives.

CAFR
     The CAFR is an annual financial report prepared by the Finance department. The report provides statements of financial condition and operations of the City of North Port in accordance with Generally Accepted Accounting Principles (GAAP).

Capital Improvement Program (CIP)
     The CIP or Capital Improvement Program is a 5 year financial plan matching the City's projected financial resources dedicated to capital spending with the City's highest priority capital needs.

Card Holder
     The employee that performed the Purchase Card transaction.

Compensation
     Compensation includes the gross salary an employee receives plus additional items such as health and dental benefits, life insurance and educational assistance.

Debt Service
     The money required to repay funds borrowed by issuing bonds or a bank loan. The components of the debt service payment typically include an amount to retire a portion of the principal amount borrowed (For example, amortization), as well as interest on the remaining outstanding unpaid

Department
     A major unit of organization in the City which indicates overall an operation or group of related operations within a functional area.

Division
     A unit of organization that is comprised of a specific operation within a functional area. City departments may contain one or more divisions.

Enterprise Funds
     A fund used for operations that are financed and operated like private businesses - the governing body wants to pay for the costs (expenses, including depreciation) of goods or services to the public with user charges.

Expenditures/Expenses
     The cost of goods delivered or services rendered including operating expenses, capital outlays, and debt service.

Expense Category
     The classification that the expense was for.

Fiscal Year
     A 12-month period to which the annual operating budget applies and at the end of which a government determines its financial position and the results of its operations. In Florida, the fiscal year for all local governments extends from October 1 to September 30.

Fund
     An accounting entity with a set of self-balancing accounts established for finances of a function or activity. The resources and uses are segregated from other resources to carry out specific activities or attain specific objectives in compliance with special regulations, restrictions or limitations.

General Fund
     This fund accounts for all financial transactions except those required to be accounted for in other funds. The fund’s resources, ad valorem taxes and other revenues provide services or benefits to all residents of the City of North Port.

Gross Earnings
     Gross earnings includes all pay an employee receives for services performed that is paid in cash or other forms. This includes salaries, vacation and sick pay, uniforms, and fringe benefits.

Impact Fee
     A fee to fund the anticipated cost of a new development's impact on various city services as a result of growth.

Merchant
     The company that the Purchase Card transaction was for.

Net Earnings
     Net earnings is the amount an employee receives for services performed after all appropriate taxes have been deducted.

Non-Ad Valorem
     A tax that is not tied to the value of personal or real property. Generally those taxes other than property tax.

Payee
     The individual or company that has received funds from the City for serivces and or materials.

Payment Type
     The type of payment that was received by the City.

Position
     The job classification for the employee.

Project
     The project that the expense is related to.

Revenue Category
     The classification that the revenue was received for.

Revenues
     The amount received from taxes, fees, permits or other sources during a fiscal year.

Rolled-Back Rates
     The “rolled-back rate”is that millage rate which, when applied to the total amount of taxable value of property (excluding new construction), produces the same amount of tax dollars as the previous year.

Special Revenue Fund
     A fund used for specific revenue sources (other than expendable trusts or major capital projects) that are restricted to expenditures for specified purposes.

SubExpense Category
     The subcategory that the expense is for.

Subrevenue Category
     The sub category that the revenue was received for.

Taxable Value
     The assessed value of property minus any authorized exemptions (agricultural, homestead exemption). This value is used to determine the amount of property (ad valorem) tax levied.

Truth in Milage Notice (TRIM)
     The Property Appraiser sends a TRIM Notice to all property owners as required by law, usually each August. The TRIM Notice tells property owners the taxable value of their property and provides information on proposed millage rates and taxes as estimated by each Sarasota County taxing authority which includes the County Commission, School Board, cities, etc. The TRIM Notice also gives property owners information on proposed millage rates and taxes as estimated by the county’s taxing authorities. It also states when and where these authorities will hold public meetings to discuss tentative budgets and set the final tax millage rates.

VISA Purchasing Cards (P-Card)
     The Purchasing Card program is designed to improve efficiency in processing purchases from any vendor that accepts the Visa credit card. The City has adopted these procedures to simplify the purchasing process for obtaining suppplies, materials, services, travel, and equipment by making available to certain City employees the authority to make purchases directly through a Purchasing Card program. This program will allow the cardholder to purchase approved supplies and services directly from our vendors. Each purchaing card is issued to a named individual who is responsible for its use, and the "City of North Port" is clearly shown on the card as the governmental buyer of the supplies/services.