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GLOSSARY OF TERMS <br />GENERAL FUND <br />General operating fund of the City. The General <br />Fund is used to account for all financial resources <br />except those required to be accounted for in another <br />fund. Principal sources of revenue are property <br />taxes, charges for services and intergovernmental <br />revenues. Primary expenditures of the General <br />Fund are made for public safety, parks, recreation <br />and cultural services and general administration. <br />GENERAL OBLIGATION (G.O.) BOND <br />A bond that is secured by the pledge of a govern- <br />ment's "full faith and credit". General obligation <br />bonds issued by a local government are secured by <br />the government's ad valorem taxing power, which <br />is typically not subject to a constitutional limitation <br />on the tax rate. In Oregon, Measure 5 and Measure <br />50 define those general obligation bonds that are <br />excluded from the MS tax rate limits. <br />INFRASTRUCTURE <br />Public domain fixed assets such as roads, bridges, <br />streets and sidewalks and similar assets that are im- <br />movable and of value only to the government unit. <br />INTERGOVERNMENTAL REVENUE <br />The City receives grants from the federal, state and <br />local governments, as well as a share of the state's <br />cigarette and liquor taxes. <br />LEVY <br />Gross amount of property taxes imposed on taxable <br />property. The net amount received by a govern- <br />ment will be less than the gross levy as a result of <br />delinquent or uncollectible payments or early <br />payment discounts. Budgets are developed on the <br />basis of the projected amount of property taxes re- <br />ceivable. <br />LIMITED TAX GENERAL OBLIGATION <br />BOND <br />A bond that is secured by the pledge of a govern- <br />ment's taxing authority that is limited as to the rate <br />or amount. <br />LOCAL GOVERNMENT <br />Any city, county, port, school district, public or <br />quasi-public corporation (including a municipal <br />utility or dock commission). ORS 294.311(19)) <br />LOCAL IMPROVEMENT <br />Capital construction project, or part thereof, <br />undertaken by a governmental unit, which provides <br />a special benefit only to specific properties or recti- <br />fies aproblem caused by specific properties. The <br />costs of the local improvement are assessed against <br />those specific properties upon the completion of the <br />project. The property owner may elect to pay for the <br />assessment plus interest, over a period often years. <br />LOCAL OPTIONLEVY <br />Under Measure 50, local governments and special <br />districts were given the ability to ask voters for <br />temporary authority to increase taxes through <br />approval of a local option levy. The maximum <br />length of time for a local option levy is 10 years, <br />depending on the purpose of the levy. A local <br />option levy must be approved by a majority of <br />voters at a general election or an election with at <br />least a 50% voter turnout. <br />NONGENERAL FUNDS <br />All funds other than the General (operating) Fund. <br />These include: Special Revenue, Debt Service, <br />Capital Project, .Enterprise, and Internal Service <br />Funds. <br />OPERATING BUDGET <br />Financial plan for paying general operating <br />expenditures. The operating budget includes fund- <br />ing for the City's daily operations, such as labor, <br />materials, services and equipment acquisition, as <br />well as debt service, miscellaneous fiscal trans- <br />actions and reserve funds needed to provide services <br />to the public, <br />OPERATIONS AND MAINTENANCE (O&M) <br />Includes operating expenses, such as labor, mater- <br />ials, supplies and equipment, plus maintenance ex- <br />penses for capital infrastructure.. Does not include <br />capital improvements, debt service on outstanding <br />borrowing, reserve funds and other miscellaneous <br />financial transactions. <br />City of Eugene 2008 - 2013 Capital Improvement Program <br />235 <br />