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GLOSSARY OF TERMS <br /> LEVY OPERATING B UDGET <br /> Gross amount of property taxes imposed on taxable Financial plan for paying general operating <br /> property. The net amount received by a govern- expenditures. The operating budget includes fund- <br /> <br /> ; ment will be less than the gross levy as a result of ing for the City's daily operations, such as labor, <br /> delinquent or uncollectible payments or early materials, services and equipment acquisition, as <br /> payment discounts. Budgets are developed on the well as debt service, miscellaneous fiscal trans- <br /> basis of the projected amount of property taxes re- actions and reserve funds needed to provide services <br /> ceivable. to the public. <br /> LIMITED TAX GENERAL OBLIGATION OPERATIONS AND MAINTENANCE (O&M) <br /> BOND Includes operating expenses, such as labor, mater- <br /> A bond that is secured by the pledge of a govern- ials, supplies and equipment, plus maintenance ex- <br /> ment's taxing authority that is limited as to the rate penses for capital infrastructure. Does not include <br /> or amount. capital improvements, debt service on outstanding <br /> borrowin ,reserve funds and other miscellaneous <br /> g <br /> LOCAL GOVERNMENT financial transactions. <br /> Any city, county, port, school district, public or <br /> quasi-public corporation (including a municipal PROGRAM <br /> utility or dock commission). ORS 294.311(19)) A group of related activities to accomplish a major <br /> service or function. <br /> LOCAL IMPROVEMENT <br /> Capital construction project, or part thereof, PROPERTY TAX <br /> undertaken by a governmental unit, which provides A tax assessed equally against the assessed value of <br /> aspecial benefit only to specific properties or recti- all taxable property within a government's boundar- <br /> fies aproblem caused by specific properties. The ies. <br /> costs of the local improvement are assessed against <br /> those specific properties upon the completion of the PROPOSED B UDGET <br /> project. The property owner may elect to pay for .Financial and operating program prepared by the <br /> the assessment plus interest over a period of ten City Manager and submitted to the public and the <br /> years. Budget Committee for review. <br /> LOCAL OPTION LEVY RESOURCE <br /> Under Measure 50, local governments and special Estimated beginning funds on hand plus anticipated <br /> districts were given the ability to ask voters for receipts. (ORS 294.316) <br /> temporary authority to increase taxes through <br /> approval of a local option levy. The maximum REQUIREMENT <br /> length of time for a local option levy is 10 years, An expenditure or net decrease to a fund's resources, <br /> depending on the purpose of the levy. A local either a departmental, nondepartmental or capital <br /> option levy must be approved by a majority of expenditure. <br /> voters at a general election or an election with a <br /> 50% voter turnout. REVENUE BOND <br /> A bond that is payable from the revenue generated <br /> NONGENERAL FUNDS from the operation of the facility being financed by <br /> All funds other than the General (operating) Fund. the bond, such as a parking facility. A revenue bond <br /> These include: Special Revenue, Debt Service, can also be secured by any other revenues a <br /> Capital Project, Enterprise, 'and Internal Service jurisdiction decides to pledge. <br /> Funds. <br /> City of Eugene 2006 - 2011 Capital Improvement Program <br /> 174 <br /> <br />