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Glossary of Financial Terms

Actual Expenditure -- Amount the county expended for goods and services during the year.

Actual Revenue-- Amount the county earned during the year.

Appropriation -- The amount of money budgeted to pay for expenses.

Bond Rating -- A term used to identify a municipality's fiscal standing. This rating will determine what interest rates will be charged when a municipality borrows money. A good bond rating lowers the interest payments.

Budgeted Revenue -- The budgeted amount of money the county anticipates receiving from a variety of sources.

Constitutional Debt Limit -- The amount a municipality can legally borrow.

Culture and Recreation -- Costs associated with recreation, Youth Bureau, parks and arts programs.

Debt Service -- Costs for principal and interest payments on county debt.

Debt -- The amount of money borrowed for construction projects.

Departmental Income -- Consists of fees and services received by various county departments.

Economic Assistance -- Costs associated with the departments of Social Services, Employment and Training, Promotion and Tourism, Aging, and Veterans.

Education -- Costs associated with the state's mandate that the county pay for residents' community college tuition and the education of handicapped children.

Employee Benefits -- Costs such as retirement, social security, health insurance, life insurance and other fringe benefits of county employees.

Equalization Rate -- The ratio of a municipality's total assessment to its market value. Equalization rates are determined by New York State, and the county has no control over them. Your local municipality can challenge them, however. If equalization rates go up, you taxes go down, and visa-versa.

Fines and Forfeitures -- Revenue from STOP-DWI fines and forfeits of bail.

Fund Balance -- The county's accumulated net earnings, or total assets minus total liabilities.

General Fund -- The principal operating fund of the county which includes all operations that are not required to be recorded in other funds.

General Government Support -- All costs associated with providing services to the general public and other departments. (IE: District Attorney, Treasurer, Administration, County Attorney, Buildings & Grounds, Insurance)

Health Insurance Appropriated Fund Balance -- An amount set aside from the self-insurance fund to offset real property taxes.

Home and Community Services -- Costs associated with the Energy Recovery Facility, Planning and Community Development, Solid Waste, and conservation programs.

Interfund Revenues -- Revenues received by departments for services provided to other county departments.

Intergovernmental Transfer -- Revenue received from New York State that increases Medicaid funds.

Intergovernmental Charges -- Consists of charges to other governments for services.

Licenses and Permits -- Revenue received from the sale of licenses and permits.

Miscellaneous Local Sources -- Consists of revenue from industries for the Silk Road Landfill clean-up, Off-Track-Betting revenues, and other miscellaneous revenues.

Non-Property Tax Items -- Consists of sales tax revenues and hotel/motel bed tax revenues.

Outstanding Debt -- Amount of county debt that is unpaid.

Public Safety -- Costs associated with the Sheriff's Department, Jail, Probation, Civil Defense and 911.

Real Property Taxes -- The amount of money paid by property owners.

Real Property Tax Items -- Includes money from the sale of tax-delinquent properties, PILOT agreements, and interest and penalties on real property taxes.

Real Property Tax Levy -- The total amount of money to be raised from property owners.

Revenue -- Money coming into the county budget to pay for services. Sometimes used to refer to all revenue sources that don't include property taxes.

Reserve Funds -- Monies set aside by the legislature for a specific purpose. The money can only be used for that purpose.

Sale of Property and Compensation for Loss -- Consists of revenue from the sale of scrap, forest products, and other minor sales.

Sales Tax Allocation -- Method of distributing sales tax revenues to towns and villages.

Sales Tax Revenue -- Amount the county received for the 3% sales tax on taxable sales, excluding the cities of Fulton and Oswego.

Serial Bonds -- A form of debt, like a mortgage, that is long-term. Municipalities use serial bonds to borrow for long-term capital projects.

Spending -- The amount expended by the county to pay for goods and services. County money for spending comes from real property taxes, state and federal aid, fees, and grants.

Tax Acquired Property -- Property that has been taken by Oswego County for unpaid taxes.

Tax Property Auction -- The annual auction at which the county sells property it has taken for delinquent taxes.

Taxable Assessed Value -- The value determined by local assessors on real property minus exemptions.

Transportation -- Costs associated with the county road fund, road machinery, and bus operations.

Use of Money and Property -- Consists of interest earned on county investments and rental of property and equipment.

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