Ad Valorem Taxes - Property taxes computed by applying the approved millage rate to the taxable assessed value of real or personal property.
BCRA – Bayfront Community Redevelopment Agency
Budget - A statement of the financial position of an administration for a definite period of time based on estimates of expenditures during the period and proposals for financing them.
BTR – Business Tax Receipts (formerly known as Occupational Licenses)
CAFR – Comprehensive Annual Financial Report
CDBG – Community Development Block Grant
CEB – Code Enforcement Board
Community Investment Program CIP (Formally called Capital Improvement Program) - A five-year plan for capital expenditures to be incurred each year to meet capital needs arising from the long-term work program or other capital needs. These expenditures are related to the acquisition, expansion or rehabilitation of an element of the City's physical plant. A capital project must have a life of at least seven years and a cost of at least $25,000.
Debt Service - The amount of interest and principal that a City must pay each year on long-term and short-term debt.
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.
Element – A group of object codes reporting financial transaction related by a common or similar purpose, such as Repairs and Maintenance. Also known to as, the primary classification of the expense.
Enterprise Funds - The funds established to account for operations that are financed and operated in a manner similar to private business enterprises, where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges.
Expenditures/Expenses - The cost of goods delivered or services rendered including operating expenses, capital outlays, and debt service.
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. For Palm Bay – October 1 to September 30.
Fiscal Month – The specific reporting month that a transaction affects. The numbering for the City of Palm Bay fiscal months start with 01 for October and end with 12 for September.
Franchise Fee - Fees levied on a corporation in return for granting a privilege, sanctioning a monopoly, or permitting the use of public property, usually subject to regulation.
Fund - A fiscal entity with revenues and expenses which are segregated for the purpose of carrying out a specific purpose/activity. Examples are the General, Transportation, and Building Funds.
General Fund - The fund used to account for all financial resources, except those required to be accounted for in another fund, and is the general operating fund of the City.
Grants - A contribution by the Federal, County, or State government to subsidize specific projects, either partially or entirely.
Impact Fee - A fee to fund the anticipated cost of a new development's impact on various city services as a result of growth. This fee, such as for water and sewer or fire services, is charged to those responsible for the new development.
Internal Service Funds - The funds established for the financing of goods or services provided by one department to other departments within the City on a cost reimbursement basis. Examples are the Employee Benefits Fund and the Risk Management Fund.
Object code – A numerical code designating a specific type of financial transaction. Also known to as, the object of the expense or a detailed classification of the expense.
Payment Date – The date upon which a payment is produced or, in the case of electronic transfers, the date upon which a payment is transmitted.
Revenues - Funds that the government receives as income.
Salaries – payments of salaries, wages and other special pay to City employees.
SHIP – State Housing Initiatives Partnership Program
Special Revenue Fund - A fund used to account for the proceeds of specific revenue sources (other than expendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes.
Transaction Date – The date the revenue was processed in the accounting system.
Transaction Type – Identifies the source or type of the revenue.
Vendor – a company or individual which provides goods or services in exchange for payment. Vendor names are not unique therefore an entity with multiple locations may be displayed several times.