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Glossa <br />Ad Valorem Tax - A tax levied in proportion to the value of a property. <br />Allocate - To set apart portions of budgeted expenditures which are specifically designated to <br />organizations for special activities or purposes. <br />Annual Budget - A budget covering a single fiscal year. <br />Appropriation - The amount budgeted on a yearly basis to cover projected expenditures which <br />the Board of Commissioners legally authorizes through the Budget Ordinance. <br />Approved Budget - The budget as formally adopted by the Board of County Commissioners for <br />the upcoming fiscal year. <br />Assessed Valuation - The estimated dollar value placed upon real and personal property by the <br />County Assessor as the basis for levying property taxes. The General Assembly exempted <br />household personal property from taxation effective July 1, 1987. <br />Authorized Bonds - Bonds which have been legally authorized but may or may not been sold. <br />Balanced Budget - Occurs when planned expenditures anticipated revenues. In North Carolina, <br />it is required that the budget submitted to the Board of County Commissioners be balanced. <br />Board of County Commissioners - Seven - member Board elected at large by the voters of the <br />County for four -year terms. <br />Bond - A written promise to pay a specific amount of money with interest within a specific time <br />period, usually long -term. <br />Bond Rating - A grade indicating a governmental unit's investment qualities. Generally <br />speaking, the higher the bond rating the more favorable the interest rate and the lower the cost of <br />financing capital projects funded by bonds. A high rating is indicative of the Government's <br />strong financial position. Ratings range from AAA (highest) to D (lowest). <br />Bonds Issued - Bonds that are sold. <br />Budget - A financial plan for a specified period of time that matches all planned revenues and <br />expenditures with various County services. <br />Budget Message - A written overview of the proposed budget from the County Manager to the <br />Board of Commissioners. This overview discusses the major budget items of the Manager's <br />recommended budget. <br />0-31 <br />