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- continued <br />Indirect Cost - The component of the total cost for a service which is provided by and budgeted <br />within another department or division. Indirect costs are budgeted to more accurately reflect the <br />true total cost for such services as those provided by the Health Department and Community <br />Development. <br />Interest and Penalties Receivable on Taxes - Uncollected interest and penalties on property <br />taxes. <br />Intergovernmental Revenues - Revenues from other governments (state, federal, and local) that <br />can be in the form of grants, shared revenue, or entitlement. <br />Lease Purchase - A method of purchasing equipment in which payments are spread over a <br />period or time. <br />Levy - The amount of tax, service charge, and assessments imposed by the government. <br />Line Item - A budgetary account representing a specific object of expenditure. <br />Modified Accrual - The basis of accounting for the County. Under this system, expenditures are <br />recognized when encumbered, and in lieu of any other "property tax" that may have been <br />considered on these values. <br />Non - operating Expenses - Expenses that are not directly related the provision of services, such <br />as debt service. <br />Non - operating Revenues - Revenues that are generated from other sources and are not directly <br />related to service activities. <br />Objective - A specific statement about what is to be accomplished or achieved for a particular <br />program during the fiscal year. <br />Ordinance - A formal legislative enactment by the Board of Commissioners that has the full <br />force and effect of law within the boundaries of the County. <br />Operating Budget - The County's financial plan, which outlines proposed expenditures for the <br />upcoming fiscal year and estimates revenues that will be used to finance them. <br />Operating Expenses - Those expenditures of a recurring nature, covering services and supplies <br />necessary to operate individual agency activities. <br />Personal Property - Movable property classified within two divisions: tangible and intangible. <br />Tangible -- or touchable -- property includes items of visible and movable property not <br />permanently affixed to real property. Intangible -- or non - touchable -- property includes stocks, <br />bonds, notes, cash, bank deposits, accounts receivable, patents, trademarks, copyrights and <br />similar assets. <br />0*11 <br />