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- continued <br />Personnel Services - Salaries and wages paid to employees for full -time, part -time and <br />temporary work, including overtime and similar compensation. Also included in this account <br />group are fringe benefits paid for employees. <br />Program - A well - defined portion of the operating plan for which a distinct set of goals and <br />objectives may be developed. <br />Property Tax Rate - The rate at which real property in the County is taxed in order to produce <br />revenues sufficient to conduct necessary governmental activities. <br />Property Tax - Tax paid by those owning property in the County. <br />Proprietary Fund - A fund used to account for the operations similar to those in the private <br />sector. This includes enterprise funds. The focus is on determination of net income, financial <br />position and changes in financial position. <br />Public Safety - A group of expenditures related to the provision and enforcement of law <br />enforcement and fire and disaster protection. <br />Real Property - Land, buildings, and items permanently affixed to land or buildings. <br />Real Property Value - The value of land and buildings that is taxable. <br />Reappraisal - The process of re- valuing a jurisdiction's real property in order to adjust the tax <br />value to the market value. According to North Carolina law, a revaluation must be conducted at a <br />minimum of every eight years. Property was recently re- valued as of January 1, 2009. <br />Reclassification - A change in the classification and corresponding job title of an existing <br />position that results from a major change in assigned responsibilities. <br />Reserve - An account designated for a portion of the fund balance that is to be used for a specific <br />purpose. <br />Revenue - All funds that the County government receives as income, including items such as tax <br />payments, fees for specific services, receipts from other governments, fines, forfeitures, shared <br />revenues, and interest income. <br />Sales Assessment Ratio - The ratio of the tax value and the actual value of real property. <br />Sales Tax - Tax paid by retail consumers in the County. <br />School Recurring Capital - A recurring appropriation that results in the acquisition of, or <br />addition to, a fixed asset within the school systems. <br />School Current Expense - See current expense. <br />M-391 <br />