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Financial Management for Elected Officials January 2013 <br /> <br />Institute for Local Government www.ca-ilg.org 25 <br /> <br /> <br /> <br />One-Time Expenditures A term used to differentiate routine, ongoing costs within <br />a given budget from non-recurring costs that will not be <br />repeated in future years. A capital expenditure can be a <br />one-time expenditure (although an agency may need to <br />evaluate whether the agency will incur maintenance or <br />replacement costs. This category may also include single- <br />year appropriations for special purposes. <br /> <br />Other Post Employment Benefits (OPEB) A pension is a form of “post-employment benefit,” that is, <br />a benefit an employee receives after their service to the <br />agency ends. Other forms of such benefits can include <br />health insurance and other health-related benefits provided <br />to former employees. <br /> <br />Performance Measures Indicators used in the budget to show items such as 1) the <br />amount of work accomplished, 2) the efficiency with <br />which tasks were completed, and 3) the effectiveness of a <br />program. Such indicators can help the public understand <br />what public agency spending accomplishes. <br /> <br />Portfolio The collection of investments held by a local agency. <br />Prevailing Wage The basic hourly rate paid on public works projects to a <br />majority of workers engaged in a particular craft, <br />classification or type of work within the locality and in the <br />nearest labor market area (if a majority of such workers <br />are paid at a single rate). Prevailing wage laws require all <br />bidders to use the same wage rates when bidding on a <br />public works project. <br /> <br />Principal The original amount of a bond or debt (sometimes also <br />referred to as “face” or “par value”), not including accrued <br />interest. <br /> <br />Program Revenues Income generated by programs and/or dedicated to offset <br />the program’s costs. <br />Rating Letters and numbers used by rating agencies to express <br />their assessment of the likelihood of a bond or debt being <br />repaid. <br /> <br />Rating Agencies Firms that evaluate the likelihood bonds or debts will be <br />repaid by assigning ratings to those bonds or debts. A <br />bond rating is often the single most important factor <br />affecting the interest cost on bonds. There are three <br />major rating agencies for municipal bonds: Moody's <br />Investors Service, Standard & Poor's, and Fitch Ratings. <br /> <br /> <br />Page 47 of 109