CITY COUNCIL WORKSHOP AGENDA PACKET

Financial Management for Elected Officials January 2013 Institute for Local Government www.ca-ilg.org 26 Realignment Actions taken by the State of California in 1991 and 2011 to restructure the state-county fiscal relationship by making certain health, social service, criminal justice, and mental health service programs county responsibilities, and providing some funding to help pay for the new responsibilities. Rents Revenues received through the rental of public properties to private parties such as convention space and library facilities. Reserve Amounts set aside to provide a funding source for extraordinary or unforeseen expenses or revenue shortfalls. Sometimes also referred to as “fund balance(s)” to reflect multiple agency funds. See also definition of “fund.” Revenue Income received by the local agency. For more information on sources of county and city revenues, see Institute for Local Government, Understanding the Basics of County and City Revenues (2008), available at www.ca- ilg.org/revenueguide. Revenue Bonds A form of debt in which the agency pledges the income received from the operation of the facilities being financed with the debt to repay the amounts borrowed plus interest. Salaries and Benefits Salaries includes the compensation paid to full-time, part- time, temporary, and extra-help employees, including overtime, vacation pay, sick leave pay and any type of premium pay. Benefits include the agency's share of the costs for health, dental, life insurance, retirement, Social Security and Workers’ Compensation. Sales Tax A tax imposed on the total retail price of merchandise sold by a retailer. Secured Roll A list containing all assessed property secured by land subject to local taxation Securities Pieces of paper (sometimes referred to as “instruments”) that represent financial value. Examples include bonds and stocks. Service Charges Amounts charged to cover the cost of providing services to individuals or companies. Page 48 of 109