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City of St Anthony <br />Financial Plan <br />FINANCIAL MANAGEMENT <br />GLOSSARY OF TERMS <br />AD VALOREM TAXES ...........................A tax, which is based on value, such as <br />property taxes. <br />AGENCY FUND......................................A fund used to account for assets held by the <br />City as an agent for other government units of <br />employees. (Current agency funds are for <br />deferred compensation for our employees and <br />for the South Metro Drug Task Force). <br />AUDIT.....................................................An annual third party review of financial <br />operations and procedures required by State <br />Statutes. <br />BONDS...................................................A written promise to pay a sum of money at <br />specified dates, including interest at a <br />designated time. <br />BONDED DEBT .....................................The portion of City debt represented by <br />outstanding bonds. <br />BUDGET.................................................A financial operations plan of proposed <br />expenditures for a given period of time and the <br />proposed revenues to finance them. Proposed <br />expenditures must equal proposed revenues. <br />CAPITAL OUTLAY.................................Expenditures resulting from the acquisition of <br />fixed assets. <br />CAPITAL IMPROVEMENT <br />BUDGET.................................................A budget created to account for financial <br />resources to be used for the acquisition or <br />construction of major capital projects. <br />COMPREHENSIVE ANNUAL <br />FINANCIAL REPORT (CAFR)................The official annual financial report which <br />includes combined financial statements, <br />supporting schedules, supplementary <br />information, extensive introductory information, <br />and a statistical section. <br />126 <br />