b'Municipal(s): (As used in the bond trade) "Municipal" refers to any state or subordinate governmental unit. "Municipals" (i.e., municipal bonds)include not only the bonds of all political subdivisions, such as cities, towns, school districts, special districts, counties but also bonds of the stateand agencies of the state.Note: A short-term loan, typically with a maturity date of a year or less.Objects of Expenditures: A classication of expenditures that is used for coding any department disbursement, such as personal services,expenses, or capital outlay.Ocial Statement: A document prepared for potential investors that contains information about a prospective bond or note issue and the issuer.The ocial statement is typically published with the notice of sale. It is sometimes called an oering circular or prospectus.Operating Budget: A plan of proposed expenditures for personnel, supplies, and other expenses for the coming scal year.Overlapping Debt: A community\'s proportionate share of the debt incurred by an overlapping government entity, such as a regional school district,regional transit authority, etc. Performance Budget: A budget that stresses output both in terms of economy and eciency.Principal: The face amount of a bond, exclusive of accrued interest.Program: A combination of activities to accomplish an end.Program Budget: A budget that relates expenditures to the programs they fund. The emphasis of a program budget is on output.Purchased Services: The cost of services that are provided by a vendor.Refunding of Debt: Transaction where one bond issue is redeemed and replaced by a new bond issue under conditions generally more favorableto the issuer.Reserve Fund: An amount set aside annually within the budget of a town to provide a funding source for extraordinary or unforeseenexpenditures.Revaluation: The assessors of each community are responsible for developing a reasonable and realistic program to achieve the fair cashvaluation of property in accordance with constitutional and statutory requirements. The nature and extent of that program will depend on theassessors analysis and consideration of many factors, including, but not limited to, the status of the existing valuation system, the results of an in-depth sales ratio study, and the accuracy of existing property record information.Revenue Anticipation Note (RAN): A short-term loan issued to be paid o by revenues, such as tax collections and state aid. RANs are full faithand credit obligations.Revenue Bond: A bond payable from and secured solely by specic revenues and thereby not a full faith and credit obligation.Revolving Fund: Allows a community to raise revenues from a specic service and use those revenues without appropriation to support theservice.Sale of Real Estate Fund: A fund established to account for the proceeds of the sale of municipal real estate other than proceeds acquiredthrough tax title foreclosure.Stabilization Fund: A fund designed to accumulate amounts for capital and other future spending purposes, although it may be appropriated forany lawful purpose.Surplus Revenue: The amount by which cash, accounts receivable, and other assets exceed liabilities and reserves.Tax Rate: The amount of property tax stated in terms of a unit of the municipal tax base; for example, $14.80 per $1,000 of assessed valuation oftaxable real and personal property.Tax Title Foreclosure: The procedure initiated by a municipality to obtain legal title to real property already in tax title and on which property taxesare overdue.Beaufort County, SC | Budget Book 2024 Page 567'