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Glossary of Terms 2011
| Assessment |
The Current Value Assessment (CVA) of properties determined by the Municipal Property Assessment Corporation (MPAC), a provincial crown corporation. |
| Asset Replacement Fund (ARF) |
A Reserve Fund to finance the replacement of existing Capital Assets. See “My Two Cents” for more details. |
| Capital Assets |
Infrastructure, land, buildings, machinery, equipment and other items that provide benefits for several years. |
| Capital Budget |
The annual plan for the purchase and financing of Capital Assets. |
| Infrastructure | Capital Assets that deliver essential public service to support commercial and residential activities. (e.g. roads, water and sewer systems). |
| Infrastructure Deficit |
The gap between what is required to maintain Infrastructure and what funding is available. |
| Operating Budget | The annual plan for the purchase and financing of the Town’s operations. It includes salaries, materials and supplies. After all revenues are matched (e.g. user fees), the Tax Levy is used to balance this budget. |
| PSAB (Public Sector Accounting Board) | The rules for municipal financial statements. |
| Reserve/Reserve Fund |
An allocation of accumulated net revenue to set aside funds for future expenditures. See “My Two Cents” for more details. |
| Service Pricing Policy |
A guide for the pricing of municipal services to meet cost recovery targets. See “My Two Cents” for more details. |
| Tax Levy | The amount of property tax, in dollars, which is paid by the Town’s taxpayers – residential, commercial and industrial. |
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Tax Levy Increase | The amount by which the Tax Levy must be increased to balance the budget. This is close to, but not the same as, the increase for the average residential taxpayer. |
| Tax Rate | The percentage applied to Assessment to determine the Tax Levy. |
