STATISTICAL DATA
City of Fort Bragg | Adopted Budget FY24/25 Page 400
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Population Overview
TOTAL POPULATION
7,007
.6%
vs. 2021
GROWTH RANK
293 out of 498
Municipalities in California
DAYTIME POPULATION
8,213
Daytime population represents the effect of persons coming into or leaving a community for work, entertainment, shopping, etc. during the typical workday. An increased daytime population puts greater demand on host community services which directly impacts operational costs. * Data Source: American Community Survey 5-year estimates
POPULATION BY AGE GROUP
Aging affects the needs and lifestyle choices of residents. Municipalities must adjust and plan services accordingly. * Data Source: American Community Survey 5-year estimates * Data Source: U.S. Census Bureau American Community Survey 5-year Data and the 2020, 2010, 2000, and 1990 Decennial Censuses 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2… 6000
6250
6500
6750
7000
7250
7500
<5 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-59 60-64 65-74 75-84 >85 City of Fort Bragg | Adopted Budget FY24/25 Page 401
Household Analysis
TOTAL HOUSEHOLDS
3,059
Municipalities must consider the dynamics of household types to plan for and provide services effectively. Household type also has a general correlation to income levels which affect the municipal tax base.
* Data Source: American Community Survey 5-year estimates 44%
lower than state average
Family Households
28%
38%
lower than state average
Married Couples
31%
32%
higher than state average
Singles
31%
175%
higher than state average
Senior Living Alone
36%
City of Fort Bragg | Adopted Budget FY24/25 Page 402
Economic Analysis
Household income is a key data point in evaluating a community’s wealth and spending power. Pay levels and earnings typically vary by geographic regions and should be looked at in context of the overall cost of living.
HOUSEHOLD INCOME
Above $200,000
4%
79%
lower than state average
Median Income
$47,662
48%
lower than state average
Below $25,000
27%
105%
higher than state average
* Data Source: American Community Survey 5-year estimates Over $200,000
$150,000 to $200,000
$125,000 to $150,000
$100,000 to $125,000
$75,000 to $100,000
$50,000 to $75,000
$25,000 to $50,000
Below $25,000
City of Fort Bragg | Adopted Budget FY24/25 Page 403
Housing Overview
2022 MEDIAN HOME VALUE
$458,600
* Data Source: 2022 US Census Bureau (http:/ www.census.gov/data/developers/datasets.html), American Community Survey. Home value data includes all types of owner-occupied housing.
HOME VALUE DISTRIBUTION
* Data Source: 2022 US Census Bureau (http:/ www.census.gov/data/developers/datasets.html), American Community Survey. Home value data includes all types of owner-occupied housing.
HOME OWNERS VS RENTERS
Fort Bragg
63%
Rent
37%
Own
State Avg.
44%
Rent
56%
Own
* Data Source: 2022 US Census Bureau
(http:/ www.census.gov/data/developers/datasets.html), American Community Survey. Home value data includes all types of owner-occupied housing.
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
250k
300k
350k
400k
450k
500k
> $1,000,000
$750,000 to $999,999
$500,000 to $749,999
$400,000 to $499,999
$300,000 to $399,999
$250,000 to $299,999
$200,000 to $249,999
$150,000 to $199,999
$100,000 to $149,999
$50,000 to $99,999
< $49,999
City of Fort Bragg | Adopted Budget FY24/25 Page 404
Land Use
City of Fort Bragg
Assessed Value of Property by Use Code, City Wide
Last Nine Fiscal Years
(In Thousands)
Category 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 Residential 351,259 357,224 369,852 393,470 375,474 395,888 410,229 428,620 448,738 480,401 Commercial 165,103 163,032 167,141 150,666 153,767 156,832 160,042 163,238 164,973 168,401 Miscellaneous 698 701 735 1,120 31,285 31,187 33,043 33,941 35,200 37,333 Industrial 36,342 36,807 37,595 37,908 38,037 39,021 40,900 39,219 18,946 30,445 Professional 0 0 179 9,804 19,769 20,036 20,413 20,817 19,854 19,556 Agriculture 33 34 34 34 0 0 0 0 0 11,181
Vacant 18,931 18,682 18,963 21,162 21,817 23,423 24,116 22,554 22,866 12,354 Institution 4,024 4,285 4,513 4,515 3,761 2,691 3,926 4,429 3,740 4,889 Recreation 7,905 7,593 6,391 7,101 2,676 2,613 2,719 2,762 2,460 1,942 Unknown 1,149 1,178 1,192 0 0 0 0 0 4,031 0
Unitary 542 543 543 340 0 0 0 0 0 0
Net Secured Value 585,986 590,079 607,137 626,121 646,586 671,692 695,389 715,581 720,807 766,503 Unsecured 29,641 31,347 31,275 32,889 32,288 31,556 33,240 33,149 32,899 37,340 Net Taxable Value 615,627 621,426 638,412 659,009 678,874 703,249 728,629 748,730 753,706 803,843 City of Fort Bragg | Adopted Budget FY24/25 Page 405
Tax Rates
City of Fort Bragg | Adopted Budget FY24/25 Page 406
Principle Property Tax Payers
City of Fort Bragg
Principal Property Tax Payers
Last Fiscal Year and Nine Years Ago
2022-23 2013-14
Taxpayer
Taxable
Value ($)
Percent
of Total
City
Taxable
Value
(%)
Taxable
Value ($)
Percent
of Total
City
Taxable
Value
(%)
Rap Investors Lp 12,098,933 1.51% 8,448,4841.37%
Georgia Pacific Llc 11,676,064 1.45% 31,081,1075.05%
Boatyard Associates Phase 10,990,643 1.37% 9,473,6081.54% Anderson Logging 7,714,818 0.96% 3,004,9340.49%
Safeway Inc 7,534,367 0.94% 7,095,8811.15%
North Coast Brewery 7,460,211 0.93% 3,836,8020.62%
Tenants Choice Llc 7,020,616 0.87%
Gp Investors Llc 5,145,477 0.64%
Kao Kuami 4,882,578 0.61% 4,209,6710.68%
Tanti Family Ii Llc 4,845,645 0.60%
Mendocino Railway 4,835,454 0.60%
Kashi Keshav Investments L 4,721,210 0.59% 4,173,0990.68% Snb Govind Corporation 4,660,843 0.58%
Grosvenor Van Ness Associa 4,500,960 0.56% 3,881,5200.63% Longs Drug Stores Californ 4,152,213 0.52% 3,857,2640.63% Ray Ronald R Ttee 4,146,400 0.52%
Fort Bragg Hotel Llc 3,511,176 0.44% 3,493,8500.57%
Comcast 3,123,383 0.39% 2,516,2850.41%
Fort Bragg Investments Llc 3,091,700 0.38%
Noyo Harbor Inn Llc 3,089,340 0.38%
Colombi Jeanette Succttee 3,020,628 0.38% 4,936,5680.80% Moura Senior Housing 2,921,318 0.36%
Rbj & Associates Llc 2,848,813 0.35% 2,532,7550.41%
Taubold Timothy E Ttee 2,777,295 0.35% 2,392,1890.39%
Kemppe Liquid Gas Corporat 2,733,377 0.34% 2,437,2710.40% Savings Bank Of Mendocino Coun 7,417,342 1.20%
Hurst Jason S 4,493,571 0.73%
North Otown Industrial Center 3,573,637 0.58%
Moura Joe P Ttee 3,394,063 0.55%
Keaton Richard J & Julie 3,011,074 0.49%
Noyo Vista Inc 2,957,263 0.48%
Miller Helen Centeno 2,436,877 0.40%
Whitteaker Donald E & Dorothy 2,318,649 0.38%
Lee Michael V & Dona H Ttees 2,290,109 0.37%
Total Top 25 Taxpayers 133,503,462 16.61% 129,263,873 21.00% Total Taxable Value 803,842,909 100.00% 615,634,319 100.00% Source: Mendocino County Assessor data, MuniServices, LLC / Avenu Insights & Analytics City of Fort Bragg | Adopted Budget FY24/25 Page 407
Principle Sales Tax Producers
City of Fort Bragg
Principal Sales Tax Producers
Last Fiscal Year and Nine Years Ago
2022-23 2013-14
Taxpayer Business Type Taxpayer Business Type
Boatyard Tobacco Miscellaneous Retail Boatyard Tobacco Miscellaneous Retail Canclini TV & Appliance Furniture/Appliance Canclini TV & Appliance Furniture/Appliance Chevron Service Stations Service Stations Chevron Service Stations Service Stations CVS Pharmacy Drug Stores Cliff House Restaurant Restaurants David's Deli Restaurants Coast To Coast Hardware Bldg.Matls-Retail Denny's Restaurants Restaurants CVS Pharmacy Drug Stores Dollar Tree Stores Department Stores Denny's Restaurants Restaurants Emerald Triangle Cannabis - MMD Drug Stores Eel River Fuels Energy Sales Geo Aggregates Bldg.Matls-Whsle Fort Bragg Feed & Pet Miscellaneous Retail Harvest Market Food Markets Harvest Market Food Markets Kemppe Liquid Gas Energy Sales Kemppe Liquid Gas Energy Sales McDonald's Restaurants Restaurants McDonald's Restaurants Restaurants Mendo Mill & Lumber Company Bldg.Matls-Retail Mendo Mill & Lumber Company Bldg.Matls-Retail Noyo Harbor Inn Restaurants Mendocino County HydrogardenFlorist/Nursery O'Reilly Auto Parts Auto Parts/Repair North Coast Brewery Restaurants Redwood Coast Fuels Energy Sales O'Reilly Auto Parts Auto Parts/Repair Restaurante Los Gallitos Restaurants Rite Aid Drug Stores Drug Stores Rino Service Stations Service Stations Rossi Building Materials Bldg.Matls-Retail Rite Aid Drug Stores Drug Stores Safeway Stores Food Markets Rossi Building Materials Bldg.Matls-Retail Sears Hometown Stores Furniture/Appliance Safeway Stores Food Markets Speedex Service Station Service Stations Sinclair Service Stations Service Stations Sport Chrysler-Jeep-Dodge Auto Sales - New Sport Chrysler-Jeep-Dodge Auto Sales - New Two Short Sales Bldg.Matls-Whsle Taco Bell Restaurants Union 76 Service Stations Service Stations The Brewery Shop Restaurants Walsh Oil Company Energy Sales Source: MuniServices, LLC / Avenu Insights & Analytics
City of Fort Bragg | Adopted Budget FY24/25 Page 408
Historical Sales Tax Amounts
City of Fort Bragg | Adopted Budget FY24/25 Page 409
Principal Employers
City of Fort Bragg
Principal Employers
Last Fiscal Year and Nine Years Ago
2023 2014
Business Name
Number of
Employees
Percent of
Total
Employment
(%)
Number of
Employees
Percent of
Total
Employment
(%)
Fort Bragg Unified School District* 275 11.85% 270 7.89% Mendocino Coast District Hospital 255 10.99% 300 8.77%
Parents & Friends Inc 163 7.03%
Safeway 131 5.65% 115 3.36%
Mendocino Coast Clinics Inc 120 5.17% 120 3.51%
Mendocino County** 101 4.35% 65 1.90%
North Coast Brewing CO Inc (1) 94 4.05% 107 3.13%
Anderson Logging Inc 83 3.58% 92 2.69%
The Wharf & Anchor Lodge 70 3.02%
City of Fort Bragg 67 2.89% 57 1.67%
Sherwood Oaks Health Center 100 2.92%
Fort Bragg Recreation Center 85 2.49%
Total Top Employers 1,359 58.58% 1,311 38.33%
Total City Employment (2) 2,320 3,420
Source: MuniServices, LLC / Avenu Insights & Analytics
Source: 2014, previously published ACFR
Results based on direct correspondence with city’s local businesses. (1) Includes summer and seasonal employees
(2) Total City Labor Force provided by EDD Labor Force Data *Excludes non-bargaining on call subs or sports coaches. **Includes satellite offices of county departments.
City of Fort Bragg | Adopted Budget FY24/25 Page 410
Top 15 RDA
City of Fort Bragg | Adopted Budget FY24/25 Page 411
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APPENDIX
City of Fort Bragg | Adopted Budget FY24/25 Page 412
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Glossary
Abatement: A reduction or elimination of a real or personal property tax, motor vehicle excise, a fee, charge, or special assessment imposed by a governmental unit. Granted only on application of the person seeking the abatement and only by the committing governmental unit.
Accounting System: The total structure of records and procedures that identify record, classify, and report information on the financial position and operations of a governmental unit or any of its funds, account groups, and organizational components.
Accrued Interest: The amount of interest that has accumulated on the debt since the date of the last interest payment, and on the sale of a bond, the amount accrued up to but not including the date of delivery (settlement date). (See Interest) Amortization: The gradual repayment of an obligation over time and in accordance with a predetermined payment schedule.
Appropriation: A legal authorization from the community's legislative body to expend money and incur obligations for specific public purposes. An appropriation is usually limited in amount and as to the time period within which it may be expended.
Arbitrage: As applied to municipal debt, the investment of tax-exempt bonds or note proceeds in higher yielding, taxable securities. Section 103 of the Internal Revenue Service (IRS) Code restricts this practice and requires (beyond certain limits) that earnings be rebated (paid) to the IRS.
Assessed Valuation: A value assigned to real estate or other property by a government as the basis for levying taxes.
Audit: An examination of a community's financial systems, procedures, and data by a certified public accountant (independent auditor), and a report on the fairness of financial statements and on local compliance with statutes and regulations. The audit serves as a valuable management tool in evaluating the fiscal performance of a community.
Audit Report: Prepared by an independent auditor, an audit report includes: (a) a statement of the scope of the audit; (b) explanatory comments as to application of auditing procedures; (c) findings and opinions. It is almost always accompanied by a management letter which contains supplementary comments and recommendations.
Available Funds: Balances in the various fund types that represent non-recurring revenue sources. As a matter of sound practice, they are frequently appropriated to meet unforeseen expenses, for capital expenditures or other one-time costs.
Balance Sheet: A statement that discloses the assets, liabilities, reserves and equities of a fund or governmental unit at a specified date.
Betterments (Special Assessments): Whenever a specific area of a community receives benefit from a public improvement (e.g., water, sewer, sidewalk, etc.), special property taxes may be assessed to reimburse the governmental entity for all or part of the costs it incurred. Each parcel receiving benefit from the improvement is assessed for its proportionate share of the cost of such improvements. The proportionate share may be paid in full or the property owner may request that the assessors apportion the betterment over 20 years. Over the life of the betterment, one year’s apportionment along with one year’s committed interest computed from October 1 to October 1 is added to the tax bill until the betterment has been paid.
Bond: A means to raise money through the issuance of debt. A bond issuer/borrower promises in writing to repay a specified sum of money, alternately referred to as face value, par value or bond principal, to the buyer of the bond on a specified future date (maturity date), together with periodic interest at a specified rate. The term of a bond is always greater than one year. (See Note)
Bond and Interest Record: (Bond Register) – The permanent and complete record maintained by a treasurer for each bond issue. It shows the amount of interest and principal coming due each date and all other pertinent information concerning the bond issue.
Bonds Authorized and Unissued: Balance of a bond authorization not yet sold. Upon completion or abandonment of a project, any remaining balance of authorized and unissued bonds may not be used for other purposes, but must be rescinded by the community's legislative body to be removed from community's books.
Bond Issue: Generally, the sale of a certain number of bonds at one time by a governmental unit.
City of Fort Bragg | Adopted Budget FY24/25 Page 413
Bond Rating (Municipal): A credit rating assigned to a municipality to help investors assess the future ability, legal obligation, and willingness of the municipality (bond issuer) to make timely debt service payments. Stated otherwise, a rating helps prospective investors determine the level of risk associated with a given fixed-income investment. Rating agencies, such as Moody's and Standard and Poors, use rating systems, which designate a letter or a combination of letters and numerals where AAA is the highest rating and C1 is a very low rating.
Budget: A plan for allocating resources to support particular services, purposes and functions over a specified period of time. (See Performance Budget, Program Budget)
Capital Assets: All real and tangible property used in the operation of government, which is not easily converted into cash, and has an initial useful live extending beyond a single financial reporting period. Capital assets include land and land improvements; infrastructure such as roads, bridges, water and sewer lines; easements; buildings and building improvements; vehicles, machinery and equipment. Communities typically define capital assets in terms of a minimum useful life and a minimum initial cost. (See Fixed Assets)
Capital Budget: An appropriation or spending plan that uses borrowing or direct outlay for capital or fixed asset improvements. Among other information, a capital budget should identify the method of financing each recommended expenditure, i.e., tax levy or rates, and identify those items that were not recommended. (See Capital Assets, Fixed Assets) Cash: Currency, coin, checks, postal and express money orders and bankers’ drafts on hand or on deposit with an official or agent designated as custodian of cash and bank deposits.
Cash Management: The process of monitoring the ebb and flow of money in an out of municipal accounts to ensure cash availability to pay bills and to facilitate decisions on the need for short- term borrowing and investment of idle cash.
Certificate of Deposit (CD): A bank deposit evidenced by a negotiable or non-negotiable instrument, which provides on its face that the amount of such deposit plus a specified interest payable to a bearer or to any specified person on a certain specified date, at the expiration of a certain specified time, or upon notice in writing.
Classification of Real Property: Assessors are required to classify all real property according to use into one of four classes:
residential, open space, commercial, and industrial. Having classified its real properties, local officials are permitted to determine locally, within limitations established by statute and the Commissioner of Revenue, what percentage of the tax burden is to be borne by each class of real property and by personal property owners.
Collective Bargaining: The process of negotiating workers' wages, hours, benefits, working conditions, etc., between an employer and some or all of its employees, who are represented by a recognized labor union. regarding wages, hours and working conditions.
Consumer Price Index: The statistical measure of changes, if any, in the overall price level of consumer goods and services. The index is often called the "cost-of-living index."
Cost-Benefit Analysis: A decision-making tool that allows a comparison of options based on the level of benefit derived and the cost to achieve the benefit from different alternatives.
Debt Burden: The amount of debt carried by an issuer usually expressed as a measure of value (i.e., debt as a percentage of assessed value, debt per capita, etc.). Sometimes debt burden refers to debt service costs as a percentage of the total annual budget.
Debt Service: The repayment cost, usually stated in annual terms and based on an amortization schedule, of the principal and interest on any particular bond issue.
Encumbrance: A reservation of funds to cover obligations arising from purchase orders, contracts, or salary commitments that are chargeable to, but not yet paid from, a specific appropriation account.
Enterprise Funds: An enterprise fund is a separate accounting and financial reporting mechanism for municipal services for which a fee is charged in exchange for goods or services. It allows a community to demonstrate to the public the portion of total costs of a service that is recovered through user charges and the portion that is subsidized by the tax levy, if any. With an enterprise fund, all costs of service delivery--direct, indirect, and capital costs—are identified. This allows the community to recover total service costs through user fees if it chooses. Enterprise accounting also enables communities to reserve the City of Fort Bragg | Adopted Budget FY24/25 Page 414
"surplus" or net assets unrestricted generated by the operation of the enterprise rather than closing it out to the general fund at year-end. Services that may be treated as enterprises include, but are not limited to, water, sewer, hospital, and airport services.
Equalized Valuations (EQVs): The determination of the full and fair cash value of all property in the community that is subject to local taxation.
Estimated Receipts: A term that typically refers to anticipated local revenues often based on the previous year's receipts and represent funding sources necessary to support a community's annual budget. (See Local Receipts) Exemptions: A discharge, established by statute, from the obligation to pay all or a portion of a property tax. The exemption is available to particular categories of property or persons upon the timely submission and approval of an application to the assessors. Properties exempt from taxation include hospitals, schools, houses of worship, and cultural institutions. Persons who may qualify for exemptions include disabled veterans, blind individuals, surviving spouses, and seniors.
Expenditure: An outlay of money made by municipalities to provide the programs and services within their approved budget.
Fiduciary Funds: Repository of money held by a municipality in a trustee capacity or as an agent for individuals, private organizations, other governmental units, and other funds. These include pension (and other employee benefit) trust funds, investment trust funds, private- purpose trust funds, and agency funds.
Fixed Assets: Long-lived, assets such as buildings, equipment and land obtained or controlled as a result of past transactions or circumstances.
Fixed Costs: Costs that are legally or contractually mandated such as retirement, FICA/Social Security, insurance, debt service costs or interest on loans.
Float: The difference between the bank balance for a local government’s account and its book balance at the end of the day.
The primary factor creating float is clearing time on checks and deposits. Delays in receiving deposit and withdrawal information also influence float.
Full Faith and Credit: A pledge of the general taxing powers for the payment of governmental obligations. Bonds carrying such pledges are usually referred to as general obligation or full faith and credit bonds.
Fund: An accounting entity with a self-balancing set of accounts that are segregated for the purpose of carrying on identified activities or attaining certain objectives in accordance with specific regulations, restrictions, or limitations.
Fund Accounting: Organizing financial records into multiple, segregated locations for money. A fund is a distinct entity within the municipal government in which financial resources and activity (assets, liabilities, fund balances, revenues, and expenditures) are accounted for independently in accordance with specific regulations, restrictions or limitations. Examples of funds include the general fund and enterprise funds. Communities whose accounting records are organized according to the Uniform Municipal Accounting System (UMAS) use multiple funds.
GASB 34: A major pronouncement of the Governmental Accounting Standards Board that establishes new criteria on the form and content of governmental financial statements. GASB 34 requires a report on overall financial health, not just on individual funds. It requires more complete information on the cost of delivering value estimates on public infrastructure assets, such as bridges, road, sewers, etc. It also requires the presentation of a narrative statement the government's financial performance, trends and prospects for the future.
GASB 45: This is another Governmental Accounting Standards Board major pronouncement that each public entity account for and report other postemployment benefits in its accounting statements. Through actuarial analysis, municipalities must identify the true costs of the OPEB earned by employees over their estimated years of actual service.
General Fund: The fund used to account for most financial resources and activities governed by the normal appropriation process.
General Obligation Bonds: Bonds issued by a municipality for purposes allowed by statute that are backed by the full faith and credit of its taxing authority.
Governing Body: A board, committee, commission, or other executive or policymaking bodyof a municipality or school district.
City of Fort Bragg | Adopted Budget FY24/25 Page 415
Indirect Cost: Costs of a service not reflected in the operating budget of the entity providing the service. An example of an indirect cost of providing water service would be the value of time spent by non-water department employees processing water bills. A determination of these costs is necessary to analyze the total cost of service delivery. The matter of indirect costs arises most often in the context of enterprise funds.
Interest: Compensation paid or to be paid for the use of money, including amounts payable at periodic intervals or discounted at the time a loan is made. In the case of municipal bonds, interest payments accrue on a day-to-day basis, but are paid every six months.
Interest Rate: The interest payable, expressed as a percentage of the principal available for use during a specified period of time. It is always expressed in annual terms.
Investments: Securities and real estate held for the production of income in the form of interest, dividends, rentals or lease payments. The term does not include fixed assets used in governmental operations.
Line Item Budget: A budget that separates spending into categories, or greater detail, such as supplies, equipment, maintenance, or salaries, as opposed to a program budget.
Local Aid: Revenue allocated by the state or counties to municipalities and school districts.
Maturity Date: The date that the principal of a bond becomes due and payable in full.
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 state and agencies of the state.
Note: A short-term loan, typically with a maturity date of a year or less.
Objects of Expenditures: A classification of expenditures that is used for coding any department disbursement, such as “personal services,” “expenses,” or “capital outlay.”
Official Statement: A document prepared for potential investors that contains information about a prospective bond or note issue and the issuer. The official statement is typically published with the notice of sale. It is sometimes called an offering circular or prospectus.
Operating Budget: A plan of proposed expenditures for personnel, supplies, and other expenses for the coming fiscal 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 efficiency.
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 favorable to the issuer.
Reserve Fund: An amount set aside annually within the budget of a town to provide a funding source for extraordinary or unforeseen expenditures.
Revaluation: The assessors of each community are responsible for developing a reasonable and realistic program to achieve the fair cash valuation of property in accordance with constitutional and statutory requirements. The nature and extent of that program will depend on the assessors’ analysis and consideration of many factors, including, but not limited to, the status of City of Fort Bragg | Adopted Budget FY24/25 Page 416
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 off by revenues, such as tax collections and state aid.
RANs are full faith and credit obligations.
Revenue Bond: A bond payable from and secured solely by specific revenues and thereby not a full faith and credit obligation.
Revolving Fund: Allows a community to raise revenues from a specific service and use those revenues without appropriation to support the service.
Sale of Real Estate Fund: A fund established to account for the proceeds of the sale of municipal real estate other than proceeds acquired through tax title foreclosure.
Stabilization Fund: A fund designed to accumulate amounts for capital and other future spending purposes, although it may be appropriated for any 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 of taxable 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 taxes are overdue.
Trust Fund: In general, a fund for money donated or transferred to a municipality with specific instructions on its use. As custodian of trust funds, the treasurer invests and expends such funds as stipulated by trust agreements, as directed by the commissioners of trust funds or by the community's legislative body. Both principal and interest may be used if the trust is established as an expendable trust. For nonexpendable trust funds, only interest (not principal) may be expended as directed.
Uncollected Funds: Recently deposited checks included in an account’s balance but drawn on other banks and not yet credited by the Federal Reserve Bank or local clearinghouse to the bank cashing the checks. (These funds may not be loaned or used as part of the bank’s reserves and they are not available for disbursement.) Undesignated Fund Balance: Monies in the various government funds as of the end of the fiscal year that are neither encumbered nor reserved, and are therefore available for expenditure once certified as part of free cash.
Unreserved Fund Balance (Surplus Revenue Account): The amount by which cash, accounts receivable, and other assets exceed liabilities and restricted reserves. It is akin to a "stockholders’ equity" account on a corporate balance sheet. It is not, however, available for appropriation in full because a portion of the assets listed as "accounts receivable" may be taxes receivable and uncollected. (See Free Cash)
Valuation (100 Percent): The legal requirement that a community’s assessed value on property must reflect its market, or full and fair cash value.
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