Budget, Finance & Historic Preservation Flashcards
zero-based budget
Zero-based budgeting is a method of budgeting in which all expenses must be justified and approved for each new period.
program budget
Programme budgeting, developed by U.S. president Lyndon Johnson, is the budgeting system that, contrary to conventional budgeting, describes and gives the detailed costs of every activity or program that is to be carried out with a given budget.
performance budget
Performance-based budgeting is the practice of developing budgets based on the relationship between program funding levels and expected results from that program. The performance-based budgeting process is a tool that program administrators can use to manage more cost-efficient and effective budgeting outlays.
budget vs CIP
The operating budget focuses on the day-to-day running of the company and it usually covers a one-year period. … Capital budgets focus on internal investment strategy and are usually long-term, although they may be updated annually. A typical capital budget will extend over five or 10 years.
rational nexus
regarding impact fees: Courts generally look for a “rational nexus,” which exists if the jurisdiction (1) shows how the development created the need for the infrastructure, (2) identifies the cost of providing that infrastructure, and (3) bases the fee amount on the extent to which the development benefits from the infrastructure.
TIF bonding
Tax increment financing, or TIF, subsidizes companies by refunding or diverting a portion of their taxes to help finance development in an area or (less frequently) on a project site. Usually, TIF helps to pay for infrastructure improvements (streets, sewers, parking lots) in the area near a new development.
Fiscal Impact Analysis vs Economic Analysis
Ultimately, both economic and fiscal impacts are important. The consideration of economic impact can help aim economic development efforts to a specific type of outcome while a fiscal impact analysis provides a dollar amount to help you determine when to pull the trigger.
Aaron Wildavsky
Aaron Wildavsky was a leading scholar on budgeting and budget theory. His book, Politics of the Budgetary Process, was recognized by the American Society for Public Administration as one of the most influential works of public administration in the last five decades.
“The environmentalist’s dream is an egalitarian society based on: rejection of economic growth, a smaller population, eating lower on the food chain, consuming a lot less, and sharing a much lower level of resources much more equally.”
elements of the budgeting process
The federal budget comprises three primary components: revenues, discretionary spending, and direct spending. Input. Preparation. Output. ... Feedback. ... Operating Environment. ... The Future.
categorical vs block grants
Block grants (BETTER) provide state and local governments funding to assist them in addressing broad purposes, such as community development, social services, public health, or law enforcement, and generally provide them more control over the use of the funds than categorical grants.
special assessments
A special assessment tax is a surtax levied on property owners to pay for specific local infrastructure projects such as the construction or maintenance of roads or sewer lines. The tax is charged only to the owners of property in the neighborhood that will benefit from the project.
Community Reinvestment Act (CRA)
The Community Reinvestment Act (CRA) is a federal law enacted in 1977 to encourage depository institutions to meet the credit needs of low- and moderate-income neighborhoods.
certified development company (CDC)
A certified development company (CDC) is a nonprofit corporation that promotes economic development within its community by using 504 loans.
Disability Discrimination Act (D.D.A.)
The. Disability Discrimination Act (D.D.A.) makes it against the law for real. estate agents, landlords or landladies, and other providers of accommodation. to discriminate against a person because of a disability.
Enterprise zones
Enterprise zones are geographic regions that are granted special status by a government in order to encourage development and economic growth. The zones may be granted favorable tax rates, regulatory exemptions, or other incentives to encourage businesses to stay in the area or locate in it.
Input - output analysis
Input-output analysis is used to estimate the impacts of positive or negative economic shocks and analyzes the ripple effects throughout the economy.
First historic preservation ordinance
new orleans 1937
national historic preservation act
1996- preserve historic and archaeological sites in the United States of America. The act created the National Register of Historic Places, the list of National Historic Landmarks, and the State Historic Preservation Offices.
secretary of interior’s standards
Under the National Historic Preservation Act (NHPA), the Secretary
of the Interior is responsible for establishing professional standards
and for providing guidance on the preservation of the nation’s
historic properties
Pay as you go
Pay as you go is the financing of improvements from current revenues such as general taxation, fees, service charges, special funds, or special assessments.
reserve funds
In reserve fund financing, funds are accumulated in advance for capital construction or purchase. The accumulation may result from surplus or “earmarked” operational revenues, funds in depreciation reserves, or the sale of capital assets.
General obligation (GO) bonds
Some projects may be financed by general obligation bonds. Through this method, the taxing power of the jurisdiction is pledged to pay interest upon, and retire the debt. General obligation bonds can be sold to finance permanent types of improvements such as schools, municipal buildings, parks, and recreation facilities. Voter approval may be required.
revenue bonds
Revenue bonds frequently are sold for projects, such as water and sewer systems, that produce revenues. Such bonds usually are not included in state imposed debt limits, as are general obligation bonds, because they are not backed by the full faith and credit
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of the local jurisdiction, but are financed in the long run through service charges or fees. The interest rates are almost always higher than are general obligation bonds’ interest rates, and voter approval is seldom required.
lease purchase
Local governments using the lease purchase method prepare specifications for a needed public works project that is constructed by a private company or authority. The facility is then leased by the municipality. At the end of the lease period, the title to the facility can be conveyed to the municipality without any future payments. The rental over the years will have paid the total original cost plus interest. This method has been used successfully in park land purchases.
