FY25 GFOA Budget - Flipbook - Page 174
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GLOSSARY
types of proprietary funds. These are enterprise funds and internal service funds. The
District does not have any proprietary funds at this time.
Revenue—Funds the District accounts as income.
Strategic Plan—The process of defining strategy or direction, and making decisions on
allocating resources to attain strategic goals.
Tax Levy—The authority of a government to impose taxes.
Tax Increment Financing (TIF)—Tax Increment Financing is a method of funding public
projects. This is done by forming a TIF District in a geographical area where, for example,
there is extensive planned construction. Once a base property value is established, all
incremental property tax revenue is collected to fund the designated project for a
maximum of 23 years. Extensions can be pursued with the Illinois General Assembly.
Source: 65 ILCS 5/11-74.4-1 et seq.
Zero-Based Budgeting (ZBB) Model—The zero-based budgeting model is a methodology
to help align company spending with strategic goals. Its approach requires organizations to
build their annual budget from zero each year to verify that all components of the annual
budget are cost-effective, relevant, and drive improved savings. The District implements
this model in its annual budgeting process.
P a g e 174 | BARTLETT FIRE PROTECTION DISTRICT | GLOSSARY
