FY 2425 2526 Recommended Operating Budget

Glossary (continued)

Certificate of Deposit A negotiable or non - negotiable receipt for monies deposited in a bank or financial institution for a specified period at a specified rate of interest. CIP Capital Improvement Program - a six - year plan for expenditures setting forth each capital project, the amount to be expended in each year, and the method of financing those expenditures. Expenditures may include the design, construction, or purchase of land, buildings, or facilities. CIP Engineering All work involved in preparation of construction plans, contractual documents, and construction administration for the design and upgrade of various infrastructures for projects identified in the six - year Capital Improvement Program. Contingency A budgetary reserve set aside for emergencies or unforeseen expenditures not otherwise budgeted. COP Certificate of Participation - provides long - term financing through a lease or installment sale agreement that does not constitute indebtedness under the state constitutional debt limit and does not require voter approval. CRC Centennial Recreation Center - the approximately 58,000 square foot Centennial Recreation Center features a gymnasium, fitness center, indoor pool with water play features, teen and senior wing, multi - purpose room, and computer lab.

CSOA Community Service Officers Association

Debt Service Payment of interest, and repayment of principal to holders of the City ’ s debt instruments.

GENERAL INFORMATION 67