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AICP - 1J. Budget Word Scramble

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Created by: mitaligupta

Question	Answer
Capital Budget	Cover non-recurring investments in facilities and infrastructure
Operating Budget	Budgets to cover O&M (Operation and Maintenance)
Diff. btwn Capital vs. Operating Budget	Public funds can support Capital Budgets. Money can be borrowed only if life of project is greater than payment period.
PFC	Passenger Facility Charges - related to Airport finance
Assessment Valuation	1.Sales price 2.Comparable price check to determine market value 3.Assessed value=% of Market Value (apply classifictaion) 4.Apply equalization factor to get Equalized value 5.Tax Rate (based on equalized value)
Factors influencing Interest Rate	1.Market Risk Factors 2.Credit Risk Factors 3.Inflation
Indicators of Inflation	CPI (Consumer Price Index): consumer purchas PPI (Producer Price Index): producer purchase
Three companies that issue bond ratings	1.Standard & Poor2.Moody's 3.Best
Bond Ratings	S&P: AAA,AA, ... DMoody's: A3, A2 ... DBest: A++, A+ ... D
Types of Bonds	1.General Revenue Bond 2.Dedicated Revenue Bond
General Revenue Bond	Paid out of general tax revenues; Jurisdiction is totally responsible for paying off
Dedicated Revenue Bond	Paid out of particular income stream, eg.bridge repair through toll revenue; Jurisdiction not responsible to pay off if bond source (eg. toll revenue) falls short.Greater risk to investors
3 types of taxes	1.Property Tax 2.Sales Tax 3.Income Tax
Special Taxes	Taxes on tobacco, alcohol, hotel rooms etc., business license, building permits, zoning change etc., user fee (transit, bridges, tunnels),special districts,intergovt. grants (only transportation)
Where is the revenue spend (expenditure)?	1.Education 2.Social Program 3.Emergency 4.Infrastructure