Glossary of Terms

A
Affordable Units
For purposes of this fiscal impact model, affordable housing units are owner- or renter-occupied units which are set aside for qualifying households earning no more than 80 percent of the area median income (AMI), as established by HUD.
Age Restricted Housing
Generally, these are housing units which require the lessor or purchaser to be a minimum age (typically, 55 and older).  No children are permitted to live in such units.
B
BOE Operating Balance
BOE operating expenditure less all salaries, wages, associated fringe benefits and interfund transfers.
BOE Operating Expenditures
Board of Education (BOE) operating expenditures consist of total school district expenditures.
C
Capitalization Rate
A financial metric which equates to an average annual return on investment for a given class of real estate (such as multi-family apartment building, retail center or office building). It is also used by investors and tax assessors to derive a market value for any of these income producing assets.
F
First Stabilized Year
Generally, stabilized occupancy of commercial real estate (e.g., apartment buildings, shopping centers, and office buildings) occurs several months to two years after the commercial property is opened to receive tenants. Stabilized occupancy generally occurs at the point where a stable vacancy rate is achieved (e.g., five-percent for an apartment building and ten-percent for office buildings and retail centers). It is at this stabilized vacancy when market value is best determined.
G
Gross Building Area Square Footage
All square footage under roof, including not leasable areas, such as stairwells, hallways, utility rooms, public restrooms, and on-site management office space.
L
Local Share Percentage
The percentage share of the educational expenditures which will be raised through the local tax levy.
M
Municipal Operating Balance
Municipal operating expenditures less all wages and salaries, associated fringe benefits, capital paydown, debt service and capital outlays.
Municipal Operating Expenditures
Municipal operating expenditures consist of total municipal government expenditures, capital paydown, debt service and capital outlays.
P
Per Pupil Public School Expenditure
Derived by dividing a school district’s reported total education expenditures for a given year by the district’s school enrollment for the same year.
Public Use Microdata Area (PUMA)
A Public Use Microdata Area, or PUMA, are geographic units used by the US Census for providing statistical and demographic information. Each PUMA contains at least 100,000 people. PUMAs do not overlap, and are contained within a single state.
T
Total Expenditures
Total expenditures are all annual expenditures as reported in the general fund and represent the combined expenditures to be made for municipal and school district service delivery purposes, inclusive of all debt service payments and capital outlays.