What is the city’s Adopted Budget?

Budgeting is one of the most important activities undertaken by governments. The annual Adopted Budget is a plan of financial operation that includes estimates of proposed expenditures and the proposed means of financing them during a fiscal year. The budget serves as the primary tool in allocating financial resources to programs and services. The budget should serve as a means for policy implementation, as a communication device, and as a benchmark for performance and financial management. Because of its importance, a budget process that involves all stakeholders - elected officials, citizen's groups, business leaders and governmental administrators and employees will lead to a more efficient and accepted government.

Section 166.241, Florida Statutes provides specific requirements to which municipalities must comply with regard to budgets and budget amendments. The Statute requires that budgets are balanced and adopted annually; the adoption must be by resolution or ordinance, unless otherwise specified by Charter. It also includes provisions relating to the methods and timing of budget amendments.

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1. What is the city’s Adopted Budget?
2. What is a Fiscal Year?
3. What is an ad valorem tax?
4. What does a North Miami Beach property owner pay in taxes?
5. What is a mill?
6. What is the millage rate?
7. How many full-time employees work for the City?
8. For purposes of the City’s budget, what does debt mean?
9. What does debt service mean?
10. What is a fund?
11. What is an Enterprise Fund?
12. What is a Self-Insurance Fund?
13. What is the Capital Improvement Program (CIP)?
14. What is a capital project?
15. What does GAAP and GASB stand for?
16. What is a CAFR?