For purposes of the City’s budget, what does debt mean?

Debt is defined as an obligation resulting from the borrowing of money or from the purchase of goods and services. Debt instruments used by the City may include general obligation bonds, special obligation bonds, bond anticipation notes, and tax anticipation notes all of which must be approved by the City Commission before issuance. Additionally, a general obligation bond must be approved by a majority of the residents of the City qualified to vote and voting in an election; hence, the term “voted debt.”

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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?