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Debt service encompasses the payment of principal and interest related to long-term borrowing and, for purposes of the annual budget, is calculated on an annual basis over the term or life of the debt.
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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.
A fiscal year, abbreviated as “FY,” is the annual period applicable to the annual operating budget. Different governmental agencies, i.e., federal, state, county, and municipal, may have a different beginning date and ending date for their respective fiscal years.
An ad valorem tax (Latin for "according to value") is a tax based on the value of real estate or personal property.
Also referred to as property tax, the "ad valorem tax" is what an owner of real estate or other property pays on the value of the property being taxed. The Miami-Dade County Property Appraiser is charged with determining the value of all property within the county for tax purposes.
Ad valorem taxes are an important revenue source for a municipality's General Fund Operating Budget.
Property owners pay taxes to many taxing authorities in addition to the City of North of Miami Beach. For each tax dollar in ad-valorem taxes, these are the taxing authorities paid:
One mill is the equivalent of $1 of property taxes per $1,000 of taxable value. Taxable value is defined as the assessed value of property minus the amount of any applicable exemptions provided by the Florida Statutes or the Florida Constitution.
The millage rate, also referred to as the ad valorem tax rate, or the property tax rate, refers to the number of mills assessed per thousand dollars or the levy per thousand dollars of taxable value of real property. Each taxing authority establishes its own millage rate.
The millage rate for a North Miami Beach taxpayer is typically only 31% of the total millage paid to all taxing authorities. View a historical list of past millage rates since Fiscal Year 2001 (PDF).
The Adopted FY 2022 Operating Budget provides for 455 full-time positions which represents a net increase of 5 positions from the Adopted FY 2021 Operating Budget.
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.”
As used in governmental accounting, a fund may be defined as a fiscal and accounting entity which is comprised of a self-balancing set of accounts which reflect all assets, liabilities, equity, revenue, and expenses necessary to disclose the financial position and the results of operations.
An Enterprise Fund is the type of fund used to account for operations which provide services to the general public similar to a private business enterprise in nature. The intent is that the fees charged to users of a particular service cover all costs of providing that service. Examples of enterprise funds in the City include the:
A Self-Insurance Fund provides a central risk financing mechanism and self-insurance reserve for the payment of claims relating to workers’ compensation and general liability. The City has two separate Self-Insurance Funds: Worker's Compensation and Liability. They are administered by the Risk Management section of Human Resources. Activities of these funds include retaining third party administrators, obtaining third party property insurance coverage and securing claims management services.
The Capital Improvement Program, “CIP,” is a compilation of the various proposed capital projects planned over a specified five-year planning period. The program also incorporates and specifies the resources estimated to be available for programming as well as the costs involved for each individual, proposed capital project. Given the fact that the CIP is a planning document, typically only the current fiscal year’s funding allocations have been approved by the City Commission for expenditure.
A capital improvement project is defined as the major construction, expansion, purchase, or major repair or replacement of buildings, utility systems, streets, or other physical structures or property, which requires the expenditure of $10,000 or more and has an expected life or useful life of at least five years.
The Comprehensive Annual Financial Report is prepared in conformity with accounting principles generally accepted in the United States (GAAP) and audited in accordance with generally accepted auditing standards and government auditing standards by a firm of licensed certified public accountants. The objectives of financial reporting are to:
The Comprehensive Annual Financial Report is released in late spring, or early summer, after completion of the annual audit. CAFRs are available online since fiscal year 2003.