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. By what date does the City’s Budget need to be adopted?
3. How much is the FY 2022 Adopted Budget?
4. What is a fiscal year?
5. What is a mill?
6. What is the City’s current property tax rate?
7. What is the difference between property taxes and ad valorem taxes?
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 the City’s General Fund?
12. What is an Enterprise Fund?
13. What is the purpose of a Central Services Fund?
14. What is the purpose of the City’s Self Insurance Fund?
15. What is the Capital Improvement Plan (CIP)?
16. What is a capital project?
17. How many full-time employees work for the City?