What does debt service mean?

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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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 2024 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?