| AD VALOREM TAX |
A tax levied on the assessed value (net of any exemptions) of real personal property. They are commonly referred to as "Property Tax."
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ADOPTED BUDGET
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The financial plan of revenues, other funding sources, and appropriations for a fiscal year as approved by the Board of County Commissioners.
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AGGREGATE MILLAGE RATE
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The sum of all ad valorem taxes levied by the governing
body of a county for countywide purposes excluding voted
debt, plus ad valorem taxes levied for any district dependent
to the governing body, divided by the total taxable value of
the county, converted to a millage rate. Expresses an
"average" tax rate.
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CAPITAL IMPROVEMENT PROGRAM (CIP)
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A plan for capital expenditures to be incurred each year over
a fixed period of years to meet anticipated capital needs. The
CIP includes any construction, land acquisition, equipment
purchase, or rental proposal that costs $35,000 or more and
has a five (5) year or longer expected service life. Projects,
which may cost less than $35,000 that are considered
necessary for the implementation of any long-term
improvement, including implementation of the adopted
Comprehensive Plan, shall also be considered a capital
improvement.
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ENTERPRISE FUND
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A fund established to account for operations that are financed
and operated in a manner similar to private business. The
intent is that the full cost of providing the goods or services
be financed primarily through charges and fees, thus
removing the expense from the tax rate (i.e.,
Water/Wastewater)
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HOMESTEAD EXEMPTION
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A deduction from the total taxable assessed value of owner occupied
residential property. For all permanent residents of
Florida, the first $25,000 of value of an owner-occupied
residence is exempt. Every property that receives a
homestead exemption is also entitled to an additional
exemption of up to $25,000. The additional exemption is
applied to the assessed value greater than $50,000. This
additional exemption does not apply to school taxing
districts. The exemptions must be requested by the taxpayer.
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INDIRECT COSTS
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Costs associated with, but not directly attributable to, the providing of a product or service.These are usually costs incurred by other departments in the support of operating departments.
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INTRAFUND TRANSFER
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Movement of funds between components of the same fund.
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LEVY
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To impose taxes, special assessments, or service charges on the general public for the support of County activities.
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LINE ITEM
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A specific item or group of similar items defined by detail in a unique account in the financial records.Line items are usually identified by a “cost code” or “commitment item” number.
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LONG-TERM DEBT
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Debt with a maturity of more than one year after the date of issuance.May be further defined as maturing more than one year from the date of the annual published budget.
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MANDATE
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Any responsibility, action, or procedure that is imposed by one sphere of government on another through constitutional, legislative, administrative, executive, or judicial action as a direct order or that is required as a condition of aid.
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MILLAGE
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A tax rate on property based on $1 per $1,000 of assessed property value.
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MUNICIPAL SERVICE BENEFIT UNIT (MSBU)
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A special assessment district authorized by Florida Statute 125.01 to provide for projects and/or services to a specifically defined area of the County and financed by a special assessment to only those citizens receiving the benefits of those projects or services.
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MUNICIPAL SERVICE TAXING UNIT (MSTU)
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A taxing district authorized by State Constitution Article VII and Florida Statute 125.01. The MSTU is a legal and financial mechanism for providing specific services and/or improvements to a defined geographical area.An MSTU may levy ad valorem taxes to provide funds for the improvements.
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NON-DEPARTMENTAL EXPENDITURES
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The costs of government services which are not directly attributable to a specific County department, program, or operation.Examples include the county’s membership in general government organizations or audit fees.
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NON-OPERATING REVENUE
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The income received by the government not directly attributable to providing a service.Examples would be balance forward or transfers received from a second fund.
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OPERATING BUDGET
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A financial plan for day to day operations which presents proposed expenditures for the fiscal year and estimates of revenue to finance them.
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OPERATING EXPENSES
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Also known as Operating and Maintenance costs. These are day-to-day expenses which exclude capital costs, such as office supplies, maintenance of equipment and travel.
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OPERATING REVENUES
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Revenues which are directly related to a department, program, or fund's primary service activities.They consist primarily of taxes or user charges for services.
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OTHER FUNDING SOURCES
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Receipt of funds used to pay for government operations or capital acquisitions which are, by their nature, not considered revenue such as debt proceeds.Also referred to as “Other Financing Services”.
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PERFORMANCE-BASED BUDGET
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An annual, integrated performance plan, indicating the relationship between the levels of program funding and the anticipated outcomes.
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PERSONAL SERVICES
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Costs related to compensating employees, including salaries and wages and fringe benefit costs.
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PRIVATE ACTIVITY BOND
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Private activity bonds are allocated by the State for private activities having a public benefit which must be induced (initiated) by a government agency.
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PRO FORMA
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A "what-if" projection of financial activity based upon forecasts of: economic conditions, financial transactions, estimates, and documented management plans.
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PROGRAM
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A planned, coordinated group of activities or procedures for a specific purpose.The County generally groups its various services into a number of "programs" with each having an identifiable purpose.A program may represent the activities of a singe functional unit of county government, part of a functional unit, or a combination of two or more functional units.
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PROGRAM CHANGE
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Program changes reflect requests for new positions and deletions of existing positions, funding for new program(s) or deletions of existing program(s) as well as funding expanding service levels or deletion of existing services.Additionally, program changes include capital requests for new equipment.
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PROPERTY APPRAISER
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The elected county charter officer responsible for setting property valuations for tax purposes and for preparing the annual tax roll.
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PROPERTY TAX
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Taxes derived from all non-exempt real and tangible personal property located within the County.Property taxes are computed by multiplying the adopted tax rate by the taxable value of all real or personal property.
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PROPOSED MILLAGE
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The tax rate certified to the Property Appraiser by each taxing authority within the County.The proposed millage is to be sent to the County’s Property Appraiser within 35 days after the County’s tax roll is certified by the Property Appraiser and listed on notices sent to all property owners.
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PROPRIETARY FUND
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Fund category which emulates the private sector and focuses on the measurement of net income.
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REAL PROPERTY
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Land and the buildings and other structures attached to it that are taxable under State law.
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RESERVE
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A specified dollar amount set aside for a specific purpose such as meeting future expenses.Expenditure of reserved funds requires approval of the Board of County Commissioners.
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RESERVE – CAPITAL
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A specific amount reserved in the budget for capital improvements or acquisitions scheduled for subsequent fiscal years.
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RESERVE - RESTRICTED
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A specific amount reserved in the budget in accordance with statutes or contractual obligations such as bond covenants.Expenditure of these reserve funds requires approval of the Board of County Commissioners and the meeting of certain contractual conditions.
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REVENUE
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Funds that the government receives as income.It includes such items as tax payments, fees for services, receipts from other governments, fines, forfeitures, grants, shared revenues and interest income.
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REVENUE BONDS
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Bonds usually sold for constructing a project that will produce revenue for the government.Also bonds for which a specific revenue source is pledged. The revenue is used to pay the principal and interest of the bond.
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ROLLED BACK AD VALOREM TAX RATE
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The millage rate which, exclusive of new construction, will provide the same property tax revenue for the taxing entity as was levied during the prior year. The rolled-back rate accounts for changes in the market value of property and represents "no tax increase." The only source of additional revenue under rolled-back rate is taxes levied upon new construction.
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SAP
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Systems Applications and Products in Data Processing. Brevard County's current business software application.
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SERVICE LEVEL
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Services or products which comprise the actual or expected output of a given program.
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SERVICE LEVEL IMPACT
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Represents the projected change in the unit of output anticipated for delivery of services or products; related to a project, program, or department.The expected change in service level is the result of a modification in the funding level.
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SPECIAL ASSESSMENT
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A compulsory levy imposed on certain properties to defray part or all of the cost of a specific improvement or service deemed to primarily benefit those properties.Special assessments are based on the value of the benefit, not the value of the property.
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SPECIAL REVENUE FUNDS
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Funds used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes.These specific purposes are not debt service or capital projects.
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STATUTE
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A written law enacted by a duly organized and constituted legislative body.
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TARGET BUDGET
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A budget that equals the current year’s projected operating funding required plus compensation and benefit increases approved in the prior year minus one-time expenditures and new capital improvement projects.The target budget is used in the budget development process.
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TAX BASE
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The total taxable property valuations on which each taxing authority levies its tax rates.
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TAX RATE
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The amount of tax stated in terms of a unit of the tax base.For example, 5 mills equal $5 per $1,000 of taxable value. Also referred to as the millage rate.
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TAX RATE LIMIT
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The maximum legal tax rate at which a taxing unit may levy a tax.The limit may apply to or for a particular purpose, or for general purposes.
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TAX ROLL
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The certification of taxable/assessed values prepared by the Property Appraiser and presented to the taxing authority by July 1 (or later if an extension is granted by the State of Florida) each year.
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TAXABLE VALUATION
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The value used for computing the ad valorem taxes levied against property.The taxable value is the assessed value less any exclusions or exemptions allowed by law.
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TAXES
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Compulsory charges levied by a government for the purpose of financing services performed for the common benefit.This term does not include specific charges made against particular persons or property for current or permanent benefits such as special assessments.The term does not include charges for services rendered only to those paying charges such as water/wastewater service charges.
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TENTATIVE MILLAGE
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The tax rate adopted in the first public budget hearing of a taxing agency.Under State law, the agency may reduce, but not increase, the tentative millage during the final budget hearing.
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TRUST AND AGENCY FUNDS
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Funds used to account for assets held by the County in a trustee capacity or as an agent for individuals, private organizations, other governments, and/or funds.These funds are not part of the budget process.
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TRUTH IN MILLAGE LAW (TRIM)
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A 1980 Florida law which changed the budget process for local taxing governments.It was designed to keep the public informed about the intentions of the various taxing authorities.
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UNINCORPORATED AREA
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That portion of the County which is not within boundaries of any municipality.
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USER CHARGES (FEES)
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The payment of a fee for direct receipt of a public service by those individuals benefiting from the service.
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VOTED MILLAGE
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Property tax levies authorized by voters within a taxing authority.Bond issues that are backed by property taxes are a common form of voted millage in the State of Florida.Such issues are called general obligation bonds.
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