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AD VALOREM RATE

"Property taxes" levied on the assessed value of real property. A primary source of revenue for the County.

AGGREGATE
MILLAGE RATE

Rate obtained by dividing the sum of all ad valorem taxes levied by the governing body (Board of Commissioners for county government) by the taxable value of the County. Expresses an average tax rate.

ASSESSED VALUE

Valuation set on real estate or personal property by the Property Appraiser as a basis for levying taxes.

BALANCED BUDGET

A budget in which revenues and expenditures are equal.

BOND

Written promise to pay a specified sum of money, called principal or face value at a specified future date, called the maturity date, along with periodic interest paid at a specified percentage of the principal (interest rate). Bonds are typically used for long-term debt to pay for specific capital expenditures.

BUDGET

Comprehensive financial operating plan that allocates limited revenues among competing expenditure requirements for a given time period. The budget, once adopted, is the legal authorization to expend County funds during the fiscal year. It may be amended during the fiscal year by the governing body and/or management in accordance with procedures, rules and regulations. Seminole County uses the following terms:

Proposed Budget: County Manager’s recommendation to the Board of County Commissioners.

Approved Tentative Budget: Board’s modification to the Manager’s recommendation (basis for the first public hearing).

Final Budget: Board’s modification at the first public hearing (basis for the second public hearing).

Adopted Budget: Board-approved budget adopted by resolution at the second, and final, public hearing.

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CAPITAL IMPROVEMENTS PROGRAMS (CIP)

Multi-year program for planning and financing public facilities improvements. The program is developed from departmental requests and is based on studies of financial resources available and consistency of proposed improvements with adopted Comprehensive Plan policies. The first year of the CIP will be adopted as an integral part of the annual budget. It includes land acquisitions, building improvements, transportation improvements, improvements to other public facilities, and equipment over $25,000.

CONTINGENCY

Appropriation of funds set aside to cover unforeseen events that occur during the fiscal year, such as new federal mandates, shortfalls in revenue and unanticipated expenditures.

COUNTY BUDGET OFFICER

Each Board of County Commissioners, pursuant of Florida Statutes 129.025, may designate a budget officer to carry out budget duties as set forth in Florida Statutes 129. The Seminole County Board of County Commissioners appointed the County Manager as budget officer on March 31, 1979.

DEBT SERVICE

Payment of principal and interest obligations resulting from issuance of bonds or bridge financing.

FISCAL YEAR

The twelve-month financial period used by the County, which begins October 1 and ends September 30 of the following year. A fiscal year is identified by the year in which it ends. For example, October 1, 1998, to September 30, 1999, would be identified as fiscal year 1999.

FRANCHISE FEES

User fees charged by the County for use of public rights-of-way by utility companies. The fee is typically a percentage of gross revenues of the utility company.

FUND BALANCE

Also called cash carry forward. It is the excess of fund assets over its liabilities. For accounting purposes fund balance is calculated as of year-end and is based on the difference between actual revenues and expenditures for the fiscal year. If revenues exceed expenditures, fund balance is positive and carries forward as revenue to the following year. If expenditures exceed revenues, any existing fund balance from a prior year is reduced. A study of changes in fund balances can indicate financial trends and fiscal health. Extreme quantities of fund balances or large fluctuations may indicate possible policy adjustments by the governing body or changes in budget procedures.

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GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

(GAAP)

Uniform minimum standard of and guidelines for financial accounting and reporting. They govern the form and content of an entity’s basic financial statements. GAAP encompasses the conventions, rules and procedures necessary to define accepted accounting practices at a particular time.

GENERAL FUND

A fund containing revenues, such as property taxes, designated by law for a special purpose and providing general benefit to taxpayers. Some functions that are part of the General Fund include Constitutional Officers, Courts, and Library and Leisure Services.

HOMESTEAD EXEMPTION

Deduction from the total taxable assessed value of owner-occupied property. The current maximum exemption is $25,000. Exemptions must be requested by taxpayers.

LEVY

To impose taxes, special assessments, or service charges for the support of County activities.

LOCAL OPTION SALES TAX

An infrastructure surtax to be levied by local governments as approved by referendum at a rate of ½ cent or 1 cent. Tax may be effective for up to fifteen years from the date of levy. Proceeds must be expended on fixed capital expenditures or fixed capital costs for construction, reconstruction, or improvement of public facilities that have a life expectancy of five or more years and land acquisition, land improvement, and related design and engineering costs.

MILLAGE RATE

Rate on real property based on $1 per $1,000 of assessed property value.

MUNICIPAL SERVICES BENEFITS UNIT - MSBU

A special assessment district authorized by Florida Statutes 125.01 to provide for improvements and/or services to a specifically defined area of the county and financed by a special assessment on only those properties receiving benefits of those improvements or services.

MUNICIPAL SERVICES TAXING UNIT - MSTU

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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PROPERTY TAX

Taxes derived from all non-exempt real and personal property located within the county. Property taxes are computed on the basis of multiplying the millage rate by the value of real or personal property divided by one thousand.

REVENUE BONDS

Bonds usually sold for constructing or purchasing capital projects. Reliable revenue other than ad valorem taxes is pledged as the source for funding to pay bond principal and interest.

ROLLED-BACK AD VALOREM TAX RATE

Millage rate needed to be levied in the new fiscal year to generate the same amount of tax dollars as adopted in the previous fiscal year. Voter approved debt levies are excluded from the calculation. Value of new construction is excluded from the current year total. Rolled–back rate adjusts prior year for reappraisals based on market value of property and represents "no tax increase." The only source of additional tax revenue, if the rolled-back rate is levied, is the tax on new construction.

STATUTE

A written law enacted by a duly organized and constituted legislative body.

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TAX RATE

Amount of tax stated in terms of a unit of the tax base. For example, 5.000 mills yield $5 per $1,000 of taxable value.

TAXES

Compulsory charges levied by a government to finance 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. It does not include charges for services such as water and sewer service charges.

TAX RATE LIMIT

Maximum legal property tax rate at which a municipality may levy a tax. It may apply to or for a particular purpose, or for general purposes.

TAXABLE VALUATION

Value used for computing ad valorem taxes levied against property. Taxable value is the assessed value less any exemptions allowed by law. The most common exemption is the $25,000 homestead exemption allowed when the owner uses the property as a principal residence. Exemptions are also granted for disability, government owned and non-profit owned property.

TRUTH IN MILLAGE LAW (TRIM)

A 1980 Florida Law which changed the budget process for local taxing governments. It was designed to keep the public informed about the taxing intentions of various taxing authorities.

USER (FEES) CHARGES

Payment of a fee for receipt of a public service by those individuals benefiting from the service.

UNINCORPORATED AREA

Portion of the County not within the boundaries of any municipality.

UTILITY TAX

A tax levied by the County on consumption of various utilities such as electricity, telephone, gas and water. The basic tax rate may be levied up to 10.0 % of gross receipts of most utility services or commodities.