Budget Glossary

Plain-English explanations of budget terms used on this site.

Ad Valorem Tax
A property tax based on the assessed value of your home or business. "Ad valorem" means "according to value" in Latin. This is the main way Miami-Dade County raises revenue.
Adopted Budget
The final spending plan approved by the Board of County Commissioners for a fiscal year. Once adopted, it authorizes departments to spend up to their budgeted amounts.
Capital Budget
Money set aside for building, buying, or improving long-term assets like roads, parks, buildings, and transit systems. These are one-time investments, not ongoing operating costs.
Enterprise Fund
A self-sustaining county service that operates like a business, funded by fees rather than taxes. Examples include Water and Sewer, Solid Waste, and Aviation (airports). Users of the service pay for it directly.
Fiscal Year
The county's 12-month budget cycle, which runs from October 1 to September 30. "FY 2025-26" means October 2025 through September 2026.
Fringes
Employee benefit costs beyond salary, including health insurance, retirement contributions, Social Security, and workers' compensation. Fringes typically add 30-40% on top of base salary costs.
General Fund
The county's main operating account, funded primarily by property taxes. It pays for core services like police, fire rescue, parks, libraries, and public works that benefit all residents.
Homestead Exemption
A tax break for Florida residents who own and live in their primary home. It reduces the taxable value of your property by up to $50,000, lowering your annual property tax bill.
Millage Rate
The tax rate applied to property values, expressed as dollars per $1,000 of assessed value. A millage rate of 5.0 means you pay $5 for every $1,000 your property is worth.
Operating Budget
The day-to-day spending plan covering ongoing costs like employee salaries, utilities, supplies, and maintenance. This is what it costs to keep county services running each year.
Strategic Area
One of nine broad categories the county uses to organize its departments and spending priorities, such as Public Safety, Transportation, and Neighborhood and Infrastructure.