This research had as objective to analyze which elements, present in the processes of conception, implementation and evaluation of the participative budget of Cambuí (Brazil) potentiate or limit the validity of democratic principles and practices in the municipality, from the perspective of representatives of the local population. Data collection was done through interviews, non-participant observation and documentary research, and data were analyzed through content analysis. The results showed elements that contributed to the promotion of democratic principles and practices, such as inclusive citizenship, plurality of social actors and freedom of expression. Elements that favor the consolidation of local democracy, in a more definitive way, have also been observed. There is, however, need to improve the experience in specific aspectsThis research had as objective to analyze which elements, present in the processes of conception, implementation and evaluation of the participative budget of Cambuí (Brazil), potentiate or limit the validity of democratic principles and practices in the municipality, from the perspective of representatives of the local population. Data collection was done through interviews, non-participant observation and documentary research, and data were analyzed through content analysis. The results showed elements that contributed to the promotion of democratic principles and practices, such as inclusive citizenship, plurality of social actors and freedom of expression. Elements that favor the consolidation of local democracy, in a more definitive way, have also been observed. There is, however, need to improve the experience in specific aspects.Esta pesquisa buscou analisar quais elementos, presentes nos processos de concepção, implementação e avaliação do orçamento participativo de Cambuí (Brasil), potencializam ou limitam a vigência de princípios e práticas democráticos no município, na perspectiva de representantes da população local. A coleta de dados se deu por meio de entrevistas, observação não participante e pesquisa documental e os dados foram analisados por meio da análise de conteúdo. Os resultados evidenciaram elementos que contribuíram para o fomento de princípios e práticas democráticos, tais como a cidadania inclusiva, a pluralidade de atores sociais e a liberdade de expressão. Também foram observados elementos que favorecem a consolidação da democracia local de modo mais perene. Há, contudo, necessidade de aprimoramento da experiência em aspectos específicos.