Laserfiche WebLink
the next for calculating property taxes. The limited market value system was phased -out by the State of <br />Minnesota. <br />LINE ITEM: A specific item or group of similar items defined by detail in a unique account in the <br />financial records. <br />LOCAL GOVERNMENT AID (LGA): Intergovernmental revenue from the state to municipalities to <br />help fund general expenditures. <br />LONG-TERM DEBT: Debt with a maturity of more than one year after the date of issuance. <br />MAINTENANCE: The upkeep of physical properties in condition for use or occupancy. <br />MARKET VALUE EXCLUSION (MVE): A portion of a property's market value that is not included in the <br />property tax calculation based on a formula set by the State of Minnesota. This exclusion reduces the <br />taxable market value. <br />MARKET VALUE HOMESTEAD CREDIT (MVHC(: State paid property tax reduction on owner <br />occupied homes based on the properties market value. <br />MISCELLANEOUS: Revenues or expenditures not classified in any other revenue or expenditure <br />category. <br />MODIFIED ACCRUAL BASIS: The basis of accounting under which expenditures other than accrued <br />interest on general long-term debt are recorded at the time liabilities are incurred and revenues are <br />recorded when received in cash except for material and/or available revenues, which should be accrued to <br />reflect properly the tax levied and revenue earned. <br />NET POSITION —GENERAL GOVERNMENT: The difference between general government asset and <br />liability amounts reported in the government -wide financial statements. <br />OBJECT OF EXPENDITURE: Expenditure classifications based upon the types or categories of goods <br />and services purchased. <br />OBJECTIVE: Desired output oriented accomplishments, which can be measured and achieved within a <br />given time frame. <br />OPERATING BUDGET: A plan of financial operation embodying an estimate of proposed <br />expenditures for the calendar year and the proposed means of financing them. <br />OPERATING EXPENSE: The cost for personnel, material and equipment required for a <br />department to function. <br />OPERATING REVENUE: Funds that the government receives as income to pay for ongoing <br />operations. Operating revenues are used to pay for day -today services. <br />OPERATING TRANSFERS: Amounts transferred from one fund to another, shown as expenditure in <br />the originating fund and revenue in the receiving fund. <br />ORDINANCE: A formal legislative enactment by the Town Board. <br />71 <br />