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FISCAL DISPARITIES: A. Minnesota law enacted in 1.975 which provides for the pooling of 40. percent of al new commercial and industrial property valuation in the seven county metropolitan area and then redistributed to taxing jurisdictions according to specific criteria. FISCAL POLICY: A government's policies with respect to revenues, spending, and debt management as these relate to government services, programs and capital. investment. Fiscal Policy provides an agreed -upon set of principles for the planning and programming of budgets and their funding.. FISCAL YEAR: The budget and accounting year thatbegins on the first day of January and ends on the last day of December of each year. .FIXED ASSETS: Assets of a long-term character which are intended to continue to beheld or used, such as land, buildings, machinery, furniture, and.other equipment. FULL TIME EQUIVALENT (FTE): The number of employee hours (2,080.) needed tobe equal to. one full time employee.. Several part tirne ern ployees. be combined to make one full time:equ valent: FUNCTION: A group of related activities aimed at accomplishing a major.service or regulatory program for.which1he government unit is respons'i.ble.. FUND. An independent fiscal and accounting entity with a.self balancing. set of accounts recording cash andfor other resources together with all related liabilities, obligations;. reserves, and equities which are segregated for the purpose of carrying on specific activities or attaining ceitain objectives. RIND BALANCE:. The difference between fund's assets and fund liabilities: (the equi.ty) in governmental funds. r FUND BALANCE —.ASS IG.NED: Segregation of a portion of fund balance to indicate the government's intent to; use the resources for. specific purposes where: thespecific purposes are identified by either the government's highest level of decision -making authority`ar a body. or official that. has been delegated the authority to do so by the governing body. FUND BALANCE — COMMITTED: Segregation of a portion of fund balance. that represents resources whose use is subject to a legally binding constraint that. is imposed by the government itself.at its highest level of decision -making authority and that remains legally binding unless removed in. the same manger. FUND BALANCE NONSPENDABLE: Segregation of a portion of fund balance to indicate hat the amount cannot be spent because the resources are not in spendable form, such as inventories or prepaid items. FUND BALANCE — RESTRICTED: Segregation of a portion of:fund balance that represents resources whose use is subject to externally enforceable constraints. FUND BALANCE — UNASSIGNED: The difference between the total fund balance in a governmental fund and its nonspendable, restricted, committed, and assigned components. :Only the general fund may report positive. amounts of unassigned fund balance. GENERAL FUND: Accounts for the general operation of the Township and all. financial. resources except those to be accounted for in another fund. 67