2018 Adopted Budget - Laserfiche WebLink

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GENERAL GOVERNMENT: Expenditures, which represents a set of accounts, to which are charged the expenditures for operating #Ile Township. GENERAL OBLIGATION BONDS: When:a .government pledges its frill faith and credit to the repayrnent of the bonds it issues, than those bonds are general obligation (GO) bonds. GOAL:. A statement of broad direction, purpose ar intent based on the need of a community. A goal is general and timeless; that is, it is not concerned with a specific achievement in a given period, GOVERNMENTAL ACCOUNTING: The composite of.analyzing, recording, summarizing; reporting, and interpreting the: financial transactions. of governmental units and agencies. GOVERNMENTAL FUND TYPES: Funds used to account for the acquisition, use arid balances of expendable. financial resources and the related current liabilities - except those accounted for in proprietary funds and fiduciaryfunds. In essence, these funds are accounting segregation of financial resources. Under current GAAP, there are four governinentai fund types: general,special revenue, debt service and capital projects. GRANT: A contribution of assets by one governmental unit:or other organization to another. Grants are. usually made for specified purposes: HOMESTEAD AND AGRICULTURAL CREDIT (HACA): A form of state paid property tax relief for farm property and owner occupied homes. IMPROVEMENT BONDS: Bonds payable from the proceeds of special assessments from properties. benefiting front an 'improvement. IMPROVEMENTS: Buildings, other structures, and: other attachments or annexations to: land which are intended to remain so attached or annexed, such as sidewalks; trees, drains, and sewers: INFLOii'VIINFILTRATION (Ill): The term used. to describe cfean water entering. into the sanitary sewer system. INTE.RFUND TRANSFERS: Amounts transferred from one fund .to another. INFRASTRUCTURE: Assets which are..irnmovable and of value only to the governmental unit (i.e, roads, gutters, sewer lines). INTERGOVERNMENTAL REVENUES: Revenues from. other governments in the form of grants,. entitlement, or shared .revenues. INVESTMENTS: Securities held for the production of income in the form of interest. LEVY: (Verb.) To impose taxes, special assessments, or service charges for the .support of:governmental activities. (Noun) The total amount of taxes special. assessments, or service charges imposed: by a governmental unit, LICENSES: Revenues received from the sale of business and non -business 1icenses. LIMITED MARKET VALUE: The amount the.market value of a property can increase1rom one year to the next for calculating property taxes. The limited. market value system was phased -out by the State of Minnesota.. E8