2018 Adopted Budget - Laserfiche WebLink

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