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FISCAL DISPARITIES: A Minnesota law enacted in t975 which provides for the pooling of 40 Percent -of all. new cornmercial and industrial property valuation in the seven county metropolitan area and then redistributed to taxing jurisdictions according to specifiic criteria. FISCAL POLICY: A government's policies with respect to revenues, spending, and debt management as these relate. to government. services prograrns 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 that begins 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. be held or used, such as land, buildings, machinery, furniture, and other equipment. FULL, TIME EQUIVALENT.(FTE): The numberofemployee hours (2,080) needed to be equal to one full time.employee. Several part time employees may be combined to make one full time equivalent. FUNCTION: A group of related activities. aimed at accomplishing a major service or regulatory program for which the government unit is responsible: FUND: An independent fiscal and accounting entity with a self -balancing set of accounts recording cash andlor other resources together with all related liabilities, obligations, reserves, and equities which are segregated for the purpose of carrying on specific activities or attaining certain objectives. FUND BALANCE: The difference.between fund's assets and fund liabilities (the equity) in governmental funds, FUNb BALANCE - ASSIGNED: Segregation of a portion of fund balance to indicate the government's intent to use the resources for specific purposes where the specific purposes are identified .by either the.government's highest level of decision -making authority or a body or official that has been .delegated the authority todo so by the governing body. FUND BALANCE — COMMITTED: Segregation of a portion of fundbalance that represents resources whose use is subject to a legally binding constraint that. is imposed .by the government itself at its highest.levei of. decision=maki ng. authority and that remains legally binding unless removed in the same manner.. FUND BALANCE — NONSPENDABLE: Segregation of a portion of fund balance to indicate that 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 find 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