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GENERAL. GOVERNMENT; Expenditures, which represents a set of.accounts, to which are charged <br />the expenditures for operating the Township.. <br />GENERAL OBLIGATION BONDS: When a government pledges its full faith and credit to the <br />.repayment of the bonds it issues, than those bonds are general obligation {GD} bonds. <br />GOAL: A statement of broad direction, purpose.or intent based on the need of a community. A <br />goal is general and timeless; that is; it is not concerned with a specific ach ieve ment in a given period. <br />GOVERNMENTAL ACCOUNTING:. The compositeof analyzing, recording, summarizing, reporting, <br />and interpreting the financial transactions of governmental units and agencies.. <br />GOVERNMENTAL FUND TYPES: Funds used to account for the acquisition, use and balances of <br />expendable financial resources and the related current liabilities- except those accounted for in <br />proprietary funds and fiduciary funds, In essence, these funds are accounting. segregation of financial <br />resources. Under current: GAAP, there are four governmental fund types -.general, special revenue debt <br />service and capital projects, <br />GRANT: A.contribution of assets by one governmental unit or other organization to another. <br />Grants are usually made for specified purposes. <br />HOMESTEAD AND AGRICULTURAL CREDIT (HACA): A form of state paid property tax relief <br />for farm property and. owner occupied names. <br />IMPROVEMENT.BONDS: Bonds payable from the proceeds of special assessments from <br />properties benefiting from an improvement. <br />IMPROVEMENTS: Buildings, other structures, and other attachments or annexations to land which <br />are intended`.to remain so attached .or.annexed,.such as sidewalks, trees, drains, and sewers. <br />INFLOW/INFILTRATION (III):. The term used to describe: clean water entering into the sanitary sewer <br />system. <br />INTERFUND TRANSFERS: Amounts transferred from one fund to.another. <br />INFRASTRUCTURE: Assets which are immovable and of value only to the governmental unit (i.e. <br />roads, gutters, sewer lines). <br />INTERGOVERNMENTAL REVENUES: Revenues from other <br />entitlement, or snared revenues. .governments in the farm of grants, <br />INVESTMENTS: Securities held for the production of income in the form of interest. <br />LEVY: (Verb) To impose. taxes, special assessments; or service charges for the support of governmental <br />activities. (noun)The total amount of taxes special assessments, or service charges 'imposed by a <br />governmental unit.. <br />LICENSES: Revenues received from the sale of business and non -business licenses, <br />LIMITED MARKET VALUE: The amount the market value of a property can increase frorn one year to <br />the next for calculating property taxes, The firnited market value system} was phased -out by the Stale of <br />Minnesota. <br />01 <br />