2017 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 rnunicipafities 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 (MVE): 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]: State 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. .MODIFIED. 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 reflect properly 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 statements. 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 proposed expenditures for the calendar year and the proposed means of financing them. OPERATING.EXPENISE: 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 revenue1n the receiving fund. ORDINANCE: A formal legislative enactment by the.Tawn.Soarda PAY-AS-YOU-GO BASIS: A term used to describe a financial policy by which capital outlays are financed from current revenues rather than through borrowing.