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FISCAL DISPARITIES: A Minnesota law enacted in 1975 which provides for the pooling of 4D percent of all new commercial and. industrial property valuation in the seven county metropolitan area and then redistributed to taxing jurisdictions according to specific criteria. FISCAL POLICY: A government's policies with respect to revenues, spending, and debt management as these relate to government services; programs and capital investn7ent. Fiscal Policy provides an agreed-upon.set of principles for the planning and programming: of budgets and their funding. FISCALYEAR: 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 areintended to continue to be. held or used, such as land, buildings, machinery, furniture; and other equipment. FULL TIME EQUIVALENT (FTE): The number of employee 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 accomplish"ing:a:majar 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 and/or other resources together with all related liabilities, obligations, reserves, and equities which ate 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, FUND 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 to do so. by the governing body. FUND BALANCE — COMMITTED: Segregation of a portion of fund balance that represents resources whose. use is subject to a legally binding constraint that is imposed by the government itself at its highest level of decision -snaking authority and that remains legally binding unless removed in the same manner. FUND BALANCE. — NONSPI*NDABLE: 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 fund 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