Laserfiche WebLink
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 (GO) bonds, <br />GOAL: A statement of broad direction, purpose or intent based on the need of a community.: A <br />goal is general and timefess; that is,. it is not concerned with a specific achievement in a given period. <br />GOVERNMENTAL_ ACCOUNTING: The composite of 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 homes. <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 />INFLOWIINFILTRATION (Ill): 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 governments in the form of grants, <br />entitlement, or shared. revenues. <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 from.one year to <br />the next for calculating property taxes. The limited market value system was phased-ou.t by the State of <br />Minnesota. <br />68 <br />