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LINE ITEM: A specific item or group of similar items defined by detail in a unique. accou in the <br />financial records,. <br />LOCAL GOVERNMENT AID (LGA): Intergovernmental revenue from the state to municipalities to <br />help fund general expenditures.. <br />LONG-TERM DEBT: Debt with a maturity of more than one year after the date of issuance. <br />MAINTENANCE: The upkeep of physical properties in condition for use or occupancy. <br />MARKET VALUE EXCLUSION .(MVE): A portion of a property's market value that is not included in the <br />property tax calculation based on a formula set by the State of Minnesota. This exclusion reduces the <br />taxable market value. <br />MARKET VALUE HOMESTEAD CREDIT .(MVHC): State paid property tax reduction on owner <br />occupied homes based on the properties market value. <br />MISCELLANEOUS: Revenues or expenditures not classified in any other revenue or expenditure. <br />category. <br />MODIFIED ACCRUAL BASIS: The basis of accounting under which expenditures other than accrued <br />interest on general long-term debt are recorded at the time liabilities are incurred and revenues are <br />recorded when received in cash except for material and/or available:revenues, which should be accrued to <br />reflect properly the tax levied and revenue earned.. <br />NET POSITION —GENERAL GOVERNMENT: The difference between general government asset and <br />liability accounts reported in the government -wide financial statements, <br />OBJECT OF EXPENDITURE: Expenditure classifications based upon the types or categories of goods <br />and services purchased. <br />OBJECTIVE: Desired output oriented accomplishments, which can. be measured and achieved within a <br />given time frame. <br />OPERATING BUDGET: A.plan of financial operation embodying an estimate of proposed <br />expenditures for the calendar,year and the proposed means of financing them. <br />OPERATING EXPENSE:. The cast for personnel; material and equipment. required for a. <br />department.to function. <br />.OPERATING REVENUE: Funds that the government:receives as income to. pay for ongoing <br />operations. Operating revenues are used to pay for day-to-day services. <br />OPERATING TRANSFERS: Amounts. transferred from. one fund to another, shown as expenditure. in <br />the originating fund and revenue in the receiving fund. <br />ORDINANCE: A formal leg islative enactment by the Town Board. <br />PAY-AS-YOU-GO BASIS: A term used to describe a financial. policy by which capital outlays. are <br />financed from current revenues rather than through borrowing.. <br />.• <br />