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FISCAL DISPARITIES: A Minnesota law enacted in 1975 which:provides for the.pgofing of 40 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 respectto revenues, spending, and debt: management as these relate to government services, programs and capital investment. .Fiscal Policy provides an agreed=upon set of principles for the planning and programming of budgets and their funding. FISCAL YEAR: The budget and accounting year that beg ins .on the first day of January and ends on the last day of December of each year, FIXED ASSETS: Assets. of a longterm character which are intended. 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 (2,680) needed to be equal.to one full time employee. Several part time employees maybe combined to make one full time equivalent. FUNCTION: A group of related activities aimed at accomplishing: a major 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 are 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 r;..: governmental .funds.. FUN 0 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 ore 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-making.authority and that remains legally binding unless removed in the same manner. FUND BALANCE — NON SPENDABLE: 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 furid .and its nonspendable, restricted; comrnitted, 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. 73