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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 pledgesits: full faith and. credit to the <br />repayment of the bonds it issues, than those bonds are general obligation (G0) bonds.. <br />GOAL: A statement of broad direction, purpose or intent based on the need of a community. A <br />goal.is.general and timeless; that is, it is not concerned with a specific achievement in a .gi.ven 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 th:.e 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 uhit 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, acid otherattachments or annexations toland which <br />are intended to remain so attached. or annexed, such as -sidewalks, trees, drains, and sewers. <br />INFLOWIINFILTRATION tlJlj: 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 calcu lating property taxes. The limited market value system was. phased -out by the State of <br />Minnesota; <br />74 <br />