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LINE ITEM: A specific item or group of similar items defined by detail in a unique:account 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: ©ebtwith 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 (mwq: 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 .andlor 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 />liabilityaccounts 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 yearand the proposed means of financing them. <br />OPERATING EXPENSE: The cost 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 legislative 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 />75 <br />