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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 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 timeless; 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): <br />relief for farm property and owner occupied homes. <br />A form of state paid property tax <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 />INFLOW/INFILTRATION (1/1): 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 <br />64 <br />