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G NERA.L.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.govemment 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 ACCGUNTING: 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): 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, and other attachments or annexations to [and which <br />are intended to remain:so attached. or annexed, such as sidewalks, trees, drains, and sewers.. <br />INFLOWIINFILTRATIGN (Ili): The term used to describe clean. water entering into the sanitarysewer <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 farm 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 calculating property. taxes. The limited market value system was phased -out by the State of <br />Minnesota. <br />67 <br />