2013 Adopted Budget - Laserfiche WebLink

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LINE ITEM: A specific item or group of similar items defined by detail 'in a unique account in the financial records, LOCAL GOVERNMENT AID {LGA}: Intergovernmental revenue.frorn the state to municipalities to help fund general expenditures. LONG-TERM DEBT: Debt with a maturity of more than one year after the date of issuance. MAINTENANCE: The upkeep of physical. properties in condition for use or occupancy MARKET VALUE EXCLUSION (MVE): A portion of a property's market value that is not included in the property tax calculation based on a formula. set by the State of Minnesota. This exclusion reduces the taxable market value. MARKET VALVE .HOMESTEAD CREDIT (MVHC): State paid property tax reduction .on owner occupied homes based on the properties market value. MISCELLANEOUS: Revenues. or expenditures not classified in. any other revenue or expenditure category. MODIFIED ACCRUAL BASIS: The basis of accounting under which expenditures other than accrued interest on. general long-term debt are recorded. at the time liabilities are incurred and revenues are recorded when received in cash. except for material and/or available revenues, which should be accrued to reflect properly the tax levied and revenue earned. NET POSITION —GENERAL GOVERNMENT: The difference between general government asset and. liability accounts.reported in the government -wide financial statements. OBJECT OF EXPENDITURE: Expenditure classifications based upon the types or categories of goods and services purchased; OBJECTIVE: Desired output oriented accomplishments, which can be measured and achieved within a given time frame. OPERATING BUDGET: A plan of financial operation embodying an estimate of proposed expenditures for the calendar year and the proposed means of financing them. OPERATING EXPENSE: The cost for personnel, material and equipment required for a department to function; OPERATING REVENUE:. Funds that the government receives as income to pay for ongoing operations.. Dperating revenues are used to pay for day-to-day services. OPERATING TRANSFERS: Amounts. transferredfrom one fund to another, shown as expenditure in the originating fund and revenue in the receiving fund. ORDINANCE: A.formal legislative enactment by the Town Board: PAY-AS-YOU-GO BASIS: A term used to. describe a financial policy by which capital ou#lays are financed from current revenues rather than through borrowing. M.