2019 Adpted Budget - Laserfiche WebLink

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FISCAL DISPARITIES: A Minnesota law enacted in'1975 which provides for the pooling of 40 Y percent of all new commercial and industrial property valuation in the seven county metropolitan area and then redistributed to. taxing jurisdictions according to specific criteria. FISCAL POLICY: A government's policies with respect to revenues, spending, and debt management as these relate to government services, programs. and capital investment. Fiscal Policy provides an agreed -upon set of principles for the planning and programming of budgets.and their funding. FISCAL YEAR: The budget and accounting. year that.begins on the first day of January and ends on the last day of December of each year. FIXED ASSETS: Assets of a long-term character which are intended to continue to be held or used, such.as land, buildings, machinery, furniture, and other equipment. FULL TIME EQUIVALENT (FTE): The number of employee hours. (2,080) needed to be equal to one full time employee. Several part time employees may be combined. to make one full time equivalent. FUNCTION: A group of related activities aimed at accomplishing a major service or regulatory program. for which the government unit is responsible. FUND: An independent fiscal and accounting entity with a self -balancing set of accounts recording cash. and/or other resources together with all related liabilities; obligations, reserves, and equities.: which are segregated for the purpose, of carrying on specific activities.or attaining certain objectives, FUND BALANCE: The difference between fund's assets. anal fund liabilities (the equity) in governmental funds. FUND BALANCE —ASSIGNED:. Segregation of a portion .of fund balance to indicate the government's intent to use the resources for specific purposes where the specific purposes are identified by either the government's highest level. of decision -making authority or a. body or official that has been delegated the authority to do :so bythe.governing. body. FUND BALANCE COMMITTED: Segregatim of a. portion of fund. balance that represents resources.whose use is subject to a legally binding constraint that is imposed by the government itself at its highest level of decision -making authority and that remains: legally binding unless removed in the same manner. FUND BALANCE — NONSPENDABLE: Segregation of.a portion of fund balance to. indicate that the amount cannot be spent because the resources are not in spendable form, such as inventories or prepaid items. FUND BALANCE — RESTRICTED: Segregation of a portion of fund balance that represents resources whose use is subject to externally enforceable constraints. FUND BALANCE — UNASSIGNED: The difference between the total fund balance in a governmental. fund and its nonspendable, restricted, committed, and assigned components. Only the general fund may report positive amounts of unassigned fund balance. GENERAL FUND: Accounts for the general operation of the Township and all financial resources except those to be. accounted for in another fund. 73