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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 />serviceand capital projects.. <br />GRANT: .A contribution of assets by onegovernmental 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 land which <br />are intended to remain so attached or annexed; such as sidewalks, trees,. drains, and. sewers. <br />INFLOW/fNFIL.TRATION (UI): 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#o 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 to#al amount of taxes special assessments,. or service charges imposed by a <br />governmental unit. <br />LICENSES: Revenues received from the said of business and non-business.11censes. <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-qut by the State of <br />Minnesota. <br />74 <br />