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LINE ITEM: A specific. item or group of similar items definedby detail in a unique account in the <br />financial records. <br />LOCAL GOVERNMENT AID (LGA): Intergovernmental revenue from the state to municipalities to <br />help fund general expenditures. <br />LONG-TERM DEBT: Debt with a maturity of more than one year after the date of issuance. <br />MAINTENANCE: The upkeep of physical properties in condition for use or occupancy. <br />MARKET VALUE EXCLUSION (MVE): A portion of a property's market value that is not included in the <br />property tax calculation based on a formula set by the State of Minnesota. This exclusion reduces the <br />taxable market value. <br />MARKET VALUE HOMESTEAD CREDIT (MVHC): State paid property tax reduction on owner <br />occupied homes based on the properties market value. <br />MISCELLANEOUS: Revenues or. expenditures not classified in any other revenue or expenditure <br />category. <br />MODIFIED ACCRUAL BASIS: The basis.of accounting under which expenditures other than accrued <br />interest on general long-term debt. are recorded at the time liabilities are incurred and revenues are <br />recorded when received in cash except for material and/or available revenues, which should be accrued to <br />reflect properly the tax levied and revenue. earned. <br />NET POSITION— GENERAL GOVERNMENT: The difference between general government asset and <br />liability accounts reported in the govemment-wide financial statements: <br />OBJECT OF EXPENDITURE: Expenditure classifications based upon the. types or categories of goods <br />and services purchased. <br />OBJECTIVE: Desired output oriented accomplishments; which can be measured and achieved within a <br />given time frame. <br />OPERATING BUDGET: A plan of financial operation embodying an estimate of proposed <br />expenditures for the calendar year and the proposed means of financing them. <br />OPERATING EXPENSE: The cost for personnel.,..material and equipment required for a <br />department to function. <br />OPERATING REVENUE: Funds that the:government receives as income to pay for Ongoing <br />operations. Operating revenuesare used to pay for day-to-day services: <br />OPERATING TRANSFERS: Amounts transferred from one fund to another; shown as expenditure in. <br />the originating fund and revenue in the receiving fund. <br />ORDINANCE: A formal Iegisiative enactment by the Town Board. <br />PAY-AS-YOU-GO BASIS: A term used to describe a financial policy by which capital outlays are <br />financed from current. revenues rattier than through borrowing. <br />76 <br />