Plain English Meaning
The number you see on the altimeter dial. It tells you what altitude the instrument thinks you are at, based on the pressure setting it has been given.
Full Definition
The altitude value displayed on an aircraft's altimeter when the instrument is set to the current local altimeter setting. In a surface weather observation context, it refers to the altitude indicated by an altimeter at a known field elevation, used to verify the accuracy of the reported altimeter setting.
Context Anchor
Seen in surface weather observations and heard in airport weather broadcasts before , , , and .