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GENERAL FUND SUMMARY Fund Description: The General Fund is used to account for the ordinary operations of the City, which are financed from taxes and other general revenues, which are not accounted for in another fund. The modified accrual basis of accounting is used in the General Fund. This is, expenditures are recorded at the time liabilities are incurred and revenues are recorded when received. However, Budget Summary: The three largest revenue sources for the City are property taxes, charges for current services, and license fees and permits. Property taxes are the largest revenue source with 78% of the revenue, charges for current services are 10%, license fees and permits are 6%, intergovernmental revenues are 3%, investment revenues are 1%, court fines are 1% and miscellaneous revenues are 1%. The graph below illustrates the projected revenue by type. The 2014 General Fund budget of $4,458,634 is a .78%decrease 3budget. Public Safety and General Government expenditures represent the largest expenditure areas with 41% and 30% respectively, while Park & Recreation represents 16%. These areas account for 87% of the budgeted expenditures within the City. The remaining expenditures are represented by Public Works at 7% and Transfers at 6%. Generally, the City does not budget for Contingency expenses.Economic Development revenues and expenses are located in the EDA General Fund budget. Capital Outlay expenses are located in the Capital Improvement Plan are not included in the General Fund. The following graph illustrates the budgeted expenditures by department.