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2 <br /> <br />GENERAL FUND SUMMARY <br /> <br />Fund Description: <br /> <br />The General Fund is used to account for the ordinary operations of the City, which are financed <br />from taxes and other general revenues, which are not accounted for in another fund. The <br />modified accrual basis of accounting is used in the General Fund. This is, expenditures are <br />recorded at the time liabilities are incurred and revenues are recorded when received. However, <br />compensated absences are expended “when paid” for budgetary purposes. <br /> <br />Budget Summary: <br /> <br />Total General Fund estimated revenues for 2018 are $4,772,169. The three largest revenue <br />sources for the City are property taxes, charges for current services, and license fees and permits. <br />Property taxes are the largest revenue source with 76% of the revenue, charges for current <br />services are 12%, license fees and permits are 7%, intergovernmental revenues are 3%, court <br />fines are 1% and miscellaneous revenues are 1%. The graph below illustrates the projected <br />revenue by type. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />76% <br />7%3% <br />12% <br />1%1%<1% <br /><1% <br />2018 Proposed Revenues By Classification <br />Taxes <br />Licenses & Permits <br />Intergovernmental Revenues <br />Charges for Services <br />Interest on Investments <br />Fines & Forfeits <br />Special Assessments <br />Miscellaneous