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GENERAL FUND SUMMARY <br />FUND DESCRIPTION: <br />The General Fund accounts for the ordinary operations of the City, which are financed from taxes and <br />other general revenues, which are not accounted for in another fund. The modified accrual basis of <br />accounting is used in the General Fund. That is, expenditures are recorded at the time liabilities are <br />incurred and revenues are recorded when received. <br />BUDGET SUMMARY: <br />Property taxes are the largest revenue source, with the general government department as the largest <br />expenditure area planned for 2024. The 2024 General Fund expenditure budget of $667,325 is a <br />1.11 % decrease from the City's 2023 budget, with a revenue budget of $667,325. The graphs below <br />and on the next page demonstrate the percentage breakdown of budgeted revenues by classification <br />and expenditure by department. Page 10 also shows this information numerically. <br />2024 <br />REVENUES BY CLASSIFICATION <br />PROPERTY <br />92-24' <br />TS <br />DENTAL <br />_S <br />)R SERVICES <br />5% <br />EITS <br />