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GENERAL FUND SUMMARY <br />FUND DESCRIPTION: <br />The General Fund is used to account for the ordinary operations of the City, which are financed from <br />taxes and other general revenues, which are not accounted for in another fund. The modified accrual <br />basis of accounting is used in the General Fund. That is, expenditures are recorded at the time <br />liabilities are 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 2014. The 2014 General Fund budget of $316,133 is a 1.54% increase <br />over the City's 2013 budget and anticipates using $84,117 of Fund Balance to balance the budget <br />and keep property taxes as low as possible. The graph below and on the next page demonstrate the <br />percentage breakdown of budgeted revenues by classification and expenditure by department. Page <br />10 also shows this information numerically. <br />2014 Expenditures By Department <br />Operating <br />Transfers <br />$0 <br />Public Works <br />$42,550 r' <br />General <br />\ Government <br />$162,491 <br />Public Safety <br />$111,092 <br />W <br />