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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 2015. The 2015 General Fund budget of $331,932 is a 5.00% increase <br />over the City's 2014 budget and anticipates using $80,000 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 />2015 Expenditures By Department <br />Operating <br />Transfers <br />$0 <br />Public <br />$41 <br />Public Saft <br />$128,78. <br />General <br />Government <br />$161,799 <br />