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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 2021. The 2021 General Fund budget of $492,385 is a 5.15% decrease <br />over the City's 2020 budget and is a balanced budget. The graphs below and on the next page <br />demonstrate the percentage breakdown of budgeted revenues by classification and expenditure by <br />department. Page 10 also shows this information numerically. <br />PROPERTYT <br />90 49% <br />2021 <br />REVENUES BY CLASSIFICATION <br />TS <br />RENTAL <br />:S <br />JR SERVICES <br />'0% <br />FITS <br />1.1 <br />