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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 2023. The 2023 General Fund expenditure budget of $674,829 is a <br />29.10% increase over the City's 2022 budget, with a revenue budget of $639,559. The City plans on <br />using ARPA Funds received in 2022 to help pay for software upgrades in 2023. 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 />2023 <br />REVENUES BY CLASSIFICATION <br />