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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 2013. The 2013 General Fund budget of $311,344 is a 25.10% <br />decrease over the City'.s 2012 budget and anticipates using $50,465 of Fund Balance.to balance the <br />budget and keep property taxes as low as possible. The graph below and the graphs on pages �46 <br />and 47 demonstrate the percentage breakdown of budgeted revenues by classification and <br />expenditure by department and by classification. The. next two. pages also show this. information <br />numerically. <br />2013 PROPOSED EXPENDITURES BY DEPARTMENT <br />Public Works <br />1.3.2 % <br />:;:. <br />Transfers ..0.0096 <br />Public WetY <br />u <br />35.97 !0 3i <br />General <br />Govemment <br />50.75% <br />