Page 150 - City of Watauga FY22 Adopted Budget
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GENERAL FUND
The General Fund is a Governmental Fund, which means that it is used to account for
tax-supported activities that benefit all citizens. The General Fund is used to account
for all revenues and expenditures not accounted for in other funds. It receives a
greater variety of taxes and other revenues and finances a wider range of
governmental activities than other funds. The fund is accounted for on the modified
accrual basis of accounting. Revenues are recorded when available and measurable
and expenditures are recorded when the liability is incurred.
Where does the money come from?
GENERAL FUND REVENUES TOTAL = $14,781,950
Revenues are forecasted at approximately 10.9% more than prior year, or by
$1,375,250 due in large part to anticipated sales tax increases as the economy
recovers from the impact of COVID-19. An additonal quarter cent sales tax will be
received in the General Fund as a result of the a ballot measure that was approved by
voters in May 2021, resulting an increase of $814,000. Other revenues such as
permits and fines and forfeitures are forecast to increase this year. Property tax
revenue has been based on maintaining or reducing the City’s current tax rate, and is
expected to bring in approximately $200,000 additional revenues at the FY2022 tax
rate of $0.5804/100 of valuation.
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