Page 137 - Watauga FY22-23 Budget
P. 137
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 = $16,248,120
Revenues are forecasted at approximately 9.9% more than prior year, or by
$1,466,170 due in large part to anticipated sales tax increases as the economy
continues to recover from the impact of COVID-19. 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 $210,000 additional revenues at the FY2023 tax rate of
$0.570200/100 of valuation.
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