Page 136 - CityofWataugaAdoptedBudgetFY24
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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 = $17,750,900
Revenues are forecasted at approximately 9.2% more than prior year, or by
$1,502,780 due in large part to property tax and sales tax increases. Other revenues
such as charges for services, permits, and interest earnings are forecast to increase
this year. Property tax revenue has been based on maintaining the City’s current tax
rate, and is expected to bring in approximately $7.2 million at the FY2024 tax rate of
$0.570200/100 of valuation.
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