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GENERAL FUND <br /> <br />Overview <br />The General Fund is the general operating fund of the City. It is used to account for all financial resources except <br />those required to be accounted for in another fund. <br /> <br />Budgetary Compliance: <br />The General Fund budget is legally adopted at the fund level. Department Directors may authorize purchases on <br />a department basis (Administration, Planning, Public Works, etc.). The City Administrator may transfer <br />appropriations between departments. Additional appropriations must be approved by City Council. <br /> <br />Fund Balance Policy: <br />Per the Fund Balance Policy, the unassigned fund balance for the General Fund shall be between 42.5% and 65% <br />of the subsequent year’s budget. Since a significant source of revenue in the General Fund comes from property <br />taxes, maintaining an adequate unassigned fund balance ensures that sufficient resources are available to fund <br />basic City functions between the property tax settlements that are received in July and December. <br /> <br />Fund Balance Components 2021 Actual 2022 Actual 2023 Actual <br />Nonspendable Fund Balance $503,889 $574,629 $476,685 <br />Restricted Fund Balance $0 $0 $471,123 <br />Assigned Fund Balance 68,500 - - <br />Unassigned Fund Balance 2,629,475 3,039,880 3,681,696 <br />Total Fund Balance $3,201,864 $3,614,509 $4,629,504 <br />Unassigned Fund Balance as % of Next Year’s Budget 63.55% 59.75% 62.85% <br /> <br /> <br /> <br />18