City budget review
The Gatesville City Council received a detailed report of the city’s financial affairs as of mid-budget year, March 31, during Tuesday night’s regular meeting of the governing body.
City Manager Bill Parry told the council that revenue is slightly higher in most revenue categories while expenses are running below the mid-year projections. The “city is solvent and it appears we will have a good year,” Parry said.
The city maintains two major funds that segregate revenue and expenses for accounting purposes.
The general fund receives revenue from sales tax receipts, property taxes and franchise fees. About 75 percent of the general fund comes from sales and property taxes. The general fund pays for the operation of 11 departments, including police, fire, streets, parks and recreation and city administration.
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