Lesson: Governmental Revenues - General Fund

In this lesson, uncover the intricacies of generating revenue for the general fund which is essential for local governments to function effectively. Nick Palazzolo, CPA, dives into property taxes as the fund's primary income source, illuminating how these taxes support critical community services such as schools and public safety. Furthermore, Nick clarifies how fees, fines, and intergovernmental revenues contribute to the general fund, differentiating them from special revenue funds that associate with specific activities. He also explores instances when business transactions between governments impact the general fund, along with addressing how miscellaneous income is categorized within this important fiscal pool.