General Fund Budget Overview
The General Fund receives its funding through taxes, fees, and licenses levied on City citizens, property, businesses, and activities. Listed below are the seven largest funding sources for the General Fund. These seven sources represent 93% of the General Fund receipts - net of transfers and incentives. It is from this funding that City leaders must draw the resources necessary to finance the City's governmental operations.
Looking further through the City's current fiscal year budget reveals that 85% of the General Fund's funding is derived from four sources: Property tax, insurance premium tax, alcohol sales tax, and the vehicle license tax (City sticker). Property taxes are levied on personal and tangible property as valued by the County PVA. Insurance premium taxes are assessed on insurance policies held by City residents. Alcohol sales taxes are assessed on all alcohol sales within the City. City stickers are required on all vehicles of those persons who live or work in the City.
FY2015 General Fund Operating Budget
- Property tax: $3,491,250
- Insurance tax: $1,700,000
- Alcohol sales fees: $1,000,000
- City sticker: $815,000
- Business licenses: $290,000
- Franchise fees: $250,000
- Vehicle tax: $190,000
- All others: $541,000
- Total: $8,277,250
Downloads
FY2015 General Fund Funding Source Review
FY2015 Alcohol Beverage Control summary
CY2015-2016 City Sticker Sales summary
Current & Active Business Licenses
Questions, comments, concerns? Contact finance@murrayky.gov