The budget is composed of a number of different funds, the largest of which is the General Fund. The General Fund is the primary operating fund of the city and includes such services as police, fire, public works, community development and administration. The city's General Fund budget has grown from $10.7 million in 1995 to $37.7 million for 2020. At the same time the city's population has grown from 31,500 in 1995 to approximately 72,200 in 2019. Woodbury's tax rate, in general, is below the median for metro area cities.
The revenue to support the General Fund comes from a variety of sources, the largest of which is property taxes at approximately 70 percent. Other sources of revenue include permit fees from new home and business construction, charges for various services, miscellaneous revenues, and transfers from other funds.
On the expenditure side, 75 percent of the General Fund is spent on employee salaries and benefits, with the balance spent on other operating expenditures. The majority of capital expenditures are accounted for in the Capital Improvement Fund. Approximately 41 percent of the General Fund budget is allocated to public safety (police and fire), 39 percent to public works, engineering, and parks and recreation, and 20 percent on general government and community development.