The four major categories of revenues anticipated in a municipal budget include all EXCEPT:

The four major categories of revenues anticipated in a municipal budget include taxes, surplus, miscellaneous revenue, and investment income. In many municipal budgeting contexts, these categories reflect the primary sources from which governments anticipate generating funding for their operations.

Investment income refers to earnings generated from government investments, such as interest on bank accounts or returns on investment portfolios. While it's an essential component of a municipality's revenue, it is often considered more volatile and less predictable compared to more stable income sources like taxes or surpluses from prior fiscal periods.

Surplus is derived from the unspent funds of previous budgets that can be allocated for future use. Taxes form a cornerstone of municipal revenue, representing the primary funding source for services provided to the community. Miscellaneous revenue encompasses a wide range of minor income streams that may not fit neatly into other categories but nonetheless contribute to the budget.

The distinction being made here highlights that while investment income can and often does contribute to overall revenue, when providing a broad overview of primary categories, it may not always be viewed as one of the core expected revenue sources compared to the more consistent and predictable streams like taxes, surplus, and miscellaneous revenue.