50. (Classification of fund balance) The General Fund of the City of Davis Fort has a total fund balance of $1,000,000 as of its fiscal year-end, December 31, 2013. Please review the following...

50. (Classification of fund balance)

The General Fund of the City of Davis Fort has a total fund balance of $1,000,000 as of its fiscal year-end, December 31, 2013. Please review the following additional information regarding General Fund activities and determine how much fund balance should be classified as nonspendable, restricted, committed, assigned, and unassigned. Show the calculations necessary for making the fund balance determinations.

1. 
   The balance sheet of the City of Davis Fort showed $100,000 of inventory on December 31, 2013.
   


2. 
   The highest level of decision making authority for the city (the city council) passed an ordinance that any royalty payments received from oil production on city property must be used for city park maintenance. At year-end, the city had not spent $220,000 of the oil royalty proceeds that it had received.
   


3. 
   The General Fund made a long-term loan of $60,000 to the Civic Center Capital Projects Fund during 2013. None had been repaid by December 31, 2013, and none is expected to be repaid until 2016.
   


4. 
   The city council of the City of Davis Fort approves its 2014 budget in December, 2013. It appropriates $110,000 of the December 31, 2013 fund balance to eliminate an anticipated budget deficit in the 2014 budget. The anticipated budget deficit is the result of expected 2014 expenditures exceeding expected 2014 revenues.
   


5. 
   The General Fund receives a federal grant that must be used to provide low-income housing subsidies. The grant had no time restrictions. At year-end, the General Fund had unspent resources of $40,000.
   


6. 
   The city council authorized the city’s finance director to set aside a portion of General Fund balance for future repairs to the city’s administrative building. During 2013, the finance director set aside $20,000; none of which had been spent at year-end.