6. Assessments were levied for $72,000, with the village contributing $3,000 from the general fund. All assessments and the village contributions were collected during the year. 7. A contract for...

6. Assessments were levied for $72,000, with the village contributing $3,000 from the general fund. All assessments and the village contributions were collected during the year.

7. A contract for $75,000 was signed and approved by a village official for the installation of lighting. At June 30, 2019, the contract was completed for $75,000. The contractor was paid all but 5%, which was retained to ensure compliance with the terms of the contract. Encumbrances and other budgetary accounts are maintained.