Exercises
137.The Village of Lake George’s General Fund has the following net resources at December 31, 2015
?$5,000 of prepaid insurance
?$ 25,000 of property taxes receivable – currently due and expected to be collected within 60 days
?$300,000 rainy day fund approved by the township governing board
?$82,500 of supplies inventory
?$33,000 government grant for city park maintenance
?$10,000 contractual obligations for the purchase of park fixtures
?$200,000 to be used to fund government operations in the future
Required: Prepare the fund balance section of the Balance Sheet
138.The City of Fairport adopted the following budget for fiscal year 2015:
Anticipated Revenues:
Property Taxes
Licenses and Permits
Fines and Forfeits
Total
|
$4,050,000
510,000
402,000
$4,962,000
|
Approved spending levels:
General Government
Public Safety
Public Works
Total
|
$1,560,000
2,300,000
1,085,000
$4,945,000
|
In addition, the City reported the following actual amounts for the same fiscal year.
Revenues:
Property Taxes
Licenses and Permits
Fines and Forfeits
Total
|
$4,065,000
492,000
411,000
$4,968,000
|
Expenditures – Current Year
General Government
Public Safety
Public Works
Total
Encumbrances - Current Year
Public Safety
Expenditures related to 2014 encumbrances
|
$1,501,000
2,080,000
995,000
$4,576,000
$ 117,000
$ 10,000
|
Required: Prepare a budgetary comparison schedule for the City for the year ended December 31,2015 assuming the fund balance of the General Fund(budgetary basis) was $627,000 at January 1, 2015. No "original budget" column is required. Include a "variance" column.