Various funds and account groups. The village of Fay was recently incorporated and began financial operations on July 1, 2018, the beginning of its fiscal year. The following transactions occurred...

Various funds and account groups. The village of Fay was recently incorporated and began financial operations on July 1, 2018, the beginning of its fiscal year.

The following transactions occurred during this first fiscal year from July 1, 2018, to June 30, 2019:

1. The village council adopted a budget for general operations during the fiscal year ending June 30, 2019. Revenues were estimated at $400,000. Legal authorizations for expenditures were $394,000.

2. Property taxes were levied for $390,000. It was estimated that 2% of this amount would prove to be uncollectible. These taxes were available on the date of the levy to finance current expenditures.