The budgetary Comparison Schedule for the City of Fairport appears below. Severa
ID: 2455733 • Letter: T
Question
The budgetary Comparison Schedule for the City of Fairport appears below. Several items pf information are missing, Determine the missing amounts. (10 points).
CITY OF FAIRPORT
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
For the year ended Dec. 31, 2015 Use comma separators (EX: 1,000,000)
The budgetary Comparison Schedule for the City of Fairport appears below. Several items pf information are missing, Determine the missing amounts. (10 points).
CITY OF FAIRPORT
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
For the year ended Dec. 31, 2015 Use comma separators (EX: 1,000,000)
Budgeted Original Final Actual Variance w/ final budget Revenues Property taxes 4,200,000 4,050,000 4,065,000 15,000 Licenses and Permits 470,000 510,000 -18,000 Fines and Forfeits 450,000 411,000 9,000 Total Revenue 5,120,000 6,000 Expendituresand Encumbrances General Government 1,500,000 1,501,000 59,000 Public Safety 2,400,000 2,300,000 103,000 Public Works 1,085,000 995,000 90,000 Total expenditures
and encumbrances 5,097,000 252,000 Net change in Fund Balance 17,000 275,000 258,000 Fund Balance Jan. 1 627,000 627,000 627,000 0 Fund Balance Dec. 31 650,000 644,000 902,000 258,000
Explanation / Answer
License and Permits( Actual)=-18000+510000=492,000
Fines and Forfeits(Final)=411000-9000=402,000
Total Revenue (final)=4,050,000+510,000+402,000=4,962,000
Total Revenue(Actual)=4,065,000+492,000+411,000=4,965,000
General Governemnt(Final)=59000+1501000=1,560,000
Public safety(Actual)=2,300,000-103,000=2,197,000
Public works(Original)=5,097,000-2,400,000-1,500,000=1,197,000
TotalExpenditure & Encumbrance (final)=1,560,000+2,300,000+1,085,000=4,945,000
TotalExpenditure & Encumbrance (Actual)=1,501,000+2,197,000+995,000=4,945,000
Net change in Fund balance(Original)=650,000-627,000=23,000
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