The following information was available for the General Fund of the City ofThoma
ID: 2455738 • Letter: T
Question
The following information was available for the General Fund of the City ofThomasville for the Year Ended December 31, 2015:
(a) Revenues for the year included property taxes in the amount of $6,612,000, fines and forfeits in the amount of $700,000, and miscellaneous in the amount of $400,000.
(b) Expenditures from current appropriations included: general government, $4,847,000; public safety, $1,924,000; culture and recreation, 812,000.
(c) In addition to (b) above, expenditures related to prior year appropriations (encumbered last year) amounted to $40,000 (public safety). Encumbrances issued this year but not filled amounted to $60,000 (general government).
(d) A transfer was made from the General Fund to a debt service fund in the amount of $500,000. A transfer was made from an enterprise fund to the General Fund in the amount of $450,000.
(e) A sale of park land was made during the year, which was considered infrequent but not unusual and under the control of management. The proceeds amounted to $126,000, and the land had a basis of $90,000 reported in the government-wide Statement of Net Position the year before.
(f) Beginning balances included Fund Balance in the amount of $222,000.
Required:
Insert the figures in the Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund for the City of Thomasville for the Year Ended December 31, 2015. (15 points plus one extra point).
Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended 12/31/2015
The following information was available for the General Fund of the City ofThomasville for the Year Ended December 31, 2015:
(a) Revenues for the year included property taxes in the amount of $6,612,000, fines and forfeits in the amount of $700,000, and miscellaneous in the amount of $400,000.
(b) Expenditures from current appropriations included: general government, $4,847,000; public safety, $1,924,000; culture and recreation, 812,000.
(c) In addition to (b) above, expenditures related to prior year appropriations (encumbered last year) amounted to $40,000 (public safety). Encumbrances issued this year but not filled amounted to $60,000 (general government).
(d) A transfer was made from the General Fund to a debt service fund in the amount of $500,000. A transfer was made from an enterprise fund to the General Fund in the amount of $450,000.
(e) A sale of park land was made during the year, which was considered infrequent but not unusual and under the control of management. The proceeds amounted to $126,000, and the land had a basis of $90,000 reported in the government-wide Statement of Net Position the year before.
(f) Beginning balances included Fund Balance in the amount of $222,000.
Required:
Insert the figures in the Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund for the City of Thomasville for the Year Ended December 31, 2015. (15 points plus one extra point).
Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended 12/31/2015
Revenues Property taxes Fines and Forfeitures Miscellaneous Total Revenues Expenditures General Government Public Safety Culture andrecreation Total Expenditures Excess of revenues over expenditures Other Financing Sources (Uses) Transfers In TransfersOut Special Item: Proceeds from Sale of Land Net Change in Fund Balance Fund Balance 1/1/15 Fund Balance 12/31/15Explanation / Answer
Statement of Revenues, Expenditures and changes in fund Balance
For the year ended 12/31/2015
$ Revenues Property taxes 6612000 Fines and Forfeitures 700000 Miscellaneous 400000 Total Revenues 7712000 Expenditures General Government 4847000 Public Safety 1924000 Culture andrecreation 812000 Total Expenditures 7583000 Excess of revenues over expenditures 129000 Other Financing Sources (Uses) Transfers In 450000 Transfers Out 500000 Special Item: Proceeds from Sale of Land 126000 Net Change in Fund Balance 205000 Fund Balance 1/1/15 222000 Fund Balance 12/31/15 427000Related Questions
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