Grant County Debt Service Fund Pre-closing Trial Balance June 30, 2017 Debits Cr
ID: 2566427 • Letter: G
Question
Grant County
Debt Service Fund
Pre-closing Trial Balance
June 30, 2017
Debits Credits
Cash $ 257,000
Investments 66,000
Fund Balance - Restricted $ 60,400
Budgetary Fund Balance ?
Estimated Other Financing Sources 6,919,000
Estimated Revenue 2,684,300
Revenue - Sales Taxes 1,425,200
Revenue - Investment Earnings 13,400
Other Financing Sources - Interfund Transfers In 181,000
Other Financing Sources-Proceeds of Refunding Bonds 7,920,000
Estimated Other Financing Uses 7,920,000
Appropriations 1,357,000
Expenditures - Bond Interest 527,000
Expenditures - Bond Principal 830,000
Other Financing Uses - Payment to Escrow Agent 7,920,000
b. What is the budgetary fund balance?
c. Did the debt service fund pay debt obligations related to capital leases?
d. Did the debt service fund perform a debt refunding?
e. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended June 30, 2017. (Negative amounts should be indicated by a minus sign.) GRANT COUNTY Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balances For the Year Ended June 30, 2017 Revenues Total Revenues Expenditures: Total Expenditures Excess of Revenues Under Expenditures Other Financing Sources (Uses) 0 Total Other Financing Sources (Uses): Increase In Fund Balances Fund Balances, July 1, 2016 Fund Balances, June 30, 2017 0 References eBook & Resources Financial Statements Leaning obeve 06-05 Explain the pu service funds Difficulty: 2 Medium Learning Objective: 06-06 MakeExplanation / Answer
GRANT COUNTY Debt Service Fund STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES REVENUES REVENUES: SALES TAXES 1,425,200 INVESTMENT EARNINGS 13,400 TOTAL REVENUES 1,438,600 EXPENDITURES: BOND INTEREST 527,000 BOND PRINCIPAL 830,000 TOTAL EXPENDITURES 1,357,000 EXCESS OF REVENUES UNDER EXPENDITURES 81,600 OTHER FINANCING SOURCES (USES): INTERFUND TRANSFERS IN 181,000 PROCEEDS OF REFUNDING BONDS 7,920,000 PAYMENT TO ESCROW AGENT -7,920,000 TOTAL OTHER FINANCING SOURCES (USES): 181,000 INCREASE IN FUND BALANCES 262,600 FUND BALANCES, JULY 1, 2016 60,400 FUND BALANCES, JUNE 30, 2017 323,000
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