The following information relates to actual results from Central Town\'s general

Question

The following information relates to actual results from Central Town's general fund for the year ended December 31, 20X1 Expenditures and Transfer Revenues Property tax collections: Current year taxes collected Prior-year taxes due 12/1/X0, collected 2/1/X1 Current year taxes due 12/1/X1, collection expected by 2/15/X2 $700,000 61,000 81,000 250,000 Other cash receipts General government expenditures Salaries and wages Other $ 220,000 155,000 Public safety and welfare expenditures 260,000 160,000 220,000 61,000 Salaries and wages Other Capital outlay Transfer out to debt service fund Other cash receipts include a county grant of $190,000 for a specified purpose, of which $105,000 was expended; $40,000 in fines, and $20,000 in fees General Government Expenditures-Other includes employer contributions to the pension plan and $31,000 in annual capital lease payments for computers over three years; the fair value and present value at lease inception are $61,000 Capital outlay is for police vehicles Debt service represents annual interest payments due December 15 of each year on $610,000 face value, 10 percent, 20-year term bonds Capital Projects Fund Central Town's council approved $900,000 for construction of a fire station to be financed by $710,000 in general obligation bonds and a $190,000 state grant. Construction began during 20X1, but the fire station was not completed until April 20X2. During 20X1, the following transactions were recorded

Explanation / Answer

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a Property tax revenues 781000 b Other revenues 60000 c Capital leases of computers 31000 d new police vehicles 220000

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