The city of Grafton's records reflected the following budget and actual data for the general fund...

70.2K

Verified Solution

Question

Accounting

The city of Grafton's records reflected the following budget andactual data for the general fund for the the fiscal year ended June30, 2017
1. Estimated revenues:
Taxes(property) $3,213,000
Licenses and permits 790,000
Intergovernmental revenues 310,000
Miscellaneous revenues 200,000
2. Revenues
Taxes (Property) 3,216,000
Licenses and permits 792,000
Intergovernmental revenues 299,000
Miscellaneous revenues 195,000
3. Appropriations
General Government 920,000
Public safety 2,090,000
Health and welfare 1,398,000
4. Expenditures
General government 920,000
Public safety 2,005,000
Health and welfare 1,398,000
5. Encumbrances outstanding as of june 30, 2016
General Government 33,000
Public safety 82,000
6. Transfer to debt service fund
Budget 120,000
Actual 120,000
7. Budget revisions approved by city council
Estimated revenues:
Decrease intergovernmental revenues 10,000
Decrease miscellaneous revenues 3,000
Appropriations:
Decrease general government 2,000
8. Total fund balance at july 1, 2016 was 720,000
Required: Use the excel file provided to prepare a budgetarycomparison schedule for the city of Grafton for the fiscal yearended june 30, 2017. Include outstanding encumbrances withexpenditures. Use formula feature (e.g sum = etc) of excel tocalculate the amounts in cells shaded blue.
CITY OF Grafton
Schedule of Revenues, Expenditures and Changes in FundBalance -
Budget and Actual: General Fund (Non-GAAPBudgetary Basis)
For The Year Ended December 31, 2017
BudgetedAmounts
REVENUES Original Final Actual Amounts Budgetary Basis Variance with Final Budget
   Property Taxes
    Licenses and permits
   Intergovernmental
   Miscellaneous
     TOTAL REVENUES
EXPENDITURES AND ENCUMBRANCES
Current:
   General Government
    Public Safety
    Health and Welfare
     TOTAL EXPENDITURES
REVENUESOVER (UNDER) EXPENDITURES
OTHERFINANCING SOURCES (USES):
     Transfers (to) other funds
TOTALOTHER FINANCING SOURCES (USES)
   Excess of revenues and other sources over
     (under) expenditures and other uses
FUND BALANCE - Beginning of Year
FUND BALANCE - End of Year

Answer & Explanation Solved by verified expert

4.5 Ratings (991 Votes)

Budgeted Amounts REVENUES Original Final Actual Amounts Budgetary Basis Variance with Final Budget Property Taxes 321300000 321300000 321600000 300000 Other Local Taxes 79000000 79000000 79200000 See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

CITY OF Grafton
Schedule of Revenues, Expenditures and Changes in FundBalance -
Budget and Actual: General Fund	(Non-GAAPBudgetary Basis)
For The Year Ended December 31, 2017
	BudgetedAmounts
REVENUES	Original	Final	Actual Amounts Budgetary Basis	Variance with Final Budget
Property Taxes
Licenses and permits
Intergovernmental
Miscellaneous
TOTAL REVENUES

EXPENDITURES AND ENCUMBRANCES
Current:
General Government
Public Safety
Health and Welfare
TOTAL EXPENDITURES

REVENUESOVER (UNDER) EXPENDITURES
OTHERFINANCING SOURCES (USES):
Transfers (to) other funds
TOTALOTHER FINANCING SOURCES (USES)
Excess of revenues and other sources over
(under) expenditures and other uses
FUND BALANCE - Beginning of Year
FUND BALANCE - End of Year