Question : 139.              Define the term “Revenue” and distinguish between that term : 1255421

 

139.              Define the term “Revenue” and distinguish between that term and “Other Financing Sources.”

 

140.              The Village of Lake George’s General Fund has the following net resources at December 31, 2014

 

?$5,000 of prepaid insurance

?$ 25,000 of property taxes receivable – currently due and expected to be collected within 60 days

?$300,000 rainy day fund approved by the township governing board

?$82,500 of supplies  inventory

?$33,000 government grant for city park maintenance

?$10,000 contractual obligations for the purchase of park fixtures

?$200,000 to be used to fund government operations in the future

 

Required:  Prepare the fund balance section of the Balance Sheet

 

141.              The City of Fairport adopted the following budget for fiscal year 2014:

 

Anticipated Revenues:

Property Taxes

Licenses and Permits

Fines and Forfeits

Total

 

 

$4,050,000

510,000

402,000

$4,962,000

Approved spending levels:

General Government

Public Safety

Public Works

Total

 

 

$1,560,000

2,300,000

1,085,000

$4,945,000

 

 

In addition, the City reported the following actual amounts for the same fiscal year.

 

Revenues:

Property Taxes

Licenses and Permits

Fines and Forfeits

Total

 

 

$4,065,000

492,000

411,000

$4,968,000

Expenditures – Current Year

General Government

Public Safety

Public Works

Total

 

Encumbrances – Current Year

Public Safety

 

Expenditures related to 2013 encumbrances

 

$1,501,000

2,080,000

995,000

$4,576,000

 

 

$ 117,000

 

$ 10,000

 

Required:  Prepare a budgetary comparison schedule for the City for the year ended December 31, 2014 assuming the fund balance of the General Fund (budgetary basis) was $627,000 at January 1, 2014.  No “original budget” column is required.  Include a “variance” column.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

142.              The City of Westboro passed an appropriations ordinance for the year ended June 30, 2014.  Included in the appropriations ordinance was an appropriation for public safety in the amount of $7,600,000.  During the month ended July 31, 2013 the following transactions took place:

a.              Purchase orders were issued in the amount of $410,000.

b.              Goods were received, related to purchase orders in the amount of $220,000, along with invoices amounting to $215,000.

c.              Salaries were paid in the amount of $450,000

d.              Because of an economic slowdown, a budget amendment was passed cutting all departments’ (annual) appropriations by 4%.

 

Required:

Compute the amount of appropriations available at July 31, 2013.