Question

Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended June 30, 20X8, for the General Fund of Powers Village, given the following information:
Fund balance, July 1, 20X7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 3,300,800
Property tax revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000
Licenses and fees revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400,000
Grant revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700,000
General government expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,900,000
Public safety expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000
Highway and streets expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200,000
Judicial expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800,000
Purchases of equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700,000
Proceeds from issuance of short-term notes . . . . . . . . . . . . . . . . . . . . . . . 750,000
Payments to retire long-term notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000
Interest payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000
Accrued interest on short-term notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000
Accrued interest on long-term notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000
Transfer to Debt Service Fund to provide for principal
and interest payments on bonded debt . . . . . . . . . . . . . . . . . . . . . . . . . 380,000
Transfer to establish a new Central Stores Fund 1,000,000
Encumbrances (Orders) outstanding at June 30, 20X8, were for:  
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,000
General government purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,000
Highway and streets purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134,500



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  • CreatedOctober 25, 2014
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