A debt service fund's condensed trial balance at December 31, 2014 shows the following:
Dr (Cr)
Cash $1,000,000
Due from water utility (an enterprise fund) 200,000
Short-term investments 9,000,000
Estimated revenues 8,000,000
Expenditures 200,000
Interest payable (200,000)
Water utility bonds payable (8,000,000)
Appropriations (200,000)
Fund balance-committed (7,800,000)
Contributions from property owners (2,200,000)
Total $ 0
The water utility bonds were issued on July 1, 2014, and pay 5 percent interest annually on June 30. The contributions from property owners represent the proceeds from special assessment debt for which the government has no liability.
Required
Identify the apparent irregularities in the above debt service fund trial balance and suggest corrective action for them.