The City of Albany, New York (population estimate 98,000) adopted the following General Fund budget for fiscal
Question:
The City of Albany, New York (population estimate 98,000) adopted the following General Fund budget for fiscal year 2018. (For simplicity, we combined many items into “All other” accounts.) Prepare the journal entry to record the budget.
Estimated Revenues
Property tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 57,700,000
Sales tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,111,580
All other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,171,223
$176,982,803
Appropriations Police department. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 53,575,129
Fire and emergency services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,650,289
All other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,757,385
$176,982,803.
Assume that, later in the year, the city decides to increase the Police department appropriation by $1,250,000, but does not increase the estimated revenues. Prepare the journal entry to record the change.
Accounting for Governmental and Nonprofit Entities
ISBN: 978-0078110931
16th Edition
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus