The following selected information relates to the Town of Hempstead's general fund 2020 financial records:

	Budget	Actual
Property tax revenue	5,000,000	6,700,000
Other financing sources	1,600,000	1,050,000
Other financing uses	900,000	1,200,000
Expenditure	5,600,000	5,700,000
Unassigned fund balance, January 1, 2020		3,000,000

 

The budget as originally adopted was not amended.  Encumbrances outstanding at the end of 2020 amount to $500,000 and are considered part of "assigned" fund balance at year-end.  Given the information, what amount should be recorded in the budgetary entry for Budgetary Fund Balance?  

Answer rating: 100% (QA)

Solution Change in fund balance fund balance Estimate... View the full answer