The town council of Riverside estimated revenues for 2020 to be $793,794 from property taxes and...

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The town council of Riverside estimated revenues for 2020 to be $793,794 from property taxes and $191,206 from business licenses. The appropriations budget from the council was as follows: General government Parks and recreation Sanitation Streets and sidewalks $484,000 128,000 188,000 178,000 In April, heavy spring rains caused some flooding near the river. As a result, a picnic area at River's Edge Park was ruined and several damaged shops had to shut down. The council adopted an upward revision of $68,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $48,000. The General Fund began the year with a balance of $58,000. During the year, tax collections totaled $796,400 and revenues from business licenses were $134,800. Expenditures were $374,000 for general government, $197,400 for parks and recreation, $110,500 for sanitation, and $166,333 for streets and sidewalks. There are no outstanding encumbrances at year-end. Required: Prepare a budgetary comparison schedule for the General Fund for 2020. (Negative variance amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required.) Revenues: Total Revenues Expenditures and Encumbrances TOWN OF RIVERSIDE Budgetary Comparison Schedule General Fund For the Year Ended December 31, 2020 Budgeted Amounts Total Expenditures and Encumbrances Excess (Deficiency) of Revenues Over Expenditures and Encumbrances Fund Balance, Beginning Fund Balance, Ending Original Final Actual Amounts (Budgetary Basle) Variance with Final Budget Positive (Negative) The town council of Riverside estimated revenues for 2020 to be $793,794 from property taxes and $191,206 from business licenses. The appropriations budget from the council was as follows: General government Parks and recreation Sanitation Streets and sidewalks $484,000 128,000 188,000 178,000 In April, heavy spring rains caused some flooding near the river. As a result, a picnic area at River's Edge Park was ruined and several damaged shops had to shut down. The council adopted an upward revision of $68,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $48,000. The General Fund began the year with a balance of $58,000. During the year, tax collections totaled $796,400 and revenues from business licenses were $134,800. Expenditures were $374,000 for general government, $197,400 for parks and recreation, $110,500 for sanitation, and $166,333 for streets and sidewalks. There are no outstanding encumbrances at year-end. Required: Prepare a budgetary comparison schedule for the General Fund for 2020. (Negative variance amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required.) Revenues: Total Revenues Expenditures and Encumbrances TOWN OF RIVERSIDE Budgetary Comparison Schedule General Fund For the Year Ended December 31, 2020 Budgeted Amounts Total Expenditures and Encumbrances Excess (Deficiency) of Revenues Over Expenditures and Encumbrances Fund Balance, Beginning Fund Balance, Ending Original Final Actual Amounts (Budgetary Basle) Variance with Final Budget Positive (Negative)