Budget and actual data for the general fund for fiscal year

Assignment Help Financial Accounting

Reference no: EM13746120

The City of Grafton’s records reflected the following budget and actual data for the General Fund for the fiscal year ended June 30, 2012.

1. Estimated revenues:

Taxes (Property) …………. $3,000,000

Licenses and permits ………… 800,000

Intergovernmental revenues ….. 300,000

Miscellaneous revenues ………. 200,000

2. Revenues:

Taxes (Property) …………… $3,000,000

Licenses and permits ………… 801,320

Intergovernmental revenues ….. 293,000

Miscellaneous revenues ………. 198,000

3. Appropriations:

General government …………. $ 900,000

Public safety …………………. 2,000,000

Health and welfare …………… 1,400,000

4. Expenditures of 2012 appropriations:

General government …………… $ 880,000

Public safety ……………………. 1,949,000

Health and welfare ……………… 1,398,000

5. Encumbrances of 2012 appropriations, outstanding as of June 30, 2012.

General government ……………….. $18,000

Public safety ………………………… 50,000

6. Transfer to debt service fund:

Budget …………………………….. $600,000

Actual ……………………………….. 600,000

7. Budget revisions approved by the city council:

Estimated revenues:

Decrease intergovernmental revenues … $10,000

Decrease miscellaneous revenues ………… 3,000

Appropriations:

Decrease general government ………………. 2,000

8. Total fund balance at July 1, 2011, was $1,038,000.

Required:

Use the Excel file provided to prepare a budgetary comparision schedule for the City of Grafton for the fiscal year ended June 30, 2012. Include outstanding encumbrances with expenditures. Use the formula feature (e.g., sum, =, etc.) of Excel to calculate the amounts in cells shaded blue.

Reference no: EM13746120

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