Reference no: EM131905355
Operating Budget The legislative body of Suburbia has completely approved your proposed budget of $1,000,000 for the fiscal year starting July 1, with no reductions. Prepare your annual budget by object code and month using the following guidance: Salaries are $60,000 per month, and benefits include 6.2% of Social Security up to a ceiling of $118,500, 1.45% Medicare, and 2% of health insurance payments. General supplies are purchased at the beginning of each quarter and total $5,230 per quarter. The director of your department attends a national conference every October. Their training (which includes travel) budget is $3,000 for the conference. You travel to a national workshop annually in September. The workshop cost includes $1,500 registration (which includes meals), $400 for the materials (printed workbooks), and the maximum of $700 for other travel expenses. The annual travel expenses for the department (in addition to the conference and workshop) are budgeted for $9,000 and spread evenly throughout the year. This year, your department will be outfitted with new equipment, including laptops, a new phone system, and a new server. The cost is expected to be $40,000, and the transition should happen in January. There are two service contracts. One is for auditing services ($10,000), paid in May. Another one is for the major renovations of the office space, this contract is paid in 4 equal installments of $31,250 at the end of each quarter.
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