Reference no: EM132517313
Question - The town council of Riverside estimated revenues for 2017 to be $750,000 from property taxes and $166,000 from business licenses. The appropriations budget from the council was as follows:
General government Parks and recreation Sanitation Streets and sidewalks respectively $430,000 132,000 90,000 160,000 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 General Fund began the year with a balance of $55,000. During the year, tax collections totalled $749,000 and revenues from business licenses were $137,000. Expenditures were $429,000 for general government, $131,000 for parks and recreation, $92,000 for sanitation, and $157,000 for streets and sidewalks. There are no outstanding encumbrances at year-end.
Required -
1. Record the budgetary transactions.
2. Prepare budgetary comparison schedule for the General Fund for 2017.
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