Presented on the following pages are partial financial statements for the City of Shenandoah, including:

Fiscal year 2017:

A. Total Governmental Funds:

Balance Sheet

Statement of Revenues, Expenditures, and Changes in Fund Balances

B. Internal Service Fund:

Statement of Net Position

Statement of Revenues, Expenses, and Changes in Net Position

Fiscal year 2016:

A. Total Governmental Funds:

Balance Sheet

B. Government-wide-Governmental Activities:

Statement of Net Position

CITY OF SHENANDOAH

Balance Sheet

Governmental Funds

CITY OF SHENANDOAH
Statement of Revenues, Expenditures, and Changes in Fund Balances-Governmental Funds
For the Year Ended December 31, 2017
______________________________________________________ Total Governmental Funds
Revenues
Property taxes ............................................................................... $ 6,469,000
Sales taxes ..................................................................................... 3,115,000
Interest ..............................................................................................32,000
Licenses and permits ........................................................................... 800,000
Intergovernmental ............................................................................ 1,763,000
Miscellaneous .................................................................................... 270,000
Total revenues ............................................................................... 12,449,000
Expenditures
Current
General government ................................................................................. 1,692,300
Public safety ......................................................................................... 4,974,150
Landfill operations .................................................................................. 2,337,400
Cultural and recreational ............................................................................ 3,258,700
Capital outlay ........................................................................................ 2,508,600
Debt service
Principal ................................................................................................ 500,000
Interest .................................................................................................. 445,000
Total expenditures ............................................................................. 15,716,150
Revenues over (under) expenditures ....................................................... (3,267,150)
Other financing sources (uses)
Proceeds of bonds ............................................................................. 4,000,000
Premium on bonds ................................................................................. 50,000
Transfers from other funds .......................................................................145,900
Transfers (to) other funds ..................................................................... (145,900)
..................................................................................................... 4,050,000
Excess of revenues and other sources over (under) expenditures and other uses ....... 782,850
Fund balance-beginning of year ............................................................ 1,230,990
Fund balance-end of year ................................................................. $2,013,840
CITY OF SHENANDOAH
Statement of Net Position
Proprietary Funds
_________________________________________________ December 31, 2017 Governmental _____________________________________________________Activities: Internal
________________________________________________________Service Fund
Current assets
Cash and cash equivalents .................................................................. $ 27,000
Receivables:
Due from General Fund ....................................................................... 10,200
Due from Enterprise Fund .................................................................... 11,000
Inventories ...................................................................................... 25,000
Total current assets ............................................................................ 73,200
Noncurrent assets
Land ............................................................................................. 25,000
Buildings ........................................................................................ 44,000
Accumulated depreciation-buildings .................................................... (13,200)
Equipment ...................................................................................... 21,000
Accumulated depreciation-equipment ................................................. (12,600)
................................................................................................... 64,200
Total assets .................................................................................. $137,400
Liabilities
Accounts payable ................................................................................. 18,400
Total current liabilities ........................................................................... 18,400
Noncurrent liabilities
Advance from Enterprise Fund .................................................................. 10,000
Total noncurrent liabilities .........................................................................10,000
Total liabilities ...................................................................................... 28,400
Net position
Net investment in capital assets ............................................................... 54,200
Unrestricted ...................................................................................... 54,800
Total net position ............................................................................. $109,000
CITY OF SHENANDOAH
Statement of Revenues, Expenses, and Changes in Fund Net Position Proprietary Funds
For the Year Ended December 31, 2017
____________________________________________ Governmental Activities:
__________________________________________________ Internal Service Fund
Revenues
Charges for sales and services ................................................ $370,200
Total revenues ................................................................... 370,200
Operating expenses
Cost of sales and services .................................................... 358,600
Administration .................................................................. 10,300
Depreciation ....................................................................... 5,300
Total expenditures ............................................................. 374,200
Operating (loss) ................................................................ (4,000)
Non-operating income
Investment income ............................................................... 6,000
...................................................................................... 6,000
Change in net position ......................................................... 2,000
Net position-beginning of year ........................................... 107,000
Net position-end of year .................................................. $109,000
CITY OF SHENANDOAH
Statement of Net Position
Government-wide Statements
_____________________________________________ December 31, 2016
___________________________________________ Governmental Activities
Current assets
Cash and cash equivalents ................................................. $1,230,000
Investments ........................................................................ 95,500
Receivables (net)
Taxes receivable...................................................................... 69,500
Due from business activities ....................................................... 23,000
Due from state government ....................................................... 156,000
Total current assets............................................................... 1,574,000
Noncurrent assets
Land ................................................................................ 7,230,000
Buildings .......................................................................... 22,600,000
Accumulated depreciation-buildings ................................................ (13,000,000)
Infrastructure .................................................................... 27,500,000
Accumulated depreciation-buildings ...................................... (9,000,000)
Equipment .......................................................................... 6,370,000
Accumulated depreciation-equipment ...................................... (3,100,000)
Total capital assets ............................................................... 38,600,000
Total assets ...................................................................... $40,174,000
Liabilities
Accrued interest on bonds ......................................................... 180,000
Accounts payable .................................................................... 96,500
Total current liabilities .............................................................. 276,500
Noncurrent liabilities
General obligation bonds payable ............................................... 6,000,000
Accrued costs for landfill closure and post closure care .......................... 29,500
Total noncurrent liabilities ........................................................ 6,029,500
Total liabilities ...................................................................... 6,306,000
Net position
Net investment in capital assets ............................................ 32,600,000
Unrestricted ..................................................................... 1,268,000
Total net position ............................................................ $33,868,000
Additional Information
1. $856,700 of the capital assets purchased in fiscal year 2017 was equipment. All remaining capital acquisitions were for a new building.
2. Depreciation of general fixed assets: buildings $1,100,000, infrastructure $975,000, and equipment $537,500.
3. The City had $6,000,000 of 6 percent general obligation bonds (issued at par) outstanding at December 31, 2016. In addition, the City issued $4,000,000 of 5 percent bonds on January 2, 2017 (sold at a premium). Interest payments on both bond issues are due on January 1 and July 1.
Principal payments are made on January 1. Interest and principal payments for the current year include:

The January interest payments are accrued for purposes of the government wide statements but not the fund-basis statements. The bond premium is to be amortized in the amount of $2,500 per year.
4. Property taxes expected to be collected more than 60 days after year-end are deferred in the fund-basis statements.
5. At the end of 2017, the accumulated liability for landfill closure and post closure care costs is estimated to be $36,500. Landfill operations are reported in the General Fund-Public Works.
6. The internal service fund serves several departments of the General Fund, all within the category of "General Government." The internal service fund was created at the end of 2016 and had no capital assets or long-term liabilities at the end of 2016. Prepare all worksheet journal entries necessary for fiscal year 2017 to convert the governmental fund-basis amounts to the economic resources measurement focus and accrual basis required for the governmental activities sections of the government-wide statements?

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December 31, 2017 Total Governmental Funds December 31, 2016 Total Governmental Funds Assets $1,372,900 136,450 Cash and cash equivalents $1,029,675 102,338 laxes Interest Due from state 97,522 28,768 513,000 2,148,640 73,142 31,325 384.750 1,621,230 Total assets Liabilities and deferred inflows Accounts payable Due to other funds Deferred inflows: property taxes 46,600 10,200 78,000 134,800 37,950 10,400 45,000 93,350 Total liabilities and deferred inflows Fund balances Restricted Committed Assigned Unassigned Total fund balances 259,300 1,009,450 438,390 306,700 2,013,840 $2.148,640 24.248 807,560 350,712 245,360 1,527,880 $1,621,230 Total liabilities and fund balances 6 Percent General Obligation Bonds $500,000 180,000 165,000 5 Percent General Obligation Bonds Principal Payment-January Interest Payment-January Interest Payment-July $100,000