The general ledger account balances in the general fund of the Timton School District as of July 1, XXXX, were as follows:

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Cash Investments Accounts payable Contracts payable Unreserved fund balance $100,000 30,000 70,000 10,000 50,000 The Timton School District board adopted the following budget for the general fund for the fiscal year beginning on July 1, XXXX: Estimated revenues 1000 From local sources: 1110 Ad valorem taxes $45,000 1300 Tuition 6,000 1500 Earnings on investments 5,000 $56,000 3000 From state sources: 3100 Unrestricted grants-in-aid 35,000 3800 Revenue in lieu of taxes 9,000 44,000 $100,000 Budgeted Expenditures