Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

CITY OF SALEM Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual: General Fund For The Year Ended December 31, 2017

CITY OF SALEM
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual: General Fund
For The Year Ended December 31, 2017
Budgeted Amounts
REVENUES Original Final Actual Amounts Budgetary Basis Variance with Final Budget
Property Taxes 14,666,000 14,666,000 15,361,830 695,830
Other Local Taxes 11,562,500 11,562,500 11,761,522 199,022
Charges for Services 1,613,011 1,613,011 1,601,435 (11,576)
Intergovernmental 7,892,080 8,047,907 7,098,698 (949,209)
Miscellaneous 1,504,977 1,388,385 1,262,549 (125,836)
TOTAL REVENUES 37,238,568 37,277,803 37,086,034 (191,769)
EXPENDITURES
Current
General Government 3,567,838 3,489,870 3,353,502 136,368
Judicial Administration 1,321,048 1,497,845 1,456,734 41,111
Public Safety 7,753,002 8,325,564 8,216,347 109,217
Public Works 4,541,651 4,984,353 4,602,273 382,080
Health and Welfare 4,823,267 4,440,167 4,418,294 21,873
Education 8,963,248 8,929,725 8,887,834 41,891
Parks and Recreation 2,983,861 3,097,528 3,055,325 42,203
Community Development 872,594 904,168 899,209 4,959
TOTAL EXPENDITURES 34,826,509 35,669,220 34,889,518 779,702
REVENUES OVER (UNDER) EXPENDITURES 2,412,059 1,608,583 2,196,516 587,933
OTHER FINANCING SOURCES (USES):
Transfers (to) other funds (3,560,000) (3,257,000) (3,256,899) 101
(3,560,000) (3,257,000) (3,256,899) 101
Excess of revenues and other sources over
(under) expenditures and other uses (1,147,941) (1,648,417) (1,060,383) 588,034
FUND BALANCE - Beginning of Year 12,338,963 12,338,963 12,338,963 -
FUND BALANCE - End of Year 11,191,022 10,690,546 11,278,580 588,034
Prepare Journal Entries below as directed

A Record the original budget

B Record the budget revisions

C Record the Actual Reevenues

D Record the encumbrances

E Record the actual expenditures and Encumbrance Reversais

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Modern Internal Auditing Continuing Professional Education CPE Edition

Authors: Robert M. Atkisson, Victor Z. Brink, Herbert N. Witt

1st Edition

0471818828, 978-0471818823

More Books

Students also viewed these Accounting questions