Continuous Problem City of Monroe CITY OF MONROE General Fund Balance Sheet As of December 31, 2014 Assets Cash Taxes receivable Less Estimated uncollectible taxes net Interest and penalties receivable on taxes Less Estimated uncollectible interest and penalties net Due from state government Total assets $502,000 $210,000 (42,000) 168,000 5,200 (950) 4,250 210,000 $884,250 $ 99,000 27,000 126,000 21,000 $17,000 720,250 Liabilities, Deferred Inflows, and Fund Equity Liabilities Accounts payable Due to other funds Total liabilities Deferred inflows Property taxes Fund equity Fund balanceassigned (for outstanding encumbrances) Fund balanceunassigned Total fund balance Total liabilities, deferred inflows and fund equity CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2014 Assets Cash Investments Due from state government Total assets Liabilities and Fund Equity Liabilities Accounts payable Fund equity Fund balanceassigned for streets and highways Total liabilities and fund equity 737,250 $884,250 $21,000 59,000 109,000 $189,000 $9,000 180,000 $189,000 2 Continuous Problem City of Monroe 3C This portion of the continuous problem continues the General Fund and special revenue fund examples by requiring the recording and posting of the budgetary entries To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances Subsidiary accounts are not required Budget information for the City includes a) As of January 1, 2015, the City Council approved and the mayor signed a budget calling for $11,250,000 in property tax and other revenue, $9,300,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment of principal and interest Record the budget for the General Fund and post to the ledger b) Also as of January 1, 2015, the City Council approved and the mayor signed a budget for the Street and Highway Fund that provided for estimated revenues from the state government in the amount of $1,068,000 and appropriations of $1,047,000 Record the budget and post to the ledger

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Continuous Problem City of Monroe CITY OF MONROE General Fund Balance Sheet As of December 31, 2014 Assets Cash Taxes receivable Less: Estimated uncollectible taxes

Continuous Problem City of Monroe

CITY OF MONROE General Fund Balance Sheet As of December 31, 2014 Assets

Cash Taxes receivable Less: Estimated uncollectible taxes

net Interest and penalties receivable on taxes Less: Estimated uncollectible interest and penalties

net Due from state government Total assets

$502,000 $210,000

(42,000) 168,000

5,200 (950)

4,250 210,000 $884,250

$ 99,000 27,000 126,000

21,000

$17,000 720,250

Liabilities, Deferred Inflows, and Fund Equity

Liabilities: Accounts payable Due to other funds Total liabilities

Deferred inflows Property taxes Fund equity:

Fund balanceassigned (for outstanding encumbrances)

Fund balanceunassigned Total fund balance

Total liabilities, deferred inflows and fund equity

CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2014 Assets

Cash Investments Due from state government Total assets

Liabilities and Fund Equity

Liabilities: Accounts payable

Fund equity: Fund balanceassigned for streets and

highways Total liabilities and fund equity

737,250 $884,250

$21,000 59,000 109,000 $189,000

$9,000

180,000 $189,000

Continuous Problem City of Monroe

3C. This portion of the continuous problem continues the General Fund and special revenue fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. Subsidiary accounts are not required. Budget information for the City includes:

a) As of January 1, 2015, the City Council approved and the mayor signed a budget calling for $11,250,000 in property tax and other revenue, $9,300,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment of principal and interest. Record the budget for the General Fund and post to the ledger.

b) Also as of January 1, 2015, the City Council approved and the mayor signed a budget for the Street and Highway Fund that provided for estimated revenues from the state government in the amount of $1,068,000 and appropriations of $1,047,000. Record the budget and post to the ledger.