1. For the fiscal year ended December 31, 2021, Hope Citys general fund reported total revenues of $3,267,250 and total expenditures of $3,243,750 on the statement of revenues, expenditures, and changes in fund balance. The City also reported a transfer out of $45,000 to its parking garage enterprise fund and a transfer in of $55,500 from a terminated special revenue fund. Total fund balance reported on the Citys general fund balance sheet at December 31, 2020, was $65,600. On the Citys statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2021, which of the following statements is correct?

1. The net change in fund balance for the year ended December 31, 2021, is $34,000.
2. Fund balance at December 31, 2021, is $99,600.
3. A and B.
4. Neither A nor B.

2. Illinois has a two-year cycle for the assessment and collection of property taxes for local governments in Illinois. This means that local governments in Illinois assess real property the year before collecting the property taxes on the property. The central Illinois Village of Oakdale has a fiscal year that ends on December 31. The Village spent the entire month of November, 2021, on preparing its estimated revenues and appropriations budgets for 2022, and the budgets were passed into law on December 1, 2021. The Villages property tax levy for its general fund was $2,100,000, of which $2,068,500 was expected to be available to finance general fund appropriations in fiscal 2022. On the financial statements of the general fund for 2021, which of the following statements is correct?

1. Property taxes receivable should be reported on the balance sheet for $2,100,000.
2. Revenuesproperty taxes should be reported on the statement of revenues, expenditures, and changes in fund balance for $2,068,500.
3. A and B.
4. Neither A nor B.

3. The Village of Bensonville has a pension trust fund for its public safety employees. For the year ended December 31, 2021, an actuarial consulting firm determined that the Villages annual general fund contribution to the pension trust fund should be $3,250,000. However, due to a downturn in the local economy, the Village appropriated only $2,750,000 for its 2021 pension contribution to the public safety pension trust fund. From January through November, 2021, the Village contributed $2,460,000 to its public safety pension trust fund. The Village will make its December, 2021, contribution of $200,000 to the pension trust fund during the first week in January, 2022. Based on the information provided, what amount should be reported for expenditures on the statement of revenues, expenditures, and changes in fund balance for the general fund for the year ended December 31, 2021, and what amount should be reported under liabilities on the balance sheet of the general fund at December 31, 2021?

Expenditures Liabilities

1. $2,750,000 $ 290,000
2. $2,460,000 $ 200,000
3. $2,660,000 $ 200,000
4. $2,460,000 $ 290,000
5. $2,660,000 $ 90,000