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Help to calculate the missing values. Budget for Fiscal Year. Instructions: Lisville Fire Department (July 1, 2022 -- June 30, 2023) Personnel Adjustments City council
Help to calculate the missing values. Budget for Fiscal Year.
Instructions:
Lisville Fire Department (July 1, 2022 -- June 30, 2023) Personnel Adjustments City council agreed in its pre-budget meeting to give a 3% salary increase for all current employees below the level of Department Head/Chief, to take effect at the beginning of calendar year 2024 (the pay range for new employees is not affected in this fiscal year). City council also agreed to the addition of two new firefighters (2), one to be hired immediately (beginning on April 1, 2023) and one to begin on January 1, 2024. Fringe Benefits The city participates in the social security system. For calendar year 2022 , the city and employee each paid 7.05% of all salaries. For calendar year 2023 , the rate will be 7.15% of all salaries, and for calendar 2024 the rate will go up to 7.20%. The city pays $80 per month toward hospital insurance for full-time employees; beginning in January 2024 , that figure will increase to $90 per month. Beginning in the 2022-2023 fiscal year and in subsequent years, all employees are participating in a new pension program; the city will pay 20% of the employee's salary and the employee will pay 5% of salary into the pension fund. Full-time non-clerical employees receive an allowance of $600 for uniforms each fiscal year (new employees hired anytime during the fiscal year will receive the full amount of allowance). Instructions: Using a computer spreadsheet, prepare a budget for the Lisville Fire Department for the coming FY2023-24, based on the information you currently have. You may need to make some adjustments, so use formulas for your calculations. That way you will be able to make changes in your worksheet and easily calculate updated results. Specifically, Lisville Fire Department (July 1, 2022 -- June 30, 2023) Personnel Adjustments City council agreed in its pre-budget meeting to give a 3% salary increase for all current employees below the level of Department Head/Chief, to take effect at the beginning of calendar year 2024 (the pay range for new employees is not affected in this fiscal year). City council also agreed to the addition of two new firefighters (2), one to be hired immediately (beginning on April 1, 2023) and one to begin on January 1, 2024. Fringe Benefits The city participates in the social security system. For calendar year 2022 , the city and employee each paid 7.05% of all salaries. For calendar year 2023 , the rate will be 7.15% of all salaries, and for calendar 2024 the rate will go up to 7.20%. The city pays $80 per month toward hospital insurance for full-time employees; beginning in January 2024 , that figure will increase to $90 per month. Beginning in the 2022-2023 fiscal year and in subsequent years, all employees are participating in a new pension program; the city will pay 20% of the employee's salary and the employee will pay 5% of salary into the pension fund. Full-time non-clerical employees receive an allowance of $600 for uniforms each fiscal year (new employees hired anytime during the fiscal year will receive the full amount of allowance). Instructions: Using a computer spreadsheet, prepare a budget for the Lisville Fire Department for the coming FY2023-24, based on the information you currently have. You may need to make some adjustments, so use formulas for your calculations. That way you will be able to make changes in your worksheet and easily calculate updated results. SpecificallyStep by Step Solution
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