Highway Debt Service Fund Trial Balance December 31, 2017 Credit Cash Investments Restricted fund balance Total Debit 60,000 30,000 90,000 90.000 90,000 1. The city council of Waco adopted the budget for the Debt Service Fund for 2018. The estimated revenues totaled $1,000,000, the estimated other financing sources (a transfer from the General Fund) totaled $500,000, and the appropriations totaled $202,000 2. The $500,000 transfer from the General Fund was recorded although it had not yet been paid to the Debt Service Fund. 3. To provide additional resources to service the bond issue, a property tax was levied upon the citizens. The total levy was $1,000,000, of which $975,000 was expected to be collected. 4. Property taxes of $780,000 were collected. 5. Property tax receivables of $5,000 were written off. 6. Income received in cash from investments totaled $5,000. 7. Property taxes of $150,000 were collected. 8. The fund liability of $50,000 for interest on bonds was recorded, and that amount of cash was transferred to the fiscal agent. 9. Investment income of $3,000 was received in cash. 10. The fund liabilities for interest on bonds in the amount of $50,000 and principal in the amount of $100,000 were recorded, and cash for the total amount was transferred to the fiscal agent. 11. The fiscal agent's fee of $1,000 was accrued (credit Vouchers payable). 12. Investment revenue of $1,500 was accrued. 13. The transfer accrued in transaction 2 was collected. 14. Investments totaling $1,000,000 purchased were City of Waco Debt Service Fund Highway Bonds Fund Balance Sheet December 31, 2018 $XXXXXXX Assets: Cash Property taxes receivable Less allowance for uncollectible property taxes Investments Interest receivable on investments Total assets $XXXXXXX XXXXXXX XXXXXXX XXXXXXX XXXXX Liabilities and Fund Balance Liabilities: Fiscal agent fees payable Total liabilities Fund balance: Restricted for debt service Total liabilities and fund balance Sxxxxxxx XXXXXXX XXXXXXX Sxxxxxxx (d) $XXXXXXX XXXXXXX Appropriations Budgetary fund balance Estimated revenues Estimated other financing sources $XXXXXXX XXXXXXX XXXXXXX XXXXXXX XXXXXXX Revenuestaxes Revenuesinvestments Transfer in from General Fund Expendituresmatured interest Expendituresmatured bond principal Expendituresfiscal agent fees Restricted fund balance XXXXXXX XXXXXXX XXXXXXX XXXXXXX