Junction City is installing a drainage system in the Eastway Subdivision, which is considered to be a major general government capital project for the city. System is being financed by levying $300,000 of special assessments on benefited property owners and transferring $150,000 in the next year from the General Fund. $50,000 of these assessments were due and collected during the current year. Also, at the end of the fiscal year, City had incurred expenditures of $250,000 on the project.

What amount of the special assessment revenues should be reported in the Capital Projects Fund at the end of the current year?

The effect of the transactions on the net change in fund balance of the Capital Projects Fund for the fiscal year would be:

Question

Junction City is installing a drainage system in the Eastway Subdivision, which is considered to be a major general government capital project for the city. System is being financed by levying $300,000 of special assessments on benefited property owners and transferring $150,000 in the next year from the General Fund. $50,000 of these assessments were due and collected during the current year. Also, at the end of the fiscal year, City had incurred expenditures of $250,000 on the project.

What amount of the special assessment revenues should be reported in the Capital Projects Fund at the end of the current year?

The effect of the transactions on the net change in fund balance of the Capital Projects Fund for the fiscal year would be:

Accepted Answer

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