P10.15 Budget and Closing Entries Budgetary comparison information for the budgeted line items in the general fund, taken from the 2016 CAFR for the State of New York, is as follows: (in millions) Revenues Taxes Miscellaneous. Total revenues. Expenditures Variance with Budget Actual Budget $46,432 $45,963 $ (469) 5,820 5,842 22 52,252 51,805 (447) Local assistance grants 44,153 43,314 839 State operations. 8,222 7,955 267 General state charges. 5,397 5,397 0 Total expenditures.. 57,772 56,666 1,106 Excess (deficiency) of revenues over expenditures. (5,520) (4,861) 659 Other financing sources (uses) Transfers from other funds 18,042 17,871 (171) Transfers to other funds .. (15,020) (11,375) 3,645 Net other financing sources (uses). 3,022 6,496 3,474 Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses.. $ (2,498) $ 1,635 $4,133 Required For the general fund budgeted accounts shown above, a. Prepare the 2016 budget entry for these items. b. Prepare the closing entries. C. d. What is the net effect on the general fund's fund balance-unassigned? Evaluate New York State's performance for 2016. LO 3 STATE OF NEW YORK