Park City uses encumbrance accounting and formally integrates its budget into the general fund's accounting records. For the year ending July $31,$ Year $1,$ the following budget was adopted:

Estimated revenues

Appropriations

Estimated transfer to debt service fund

$$30,000,000$

$$27,000,000$

$$900,000$

Park's budgetary fund balance is a

$$3,000,000$ credit balance

$$3,000,000$ debit balance

$$2,100,000$ credit balance

$$2,1000,000$ debit balance